– Our master’s analysis shows that Norway has an emigration problem. We see an increasing trend towards both expertise and capital flight out of the country, says Master’s student Balder Belsvik at Norway’s Business School. Together with fellow student Erlend Ramberg, Belsvik has investigated whether it is a problem for Norway that rich business owners have left the country. The master’s students have been in contact with 149 wealthy Norwegians in Norway, in addition to 20 who have moved from the country. They have also interviewed 19 tax lawyers and financial advisers in connection with the assignment. Over the years, these have said that they have given advice to at least 113 Norwegians who have moved from the country. According to the students, the conclusion paints a bleak future picture of Norway’s ability to retain wealthy business owners. – The result of the survey is that emigration will accelerate in the next two years, says Belsvik. The study shows that 60 per cent of the surveyed wealthy Norwegians who have not yet moved are considering leaving Norway. RELOCATION PROBLEM: The master’s thesis of Balder Belsvik and Erlend Ramberg shows that more people with disabilities will move. Norway has an emigration problem, the NHH students point out. Photo: Private Master’s study was previously discussed in Finansavisen. The wealthy business owners especially move to Switzerland, which is known for its low tax level. There has been a lot of focus on moving there in the last year, especially after Kjell Inge Røkke announced in the autumn that he was moving to Switzerland. Since then, many of the richest business owners in the country have followed suit and justified the move with the increase in property tax under the Støre government. The government has reduced share discounts, increased dividend tax and wealth tax. FAVORABLE TAXES: Switzerland has a low tax level and therefore many wealthy Norwegians move there. In particular, they have moved to the beautiful areas around Lugano and Lucerne in the Alpine country. Photo: ARND WIEGMANN / Reuters Younger and less rich And now it’s not just rich middle-aged people and heirs who move or plan to move. – Those who move are getting younger and less wealthy, and it is especially entrepreneurs in growth companies who want to emigrate as they lack cash to pay the wealth tax in the growth phase of the company, says Belsvik. The leader of the students. professor emeritus, Thore Johnsen at Norges Handelshøgskole, believes the study indicates that the situation is worrying. YOUNGER: Now the younger and less wealthy entrepreneurs are moving out of the country to avoid wealth tax, according to the master’s thesis of Erlend Ramberg and Balder Belsvik. Photo: Private – But I think it’s right. This has become a problem for Norway and a problem that we must consider more seriously, says Johnsen. – It is the tenderloin of entrepreneurs who are now moving out of the country. These are people who do not want to move out, but who feel that it is necessary to take care of the company they are involved in, says Johnsen. PROBLEM: Professor emeritus, Thore Johnsen at Norges Handelshøgskole believes the study indicates that the situation is worrying. Photo: Helge Skodvin / Helge Skodvin Unfair tax The master’s thesis shows that the business owners experience wealth tax as unfair. – Whether there is a surplus or a deficit, it is largely the same tax. And it seems to many of these who are particularly involved in start-up companies that it is very unfair, Johnsen underlines. – Our study shows that Norway has a problem that really needs to be taken seriously, says Belsvik. In the Ministry of Finance, State Secretary Erlend Grimstad (Sp) emphasizes that the government has emphasized that they do not plan to introduce new increases in wealth tax. The government hopes that the migration trend among the rich in the country will stop. – It’s nice if people stay here. We believe they will stay and hope they will. We have also seen that there are many people who invest in Norwegian companies and who believe in Norway, which is why we have record-high investments in mainland Norway, says Grimstad. The State Secretary emphasizes that the financing of the welfare state is a piece of cake. – Everyone must contribute, even those with the strongest backs. We ask teachers, nurses and construction workers, everyone else to contribute to the community to pay taxes. Then those who can afford it must also contribute, says Grimstad.
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Survey Several young business owners may move – news Norway – Overview of news from different parts of the country
