Question [NORWAY] How do I launder my legal money?

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.
Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more

Lorena

New member
I know this is a stupid question, but please bear with me.
I moved to Norway about one year ago, and only received my birth number now. So, I can finally open a business and a bank account in Norway.
I’ve opened a bank account, still didn’t open a business (I’m going to register an AS).

Here’s the thing. I’m 24, non-EU. I worked since I was 14, and had my own business since 18. I closed it before moving to Norway because legally, I couldn’t keep working while waiting for my residence permit. I don’t want to give too many details but the business was IT-related, providing a service, and something I can do from Norway as well. That’s the AS I’m going to open.

My bank account in my home country currently has a balance of about 100,000 euros.
I transferred 1,400 euros to my Norwegian bank account, and I got an email saying they’re going to need me to prove that this money is legal. Which it is.

Alright. I did. I sent them a bank statement in English signed by the bank manager. But no, that wasn’t good enough for them. They want my bank manager to send them a signed letter saying that all the money in my account is legal, and I paid taxes for it.
I’ve been calling for weeks and I’m basically told by the bank that the statement is enough, and that no one ever asked them to write a letter saying something like this.
So I’m stuck.

Alternatively, I can also have a notary sign and translate all my business-related documents, but it’s just not worth it.

So what do I do? How do I get this money from my account to my Norwegian account?
I don’t even speak Norwegian yet so finding information has been super difficult. My bank is not accommodating at all, they see a non-European foreigner and immediately assume I made all my money selling drugs or weapons. I was literally told, “This is Europe. In banks in Norway you can only have legal money in the bank”.
No, really? NO WAY. Thanks for telling me, Silje. I’m going to ride my camel back home now.

Any advice is appreciated.
Thanks in advance guys!
 

Sols

Staff member
Mentor Group Gold
Can you show translated and certified financial records of your former business and bank statements related to that business? Old tax returns from your country of origin?

The bank is checking your Source of Funds. You'll need to bend over backwards to prove that the funds have a legitimate origin. You can strengthen your case by explaining your plans to form an AS to continue the same/similar activities in Norway.

If you come from a non-EU/EEA country, you are unfortunately considered a higher risk client. Right or wrong, the bank's assessment is that funds originating from your former country are more likely to be associated with criminal activities than from intra-EU/EEA. Adding layers to hide the origin won't work. If they asked about something as small as 1,500 EUR, they will ask about nearly everything coming in. You'd make things worse if you add artificial layers to obfuscate the true origin.
 

TheCryptoAnt

Entrepreneur
[...]
I transferred 1,400 euros to my Norwegian bank account, and I got an email saying they’re going to need me to prove that this money is legal. Which it is.

Alright. I did. I sent them a bank statement in English signed by the bank manager. But no, that wasn’t good enough for them. They want my bank manager to send them a signed letter saying that all the money in my account is legal, and I paid taxes for it.
I’ve been calling for weeks and I’m basically told by the bank that the statement is enough, and that no one ever asked them to write a letter saying something like this.
So I’m stuck.

lol, what is this scam

My advice is that you dont move the money to Norway, and stop dealing with Norwegian banks.
There're multiple banking options available in other EU countries.
 

JackAlabama

Entrepreneur
Yah, if they do not like you, just keep the cash offshore and use your attached card to pay for things.
It seems its a battle you cannot win anyway and will waste countless hours of your precious time.
 

maxiz

New member
if your funds in home country is legal, you had to pay taxes on it, and you should have a tax declaration from home country (ask your accountant ).
Your option is to get your tax declaration (proof that you paid tax) ,notary translate to Norwegian then do apostille on it.
Then provide it to your Norwegian bank
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
I know this is a stupid question, but please bear with me.
I moved to Norway about one year ago, and only received my birth number now. So, I can finally open a business and a bank account in Norway.
I’ve opened a bank account, still didn’t open a business (I’m going to register an AS).

Here’s the thing. I’m 24, non-EU. I worked since I was 14, and had my own business since 18. I closed it before moving to Norway because legally, I couldn’t keep working while waiting for my residence permit. I don’t want to give too many details but the business was IT-related, providing a service, and something I can do from Norway as well. That’s the AS I’m going to open.

My bank account in my home country currently has a balance of about 100,000 euros.
I transferred 1,400 euros to my Norwegian bank account, and I got an email saying they’re going to need me to prove that this money is legal. Which it is.

Alright. I did. I sent them a bank statement in English signed by the bank manager. But no, that wasn’t good enough for them. They want my bank manager to send them a signed letter saying that all the money in my account is legal, and I paid taxes for it.
I’ve been calling for weeks and I’m basically told by the bank that the statement is enough, and that no one ever asked them to write a letter saying something like this.
So I’m stuck.

Alternatively, I can also have a notary sign and translate all my business-related documents, but it’s just not worth it.

So what do I do? How do I get this money from my account to my Norwegian account?
I don’t even speak Norwegian yet so finding information has been super difficult. My bank is not accommodating at all, they see a non-European foreigner and immediately assume I made all my money selling drugs or weapons. I was literally told, “This is Europe. In banks in Norway you can only have legal money in the bank”.
No, really? NO WAY. Thanks for telling me, Silje. I’m going to ride my camel back home now.

Any advice is appreciated.
Thanks in advance guys!
Convert it to crypto and use a foreign EMI whenever you need fiat.

Banks are just scams, there’s no way around this fact.
 

hernanday

Entrepreneur
I know this is a stupid question, but please bear with me.
I moved to Norway about one year ago, and only received my birth number now. So, I can finally open a business and a bank account in Norway.
I’ve opened a bank account, still didn’t open a business (I’m going to register an AS).

Here’s the thing. I’m 24, non-EU. I worked since I was 14, and had my own business since 18. I closed it before moving to Norway because legally, I couldn’t keep working while waiting for my residence permit. I don’t want to give too many details but the business was IT-related, providing a service, and something I can do from Norway as well. That’s the AS I’m going to open.

My bank account in my home country currently has a balance of about 100,000 euros.
I transferred 1,400 euros to my Norwegian bank account, and I got an email saying they’re going to need me to prove that this money is legal. Which it is.

Alright. I did. I sent them a bank statement in English signed by the bank manager. But no, that wasn’t good enough for them. They want my bank manager to send them a signed letter saying that all the money in my account is legal, and I paid taxes for it.
I’ve been calling for weeks and I’m basically told by the bank that the statement is enough, and that no one ever asked them to write a letter saying something like this.
So I’m stuck.

Alternatively, I can also have a notary sign and translate all my business-related documents, but it’s just not worth it.

So what do I do? How do I get this money from my account to my Norwegian account?
I don’t even speak Norwegian yet so finding information has been super difficult. My bank is not accommodating at all, they see a non-European foreigner and immediately assume I made all my money selling drugs or weapons. I was literally told, “This is Europe. In banks in Norway you can only have legal money in the bank”.
No, really? NO WAY. Thanks for telling me, Silje. I’m going to ride my camel back home now.

Any advice is appreciated.
Thanks in advance guys!
Why would you want to keep your money in Norway anyways?
Why would you want to move your money into one of the highest tax regimes on the planet?
Don't you see that if you move a lousy $1500 EUROS to the account they are suspicious of you? That hardly even pays the rent in Oslo. You have a bank coming at you for what is half of a rent payment, no amount of documentation you can provide them will ever make them happy, what will they say when you move another 90k euro in? Imagine what they'll ask for?

That being said, why is it hard for you to show the source of these funds?
Do you not have pay stubs from your job?
Do you not have receipts, invoices and CC statements from your customers?

How did you legitimately earn this money, were you not paid with some paperwork involved?

If you had drug money, it would be easier to launder than whatever you are describing, b/c it sounds shady.

If you had drug money, you'd just open an Fancy Italian restaurant and charge 30x+ your cost and flush the wine down the drain and comp a bunch of free meals to customers so they keep coming back and eating the 10 cent pasta but you put $1000 on the bill and be cash only. In no time you'd have a few millions sale and can show your illegal drug money came from your restaurant. You don't have the criminal back ground to money launder effectively.
 

mezoon

New member
Alternatively, I can also have a notary sign and translate all my business-related documents, but it’s just not worth it.
If you've got 100,000 it's an issue to pay a few to get it notary signed and translated? Seems like a no brainer.

Others have suggested don't keep all your money in Scandanavian countries don't deal with that bank vote with your feet to another one
 

Vampp

New member
The world has gone mad, eventually crypto will be the only way. I'm building myself mentally now.

Every bloody move I make, trough banks to emi's trough everything, KYC, AML, Source of funds, proof of income, proof of x, declarations etc.
Opened myself a Us LLC as EU citizen. 0 Tax in US, 0 Tax when I use the company money.
Screw EU and all it's stupid laws, it's probably a matter of time till I live this s*hole.
 

TheCryptoAnt

Entrepreneur
The world has gone mad, eventually crypto will be the only way. I'm building myself mentally now.

Every bloody move I make, trough banks to emi's trough everything, KYC, AML, Source of funds, proof of income, proof of x, declarations etc.
Opened myself a Us LLC as EU citizen. 0 Tax in US, 0 Tax when I use the company money.
Screw EU and all it's stupid laws, it's probably a matter of time till I live this s*hole.

Have you heard of CFC rules
 

Latest Threads

Top