Norwegian Stein Erik Hagen and his family have transferred NOK 1.2 billion in dividends from their Norwegian holding company to their subsidiary in Switzerland.
By completing such a transfer, Stein Erik Hagen and his family avoid paying a sizeable wealth tax in Norway.
Years of Transferring Money Abroad
Hagen and his family have for several years reduced their wealth tax in Norway by transferring money between their own companies, which in 2017 had already saved them NOK 2.2 billion, according to the Norwegian newspaper; Dagens Næringsliv.
New reports have come to light showing that, since 2014, the family has transferred dividends of NOK 1.2 billion from their main company Canica via their company Dispute 3 to the holding company of their daughter, Caroline Hagen Kjos, in Switzerland.
Canica Holding AG in Switzerland owns 100 percent of the shares in Tvist 3.
"It is normal for companies to pay dividends, and this is about exercising professional management of ownership. On behalf of Canica Holding AG, I can state that these funds are invested in both Norwegian and foreign companies," writes Nils Selte, CEO of Canica, in an email.
Had the amount been paid in dividend to a private individual in Norway, it would have given a tax bill of more than NOK 400 million, according to Dagens Næringsliv.
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