Norway's Wealth Tax Unchains a Capital Exodus
8 days ago
- #tax policy
- #wealth tax
- #capital flight
- Norway's wealth tax increase led to a $448M+ net decrease in revenue due to billionaires leaving.
- Over NOK 600 billion in assets left Norway as high-net-worth individuals relocated to tax havens.
- Norway's wealth tax system includes property tax, VAT, and capital gains tax, creating a heavy burden.
- Wealth tax combined with dividend tax forces business owners to withdraw funds to meet obligations, hampering growth.
- Switzerland has become a preferred destination for wealthy Norwegians due to favorable tax policies.
- Norway's exit tax regulations attempt to capture value from departing residents but may accelerate the exodus.
- The exodus has sparked public debate about social equity and economic incentives in Norway.
- Norway's experience offers lessons on the limits of national tax sovereignty in an era of mobile capital.