Paging NY & CA: Dozens of wealthy Norwegians flee to Switzerland to avoid wealth tax increases

Some of Norway’s most affluent people are moving to Switzerland following the Nordic country’s decision to increase wealth taxes last year.

The Norwegian government raised the levy from 0.85% to 1.1% in November, prompting about 65 of its wealthiest people to relocate.

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The group, which is worth more than 47 billion kroner ($4.4 billion), made the move to Switzerland over the course of a year, Norwegian newspaper Dagens Naeringsliv reported.

Individuals with a net wealth of more than 1.7 million kroner ($158,00) or married couples who have a net wealth of over 3.4 million ($317,000) have to pay the 1.1% tax, according to data from PwC.

[If they have enough money to tax and tax again, they have enough money to up and leave when they get tired of it. ~ Beege]

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