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Norwegian Millionaires Relocate to Switzerland to Avoid Taxes

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A study by the newspaper Dagens Naeringsliv found that more than 30 wealthy people in Norway left the country after the centre-left government raised taxes on wealth to 1.1%.

The study found that the number of billionaires who left the country during 2022 exceeds the total number of super-rich people who left Norway in the last 13 years, and more are expected to leave, costing the government lost tens of millions in tax revenue.

Many have moved to Switzerland, where taxes are much lower. Among them is the billionaire fisherman-turned-industrial tycoon Kjell Inge Røkke, who moved to the Italian-speaking city of Lugano.

Roque, 64, the fourth richest Norwegian with an estimated net worth of NOK 19.6 billion (£1.5 billion), wrote in a letter: has the lowest taxes. but, in turn, it is a beautiful place with a great location.” My center is in Europe… for those close to the company, and for me, I am just a click away.”

Rocky’s move to Lugano, Norway will cost around NOK 175 million in tax revenue per year. Last year, Rocky was the largest taxpayer in the country. Since 2008, he has paid about NOK 1.5 billion in taxes, according to Dagens Næringsliv.

In turn, Thord Ylland Kolstad, a salmon investor with a net worth of about NOK 1.5 billion, also moved from northern Norway to Switzerland and told a Norwegian TV channel: “It was not what I wanted, and the current government is tightening up and tightening tax rules means I have no choice.”

Ole James Onstad, professor emeritus at the Norwegian Business School, said those who left the country have a combined fortune of at least NOK 600 billion.

Treasury secretary of state Erlind Grimstad told the Guardian he hoped wealthy Norwegians would return “on time”.

Source: Guardian

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