When the billionaire Tord Ueland Kolstad and the investor Jens Rugseth received notice to pay 35 million in advance tax, they saw no other option than to move – to Switzerland. – This is money I don’t have. So then, in principle, I had very few options. I could go to the bank to borrow, aged 61. But this is not just for 2023, but for 2024, 2025 and 2026, says Rugseth, and continues: – Borrowing 30-50 million a year for me would be completely impossible in terms of risk. Then the alternative was to move, because I can’t stay here, I simply can’t afford it. MOVED TO SWITZERLAND: Billionaires Tord Ueland Kolstad and Jens Rugseth have moved to Lucerne in Switzerland due to the high wealth tax and property tax. Rugseth is one of the many billionaires who have moved to Switzerland in the last two years. In Switzerland, he pays less than a third of the tax he has to pay in Norway. news meets Rugseth together with Tord Ueland Kolstad, who owns T. Kolstad Eiendom. He is among Norway’s 400 richest, according to Kapital. Kolstad also moved to Switzerland in November 2022. – I guess I will get away with 10 percent tax on what I paid in Norway. This is linked to wealth. Income tax is not that different from Norway. This is wealth taxation and owner taxation on Norwegian capital. Kolstad says that he is definitely on the Norwegian splicing team. – But when you get a tax that is so heavy that you cannot bear it, when you have an income of seven to eight hundred thousand from the company, and are taxed with 15 million in property tax, then it is too much. You have no choice. You have to move. Foreign owners in Norway Rugseth says that Norwegian business owners pay more than two and a half times more than a foreign business owner in Norway does. – Having a special Norwegian wealth tax on Norwegian, active capital in the business world, it is directly destructive. – If Norwegian owners were treated the same as foreign owners and did not have the wealth tax on working capital. Then I would have returned. Remove the wealth tax on working capital, says Rugseth. More to come More than 50 billionaires have moved out of the country. and there will be more, according to Kolstad. – I have received tens, hundreds who are thinking about moving and wondering what it is like. – New ones keep coming. In the building I live in, there are eight families from Kapital’s 400 list, many very, very high up. I expect that from the messages I get from people, there will not be any empty apartments there, says Rugseth.
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– Can’t afford to live in Norway – news Norway – Overview of news from different parts of the country
