They Left Norway Because of Taxes. Billions of Kroner at Stake

In 2025, more wealthy Norwegians have moved to Switzerland. Among them are investors, entrepreneurs, and managers.

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They Left Norway Because of Taxes. Billions of Kroner at Stake

Switzerland is proving to be an attractive choice for multimillionaires and billionaires. Fot. Fotolia (zdjęcie poglądowe)

The tax migration of Norway's financial elite is once again in the spotlight. The reasons are lower taxes, but also access to capital and international markets. Among those leaving are well-known names from the business world. The phenomenon has also been widely discussed outside of Norway.

Famous Investors and Entrepreneurs Outside the Land of the Fjords

One of the most recognizable people to leave is Øystein Stray Spetalen. The investor moved to Lugano after separating from his wife. He settled in the luxurious Collina d’Oro Resort hotel-apartment complex. In 2025, Arne Mjøs, CEO and founder of Itera, also moved to Switzerland.

The group of emigrants also includes Erik Antvedt Aarnes from Auzura Invest. Danish entrepreneur Jesper Nelin Ganc-Petersen, active in the Norwegian healthcare market, also chose Switzerland. Ole Marthon Granberg, a well-known glove manufacturer, has also reported his departure. Among those relocating is Filip Gilbert K Schelfhout, associated with several industrial companies.

The authorities want as much of the wealth generated in Norway as possible to remain in the country.Photo: Adobe Stock, standard license

Exit Tax and

According to lawyers, Norwegian tax regulations are a key factor. Harald Hauge, partner at Wikborg Rein law firm, told E24 that there is growing interest in moving abroad at the end of 2024. He cites the "political climate" and stricter rules for the so-called exit tax as reasons. The tax is intended to cover the increase in value of assets generated in Norway.

Hauge points out that the exit tax can be particularly burdensome for young entrepreneurs. A high early valuation of a company, for example at 10 million NOK, can mean significant liabilities. According to the lawyer, the mechanism encourages earlier emigration. It may also make it harder to attract foreign specialists to Norway.

Among the wealthiest who have left, Øystein Stray Spetalen stands out in particular, having declared assets exceeding NOK 2.15 billion with zero income and paid nearly NOK 24 million in taxes. Filip Gilbert K Schelfhout earned over NOK 57 million, with assets estimated at NOK 346 million, resulting in taxes of over NOK 25 million.

Jesper Melin Ganc-Petersen, despite having no income, held a fortune of around NOK 278 million. High asset values are also seen for Arne Mjøs and Erik Antvedt Aarnes, whose assets exceeded NOK 208 million and NOK 173 million, respectively. The data show that among the emigrants, the key burden is not current income, but accumulated capital.

Not everyone is leaving solely for tax reasons. Some choose Switzerland for career and professional opportunities. Examples include scientists and financial specialists who take jobs in international institutions. Switzerland remains a destination for Norwegians that combines stability, a strong job market, and investment opportunities.

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