Moving Abroad: Tax Implications for Daytraders (tax treaties)
|June 29, 2012||Posted by Oddmund Grotte under e & p|
In may I wrote about tax implications for people moving abroad, both from Norway or anywhere else for that matter. They who have lived more than 10 years in Norway prior to leaving, must prepare to pay Norwegian wealth taxes 4 years after they move. Up until now one could take cover under a provision in the tax treaty, but quietly the Norwegian parliament is gradually excluding the article about capital. Put short, wealth taxes will no longer be included in the tax treaty, and that means Norway is in full right to tax net wealth (1.1%) according to their internal laws unless you have permanently moved (and that process takes 4 years).
Changing the tax treaties is a process that will take a while, but already they have changed Poland and Portugal. About 10 other treaties are under revision, among them Netherlands, Belgium, Latvia, USA and UK.I expect the rest to follow suit within a couple of years.
I have contacted the minstry of finance and they have confirmed it. I even contacted politicians in the Progress Party and they were furious about the changes. Obviously they don’t know what they are doing since it is legislated by the parliament!
I haven’t seen anything about this is in the press. So here you have it.