When billionaire Dart Ulant Kolstad and investor Jens Rakseth received a notice to pay 35 million in advance taxes, they had no choice but to move to Switzerland.
– This is money I don’t have. So, in principle, I had very few options. I can go to the bank to get a loan at the age of 61. But it’s not just for 2023, says Rakseth, but for 2024, 2025 and 2026, and continues:
– Borrowing 30-50 million per annum for me is absolutely impossible in terms of risk. And then the alternative is, I can’t stay here, I can’t afford it.
Property Tax and Property Tax
Rakseth is one of the many billionaires who have moved to Switzerland in the past two years.
In Switzerland, he pays less than a third of the tax he owes in Norway.
NRK meets Rakseth with Tord Ueland Kolstad, who owns T. Kolstad Eiendom. According to Capital, he is one of Norway’s 400 richest people.
Kolstad moved to Switzerland in November 2022.
– JI think I will get rid of the 10 percent tax on the amount I paid in Norway. It is related to wealth. Income tax is no different from Norway. This is a wealth tax and ownership tax on Norwegian capital.
Kolstad says he’s definitely on the Norwegian divisive team.
– But when you get taxed so hard that you can’t bear it, when you earn seven and a half to eight lakhs in that company and tax it with 15 million property tax, it’s too much. You have no choice. You have to move.
Foreign owners in Norway
Rakseth says that Norwegian business owners pay two and a half times more than a foreign business owner in Norway.
– DHaving a special Norwegian wealth tax is directly destructive to Norway’s operating capital in the business world.
– Norwegian owners are treated the same as foreign owners and there is no wealth tax on working capital. I will be back then. Abolish wealth tax on working capital, says Rakseth.
And will continue
More than 50 billionaires have left the country. And according to Kolstad there will be more.
– I’ve got tens, hundreds of people who are thinking about moving and wondering what it’s all about.
– New ones keep coming. In the building I live in, there are eight families from the Capitol’s 400 list, many very, very high. From the messages I get from people, I expect there will be no vacant flats, says Rakseth.
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