Gustav Magnar Witzøe was only hours away from moving to Switzerland – news Norway – Overview of news from different parts of the country

In the past year, more and more rich Norwegians have moved to the tax haven of Switzerland. Gustav Magnar Witzøe is Norway’s richest man. In 2021, he had a fortune of NOK 19.8 billion. He has previously stated to Dagens Næringsliv that he himself is not thinking about moving down in Europe. – The responsibility for managing the values ​​I have inherited can weigh heavily on my shoulders at times, says Witzøe to news. In Sommer in P2, on the other hand, he says that everything was done and ready. He was to leave Norway and the small island of Frøya outside Trondheim. The apartment was ready At the beginning of October last year, the Witzøe family gathered in their apartment in Trondheim. Both Gustav senior and junior are there, as well as spouse and mother Oddny. Two of the family’s advisers are also present. Gustav Magnar Witzøe and Gustav Witzøe outside their childhood home on Frøya. Photo: Private Gustav Magnar looks at his mother who thinks that what they are about to do is not the right thing to do. In less than 12 hours, Norway’s richest man will get on a plane from Trondheim to Switzerland. According to Witzøe, the apartment in Lugano is already ready. All papers are in order. – Everything was ready. Everything seemed right. I was again told that was correct for all the businesses we own. But that it was of course up to me. According to Gustav Magnar Witzøe, an apartment in Lugano was ready for him. It is here, among others, that Kjell Inge Røkke has settled. Photo: ISMAIL BURAK AKKAN / news Witzøe says that there is an Excel sheet that shows how many millions he could save if he moved to Switzerland. Millions that could have gone to investments, rather than to increased taxes. – That’s why everyone said I should move. To Switzerland, that is. And damn fast. It was supposed to happen before the national budget was presented, says Witzøe. The state budget was presented on 6 October, and the family council took place the same week. So they only had a few days to decide. Happy to pay taxes The Witzøe family has earned its billions through the salmon company Salmar. In the first quarter of this year, the company earned almost NOK 1.9 billion. Gustav Magnar fully understands, and agrees, that he must pay a lot of tax. – I am not a political debater. But I am Norwegian, and like most Norwegians, I think it is right and reasonable that those who have a lot should contribute the most. The Witzøe family has made it big in salmon farming through the company Salmar. Photo: Gorm Kallestad / NTB But Salmar and the others in the farming industry have also experienced the past year as tough. Last autumn, Salmar was close to laying off many of its employees. They feared the consequences of the government’s new ground rent tax. – Personally, I believe that as a private individual I do not pay a penny too much in tax. I could have paid more. For the richest, wealth tax can also sting. And it is primarily this that has caused many Norwegians to move to Switzerland. Faith in yourself But for Gustav Magnar Witzøe, it was not the money that was the most important thing when he decided to scrap the moving plans. Nor was it about feeling a duty to stay in Norway. – For me, it was about being true to myself, he says. The decision was made after a long conversation with the closest friends in the basement of the Britannia hotel in Trondheim. My friend Fredrik drew up Maslow’s pyramid of needs. – When the most basic needs are met, and you are safe, it is about the people you have around you. Friends and family. That has always been most important to me. Spending time on them, says Witzøe. Homestead Frøya is important to Gusta Magnar Witzøe. Photo: Linda Bjørgan It was when he realized how many days he had to be in Switzerland, and how few days he could be in Norway, that the final choice fell. Then he went home and told the news to his parents. – I’m not moving to Switzerland, I said. Both lit up. They were relieved. Not set in stone Gustav Witzøe, father of Gustav Magnar, does not want to comment on the process of preparing to move to Switzerland. – The preliminary conclusion is to stay, even if the working capital of the companies we are co-owners of and the industries in Norway are drained of over a million kroner in taxes every day due to Norwegian residence, which they would have avoided if the owners had lived in Sweden, for example or Denmark, he says to news. Gustav Witzøe will not say how far they had come in the process of moving to Switzerland. Photo: Rune PetterNess At the same time, Gustav Magnar Witzøe says that no choice is set in stone – at least not his. – And if something happens that means that I, as the responsible owner, am forced to weigh new considerations against my own needs, there will be new rounds of family councils with advisers at the table. Also listen: That’s why Gustav M. Witzøe wants to work as a model



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