Norway to Hit Fleeing Billionaires With Higher Exit Tax (1)

Norway is introducing stricter rules to tax expatriates amid reports that more of the country’s billionaires have moved abroad or consider leaving.

A five-year time limit on exit tax on unrealized gains on shares and other assets will be abolished and the rules are extended “to apply to the transfer of shares to close family members living abroad,” with immediate effect, the ruling Labor and Center parties agreed with their budget partner the Socialist Left on Tuesday.

The left-leaning government has been increasing taxes on Norway’s richest since it came to power last year, similarly to policies flagged since the ...