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In the past year alone, 36 wealthy Norwegians have moved to Switzerland to avoid the enormous tax burden in their home country – including Kjell Inge Røkke (64), who is the third richest Norwegian overall. This was six times the average for previous years.
No end to tax evasion by wealthy Norwegians into Switzerland is expected. The Norwegian financial newspaper “Capital” asked 200 of the country’s leading entrepreneurs, investors and wealthy individuals for their views on the subject. And he received harsh feedback on Norwegian tax policy. Coupled with clearly formulated intentions to cede the country to Switzerland in the near future.
For example, property manager and multi-millionaire Truls Herman Holm is alarming: “With the tax system we have in Norway right now, company owners are subject to such high taxes that they have to withdraw money from the company to pay it instead of reinvesting in the company. We have reached the point where moving abroad is the best for companies.”
less and less willing to stay in the country
The vast majority of wealthy Norwegians surveyed by “Kapital” believe that changes to the tax system last year had a negative impact on investment, employment and corporate growth. The high wealth tax gives them the most headaches, followed by the dividend tax. So much so that more and more people are considering doing the same, as those who immigrated to Switzerland before did.
“The current capital flight is therefore only the beginning – a lot of money could be lost from the country in the future,” Capital says.
Medium fortunes are also drawn
But it’s not just the super-rich who groan under the high tax burden. Bank Nordea Director Marte Kopperstad explains in the business magazine “Finansavisen”: “It’s not just clients of great fortune that come to us to discuss moving to Switzerland anymore. Meanwhile, many customers come in with assets between SEK 50 and 100 million. » These are customers with private assets worth around CHF 4.5 to 8.5 million.
In the same newspaper, tax expert Geir Peter Hole explains that wealthy Norwegians don’t move to Switzerland to earn more money, they “just try to keep the money they have.” For some tax rates, the amount does not differ significantly from that in Norway. What triggered tax evasion were sudden changes in wealth taxation and the taxation of hidden capital gains (profits and dividends). These came into effect as soon as they were known. And in Norway individual tax treaties are completely excluded.
Therefore, Switzerland can expect wealthier Norwegians to move in as long as nothing changes in the Norwegian tax system.
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.
