Home » Norway’s super-rich will flee to Switzerland to avoid exit tax, claim lobbyists

Norway’s super-rich will flee to Switzerland to avoid exit tax, claim lobbyists

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May 9, 2024May 9, 2024
Norway’s super-rich will flee to Switzerland to avoid exit tax, claim lobbyists

The Norwegian government announced its latest step to close tax loopholes for wealthy expatriates. Photo: Getty

Norway’s planned changes to a so-called exit tax are threatening to trigger a wave of departures from that country by start-up founders and companies, according to a lobby group.

Last March, the Norwegian government announced its latest step to close tax loopholes for wealthy expatriates by setting a deadline for the payment of an exit tax on unrealised changes in the value of their assets, or their transfer. That plan follows increases in wealth and dividend taxes since 2022 that have prompted dozens of the country’s richest to relocate, mainly to Switzerland.