Norway's wealth tax and the entrepreneurs it chased away
Norway taxes unrealised gains. About 1% a year, calculated on full market value for listed assets and book value for private companies, assessed on whatever your net worth happens to be on New Year’s Eve. It doesn’t matter if your startup is loss-making with no cash flow, if your portfolio has since tanked, or if the company has gone bankrupt since the valuation date. The bill still arrives.
hagaetc.eth lays this out in Norway Shrugged, an Atlas Shrugged-flavoured account of watching Norway’s entrepreneurial class walk out the door.