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More and more Norwegians are moving to Switzerland. This is also reflected in official figures, a year and a half after the start of the great wave of deportations from the north. According to foreign statistics for 2023 published on Thursday by the State Secretariat for Migration (SEM), the total number of Norwegians in Switzerland increased from 2004 to 2,322 between 2021 and the end of 2023; That’s an increase of nearly 16 percent in two years.
Although the absolute numbers are relatively small, the increase is notable even compared to similar immigrant groups. For comparison: During the same period the proportion of other Scandinavians in Switzerland also increased, but at a significantly lower rate. Since the end of 2021, almost 9 percent more Swedes, 8 percent more Finns and 3 percent more Danes live in this country.
Trigger tax reform
A large number of Norwegians have moved to Switzerland since autumn 2022 due to fears of higher taxes. Switzerland experienced a unique development after the government in Oslo announced a sweeping tax reform that would particularly affect the wealthy. Since taxes were always due at the end of the year, many of the “first movers” packed up in the same year: within a few months more than forty Norwegian billionaires moved to Switzerland. At the end of 2022, the number of Norwegians in Switzerland increased to 2,071, a good increase of three percent compared to the previous year.
The increase was particularly significant in the permanent foreign population, which is likely to affect many of Norway’s super-rich. Norwegians who work in Switzerland or can prove that they have enough money in their accounts to cover living expenses usually receive a residence permit B. According to Article 3 of the Federal Tax Code, short-term residents are also generally obliged to pay tax if: At least thirty people live in Switzerland They stay in Switzerland for ninety days without gainful employment.
Come now young entrepreneurs
After the first wave of the super-rich, family members and “normal people” in particular followed suit in 2023; This should explain the strong increase of 12 percent in the total number of people and eventually 11 percent in the permanent foreign population. year compared to the previous year.
And the wave of displacement is likely to continue. According to a study by the Norwegian School of Economics (NHH), this trend may continue for at least the next two years. According to the study’s authors, young entrepreneurs, for example, were planning to leave Norway during their growth phase because they did not have the money to pay wealth taxes.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
