Transferring money from Pakistan to Norway - the practical process

Insa lawyers have recently assisted Norwegian-Pakistanis who want to sell their properties in Pakistan and bring the money back to Norway.

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In this context, we have assisted clients with the following:

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• Sale of property
• Drafting of agreements and execution of settlements
• Transfer of money to Norway
• Reporting assets to the tax authorities/applying for tax amnesty

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For those who have spent large parts of their lives in Norway, this type of process in Pakistan can appear very complicated and difficult. Therefore, it may be desirable for many to hand over responsibility for the entire process to a professional player based in Oslo. We can assist with everything from marketing and selling the property until the money is in your account in Norway.

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When drawing up sales agreements and deeds, it is important to remember that the money is to be transferred to Norway. When transferring the money, it will be necessary to document where the money comes from and why it is to be sent out of the country.

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In connection with the settlement, it is convenient to receive the money in an account in Pakistan. When transferring money to Norway, you will normally encounter a number of challenges. In our experience, the local banks normally reject a request to transfer money abroad, saying that this is only possible in connection with studies or for treatment of illness. Although there are severe restrictions on money transactions abroad, it is still possible to legally transfer money abroad. It is required that an application be submitted to the State bank to apply for permission to transfer the money first. Such an application must be submitted via a bank or foreign exchange company.

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When choosing a foreign exchange company, we focus on how much money we can transfer, how quickly the transfer can be made and how much the foreign exchange company charges. Our clients have been satisfied with the company we use.

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Some of the people who have assets in Pakistan have not reported them to the tax authorities. They can still do so without risking sanctions if the conditions for tax amnesty are met.

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Do you have questions or need help in connection with the transfer of assets from Pakistan to Norway? Contact us and we'll figure out the way forward together.