September 26, 2022

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Kjell Inge Røkke

Kjell Inge Røkke announces move to Switzerland – NRK Norway – Overview of news from different parts of the country

In a letter to shareholders and employees, Røkke writes that it was a difficult choice, but he has now decided to move from Norway to Switzerland.

At the same time, he writes, companies should continue to be Norwegian.

– My capital will still work in Norway. Family company TRG and listed Aker continue as before with Norwegian roots and knowledge-based industrial development with the world as a market, the letter says.

It was Today’s business He was the first to mention the case.

Moves to Lugano

Røkke insists in the letter that he will continue to be Acker’s long-term principal owner and chairman.

– At the same time, it is natural for me to consider the gradual withdrawal from the group of several portfolio companies. He writes that he wants to devote more of his time and resources to philanthropic activities.

Røkke writes that the city of Lugano in southern Switzerland will be his new address. According to Røkke, the city is not a financial consideration.

– I chose Lugano as my new residence – it is not cheap or has low taxes, but it is a big city located in the center of Europe.

He writes that he gifted the house in Asker to his ex-wife, Ann Great, and that he will live there with the children they have together.

You can read the full letter from Røkke Here.

I think he wants to avoid taxes

Guttorm Schjelderup, tax professor at NHH, believes it is plausible to believe that Røkke is now reporting this move to avoid paying taxes on the assets he has accumulated.

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– If he lives abroad for five years, he is practically tax exempt. Therefore, Røkke knew that work would be done to close this tax loophole, so that one would have to be deported for more than five years. So it’s better to leave now.

He thinks many rich people could end up doing what Rogke did.

– Work is underway to wind down the five-year rule, so many of the super-wealthy know it will be very difficult to exit. For those considering it, it’s now or never.