He saves 2400 francs a day in Switzerland!

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The migration of very wealthy Norwegians from the tough local tax authorities to low-tax Switzerland continues. The latest example: Ninja Tollefsen (37), who recently inherited 45 billion crowns – four billion francs – and immediately moved to Lugano TI, as reported by “Handelzeitung”. So that’s where another Norwegian billionaire Kjell Inge Røkke (64) is comfortable.

Tollefsen’s case is another example where a family member with assets moves to Switzerland while the rest of the family stays in Norway. To avoid tax enforcement officers, Norwegians must live in Switzerland for at least half of the year, stay and do not reside in Norway for more than 61 days – vacation rentals are allowed.

A minimum stay of three years in the new country of residence is required for the tax exemption to take effect legally. Thus, without further ado, Tollefsen became the richest woman in Norway but had to move to Switzerland. The generation of heirs joins: Nearly half of the 30+ very wealthy Norwegians who moved to Switzerland in 2022 are heirs.

Kjartan Aas loves this place

Some will move north again after three years. But not all. For example Kjartan Aas (62) enjoys it in Switzerland. The real estate billionaire moved to Andermatt UR, a fully furnished luxury apartment near Radisson Blu Reussen, in 2021.

In an interview with the Norwegian business newspaper “Kapital” in Andermatt, Aas now says he doesn’t regret his move “for a single moment”. He even goes further: “I’m grateful to Norway for the wealth tax, otherwise I wouldn’t have moved here.” Aas found a new life in Central Switzerland. Distances are short. Electricity prices are relatively low.

Aas finds great opportunities to ski or bike there, justifying the fact that between all the places he has moved to Andermatt and there is no more tax-efficient train. Aas was once the Norwegian champion in mountain biking.

Saved money deposited in Switzerland

Of course, living in Andermatt is also much cheaper for Aas than in Norway. “Now I receive a pension of SEK 18,000 per month, before that I was paying SEK 27,000 in taxes per day,” Aas says. In Swiss francs: a pension of 1,620 francs per month instead of a daily tax expenditure of 2,430 francs. He calculates that if he were still living in Norway, he would have to pay 14 million crowns (1.25 million Swiss francs) more in taxes per year than in Germany.

Aas uses the money he saves in Switzerland. He bought the apartment in Andermatt for 2.5 million francs, which is now worth 3.5 million francs. Meanwhile, he bought another 225 square meter flat in Andermatt for 5.2 million francs. Here too, Aas assumes the value will rise to “7 to 8 million”. Property prices paid only for huge luxury properties in Norway. “The standard of flats in Switzerland is higher than in Norway,” says Aas.

Switzerland will gladly take these kind words into consideration. After all, we make money by taxing wealthy Norwegians in Switzerland. In Norway, it was calculated that 30 “tax evaders” in Switzerland alone paid around 546 million kronor (49 million francs) in tax in 2022. Money that will soon escape the Norwegian tax authorities. And Switzerland benefits from this, if not 1:1.

Source :Blick