January 31, 2023

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Dune founder moves to Switzerland - E24

Dune founder moves to Switzerland – E24

Frederik Haga announces his move to Zug in Switzerland on Saturday.

Frederic Haga is a co-founder of technology company Dune Analytics.
published:

Status updated.

Frederic Haga, 31, will move to Zug in Switzerland, he told the Financial Times. The move will be officially announced on Saturday.

Haga is the co-founder and managing director of blockchain analytics company Dune.

– I had to choose: do I live in Norway or do I want this company to succeed? It’s not about not paying taxes. It’s about paying tax on money I don’t have, Haga tells the Financial Times.

The founder had taxable income of NOK 1.26 million and taxable asset of NOK 25.9 million in 2021.

In the 2023 national budget, the government will increase the wealth tax from 0.95 to 1 percent.

Haga tells the Financial Times that Dune is still in the start-up phase and is therefore characterized by losses accompanied by rapid growth, and the bulk of the values ​​are locked into the company.

– Haga says to the newspaper, either I withdraw money from the company or I move.

He feared his next tax bill would be several times his disposable income, according to the Financial Times.

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Its value is estimated at one billion dollars

According to Haga, Dune Analytics is worth $1 billion, he told E24 in October.

Depends on what the company can achieve one day. Last year, it had a turnover of NOK 6.2 million and a loss of NOK 9.5 million.

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“For those of us who run global digital technology companies that are not founded on any particularly Norwegian resources or input agents, you obviously have to heed the middle finger from Norwegian politicians and think about moving,” he wrote at the time.

“The higher the wealth tax, the less value creation we get in the country.”

In an article for E24 in August, the entrepreneur discussed wealth tax in Norway:

“If we succeed (with the company, daily note) I hope to contribute huge sums to Norwegian society through taxes on our success. Like all other ambitious and risky businesses, we lose large sums of money, but sometimes we have a high value on the balance sheet. This balance sheet value does not mean that we “won” or that I, as an entrepreneur, received a lot of money to squander personally. However, wealth tax means that as an aspiring entrepreneur in Norway, you get a tax bill many times greater than your income. This The private economic crisis is just a middle finger straight from the state to whoever is trying to build something big out of Norway.”

In 2021, Haga was a guest on the E24 podcast, where he spoke about cryptocurrency.