Relocation from Norway

Many wealth people are moving from Norway

For many reasons, including the sad economic situation and high taxes for the wealthy, we see that there are many who are considering moving abroad from Norway.

Many of these individuals move to Switzerland or Monaco.

But why relocate from Norway to Switzerland or Monaco?

We have worked for over 20 years in this segment and are impartial advisers when buying and selling property in Monaco, Switzerland, France and Italy.

Helle Skovby is trained as a real estate agent in Denmark, which is a long education compared to e.g. France, Monaco, Switzerland, etc. Michael Skovby Nielsen has worked with properties and tax across national borders for 30 years and has, among other things, written 2 books with Deloitte and 1 with KPMG.

There are many things to be aware of in terms of opportunities and pitfalls, and here our Mediterranean Multi Family Office, Monaco can help, and we are subject to the Financial Supervisory Authority.

We can also help you find the right lawyers, banks, accountants, schools, insurance companies, etc. during a relocation.

Most people more or less think that rules, customs etc. are roughly the same as in one's home country, but this is far from the case. It is important to gain some understanding of the culture in the country in question and to be aware that legislation in various areas may be different from what you are otherwise used to. We have always said that you should move with your heart and not with your treasure.

So it is about finding a country where you think you can have a splendid life, measured by the soft values, and here we see that most people have a splendid life in Monaco and Switzerland.

Why do millionaires and billionaires relocate to Switzerland or Monaco?

We have always said that you should move with your heart and not with your treasure.
So it is about finding a country where you think you can have a splendid life, measured by the soft values, and here we see that most people have a splendid life in Monaco and Switzerland.
Many do not focus enough on the family logistics, and this can end negatively. If one member of the family is not well, no one is well.

Why purchase a property in Switzerland or in Monaco?

But of course, you also have to look at the economy, and here you have to look at the business opportunities if you are still in business and of course taxes on wealth, inheritance, personal income, capital income, living costs etc. But even if the country you choose has attractive taxes, you must also look at whether there are pitfalls.
In some of the 26 cantons in Switzerland, you pay wealth tax. In Monaco there is no wealth tax.

Relocation from Norway to Monaco, France, Switzerland etc.

No tax on personal income, capital gains, interest in Monaco?

In Monaco, there is no tax on personal income, capital gains, interest, etc. In Switzerland, tax is paid on personal income, but in many cantons not on capital income. In many places, it is possible to get a lump-sum assessment, where you negotiate with the tax authorities about what you have to pay in tax.

In addition, there may be higher estate taxes in the event of death than you are used to in your home country. The same may apply to gift tax. The fees typically depend on the relationship to the deceased. In the southern countries, there are also typically other inheritance rules that you have to comply with, because here your spouse is not a forced heir, but it is the blood ties that count. In some cases, you can arrange yourself out of it by seeking professional advice. The order of inheritance can be interpreted differently compared to what we are used to.


In Switzerland, the cost of living is relatively high. However, VAT is very low in Switzerland at 7.7%.

The cost of living in Monaco is significantly lower than in Scandinavia on e.g. groceries, and there are no taxes on electricity, water, etc.

VAT in Monaco is 20%. In Monaco, there is no registration tax on cars, including no green taxes either.


When buying and selling real estate abroad, you can also be surprised if you think things are roughly the same as in your home country.

For example, square meters are not given in the same way as in Scandinavia, and this can make big differences. Trading costs can typically be higher than we are used to.


In some countries, the municipalities have, for example, the right of first refusal, but not in Monaco or Switzerland. In some countries there may be special rights of withdrawal to protect the buyer, but this is not the case in Switzerland and Monaco.

In most countries, it is a notary who corrects the transactions, as in Switzerland and Monaco, but a transaction is not necessarily as efficient as we are used to in Scandinavia. Here we can help speed up the process.

In, for example, the Italian part of Switzerland, mediators and advisers are not as good at coming up with the problems as we are used to, and their culture typically means that they simply solve the problems as they come - instead of analyzing it right from the start.

About buying property in Switzerland and Monaco

When you buy property in Switzerland or Monaco, you must be aware that you are buying it as-is, which is why it is a good idea to ally yourself with a construction expert and thus achieve the same security as the Scandinavian model. Many want to finance part of the purchase, and there are many offers from banks. However, there may be differences between the products.

We have often seen that, for example, it can be expensive to repay a loan early. We had a customer who had to pay DKK 1,000,000 in costs to the bank, but we proposed a technically different solution to the bank, whereby the costs were reduced to DKK 140,000.

About tax on profit in Switzerland and Monaco?

In Switzerland, you have to pay tax on the profit when you sell your property again. In most places, the tax depends on how long you have owned the property.

In Monaco, there is no tax on profit from the property upon sale, nor are there ongoing property taxes. If there is tax on profits from the sale of real estate, you must be aware that this may also apply to the sale of property outside your new home country. Property pricing in Switzerland and Monaco is different than in Scandinavia.

About transferring property to your children

If at some point you wish to transfer the property to, for example, your children, you must be aware that the rules may be very different from those in Scandinavia.

Contact us if you have any questions regarding relocation from Norway to Switzerland or Monaco

We can help you with a total relocation to Switzerland or Monaco, and you can get an address within 24 hours.

We are at your service at phone no. +33 64 06 16 500 or +33 64 39 14 317