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Norwegian Wealth Tax and SAFE/SLIP Strategies for Startup Founders

Your concerns about wealth tax implications for BoldBooks Norge and the potential benefits of Swedish relocation are well-founded. Based on current Norwegian tax regulations and available investment structures, there are indeed strategies using SAFE/SLIP instruments that can help defer wealth tax exposure, though they come with specific requirements and limitations.

Understanding Norwegian Wealth Tax on Startups

Current Tax Structure

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if i raise 10m nok for my startup in norway. my startup now have 10m nok in the bank. i own 100% of this startup. I use a slip/safe to postpone valuation of the company. do I as owner have to pay tax wealth on the 10m nok in the bank account of my startup?

No, the owner does not pay wealth tax directly on the 10 million NOK sitting in the company’s bank account; wealth tax is levied on the owner’s personal net wealth, where the relevant asset is the value of the unlisted shares, not the company’s cash itself. The company pays no wealth tax, but the company’s cash does influence the shares’ taxable value for the owner.[^1_1][^1_2][^1_3][^1_4]

What is taxed

• Individuals pay wealth tax on net wealth, which includes shares, whereas a Norwegian AS does not pay wealth tax itself.[^1_4][^1_1]
• For owners of unlisted Norwegian shares, the taxable asset is the shares’ value, not the company’s

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if i raise 10m nok for my startup in norway. my startup now have 10m nok in the bank. i own 100% of this startup. I use a slip/safe to postpone valuation of the company. do I as owner have to pay tax wealth on the 10m nok in the bank account of my startup?

No, the owner does not pay wealth tax directly on the 10 million NOK sitting in the company’s bank account; wealth tax is levied on the owner’s personal net wealth, where the relevant asset is the value of the unlisted shares, not the company’s cash itself. The company pays no wealth tax, but the company’s cash does influence the shares’ taxable value for the owner.[1][2][3][4]

What is taxed

• Individuals pay wealth tax on net wealth, which includes shares, whereas a Norwegian AS does not pay wealth tax itself.[4][1]
• For owners of unlisted Norwegian shares, the taxable asset is the shares’ value, not the company’s underlying cash; however, the company’s assets and liabilities determine the company’s taxable “formuesverdi,” which flows through to th

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if you raise 10m nok in capital for a startup in norway on SLIP / SAFE agreement and postpone valuation. do you have to pay wealth tax?

Short answer: No wealth tax is triggered just because a startup raises 10m NOK on a SLIP/SAFE; wealth tax is paid by individuals on their net wealth, not by the company, and founders are taxed on the value of their shares according to Norway’s unlisted-share valuation rules and thresholds, not on the new cash itself in the company’s account. The raise can still affect future share valuation for wealth tax, depending on whether the SLIP/SAFE is accounted as equity or liability and on the Jan 1 valuation timing rules for unlisted shares.[1][2][3][4][5]

Wealth tax basics

• Wealth tax applies to individuals’ net wealth (assets minus debt) and is levied by both municipality and state; companies do not pay wealth tax.[5][1]
• For 2025, state rates are 0.475% between NOK 1,760,001 and 20,700,000 and 0.575% above that; municipalities also levy an additional rate so the combined

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Taxation of Share Purchases Using Company Capital in Norway

Buying Shares With Company Capital (Corporate Investments)

If you are buying shares using capital from a Norwegian company (such as an Aksjeselskap or AS), the tax treatment is very different from that of a private individual:

• Norwegian companies benefit from the "participation exemption method" (fritaksmetoden), which means that capital gains and dividends from qualifying shares are generally tax-exempt at the company level. This applies to most shares in both Norwegian and EEA companies, provided certain requirements are met[^1_9][^1_11].
• Exception: 3% of dividends received by a company are taxable at the standard corporate tax rate (22%), resulting in an effective tax rate of 0.66% on dividends. However, capital gains from the sale of shares are typically fully exempt from tax for the company[^1_11].

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Norway: Using Convertible Loans in Startups to Avoid Wealth Tax Valuation

Short answer

• A convertible loan is treated as a debt claim (fordring) until conversion, not as shares, so it does not require setting a share valuation at the time of investment and is booked as a loan in the company.[1][2][3]
• For personal net wealth tax (formuesskatt), debt claims are included in taxable wealth at their fair value unless specifically exempt, and there is no general exemption for ordinary private loans to startups.[4][5]
• Upon conversion, the tax basis of the acquired shares is tied to the market value at the conversion date and the claim is regarded as realized, which then brings share valuation into play.[6]

What this means in practice

• Investing via a convertible loan can defer the need to set a company valuation for issuing shares at the time of the initial financing, because the instrument is debt until conversion.[2][3]
• However, this does not in itself eliminate personal wealth tax exposure: a le

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Countries that levy a wealth tax (as of 2025)

Based on current tax overviews and recent summaries, a small number of countries still levy an annual net wealth tax, with others applying narrower “wealth-type” taxes to specific assets.

Countries with an annual net wealth tax on individuals

• Norway – applies a national and municipal net wealth tax with rates up to around 1.1% at higher wealth brackets.[2]
• Spain – levies the Impuesto sobre el Patrimonio (wealth tax), with regional variations and progressive rates; also has a temporary solidarity tax on large fortunes.[1][2]
• Switzerland – levies a cantonal/communal net wealth tax nationwide; rates and thresholds vary by canton, generally topping out below 1%.[1]
• Bolivia – imposes a progressive net wealth tax on very high-net-worth individuals (over a high threshold), with rates roughly 1.4%–2.4%.[2][1]
• Colombia – has a temporary/recurrent wealth tax with rates around 1.5% through 2026, then 1% from 2027 onward.[2]

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No, not immediately — Norway taxes profits, not the investment itself, so a NOK 20 million experimental rig would be capitalised and deducted over time rather than taxed upfront, and with no revenue there would be no corporate income tax payable for that year. The 20 million becomes a fixed asset that is written off through tax depreciation, so the tax effect arrives gradually via annual deductions and potential loss carryforwards rather than as tax on the purchase amount itself.[1][2][3]

What is taxed

Corporate income tax is 22 percent in 2025 and is levied on taxable profit, calculated from accounting profit with tax adjustments; with no profit, no corporate income tax is due for that year. Norway applies accrual taxation for companies, meaning expenses and income are recognised when incurred/earned, not when cash moves, which is why capital expenditure is treated through depreciation rather than immediate tax.[3]

Capitalisation and write-off

There is a duty to capitalise assets that cost at lea

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No — iPhones do not include a usable, disabled FM radio that can simply be switched on. Older models had combo chips with FM capability, but Apple never wired the antenna/tuning/audio paths, and newer models (iPhone 7 and later) lack FM support entirely according to Apple.[3][5][6][7]

Why the confusion

Some early iPhones used Broadcom/Qualcomm combo chips that included an FM receiver core as part of the package, which led to the misconception that FM was merely “turned off.” However, the FM-related pins weren’t connected inside the phone—there was no antenna input, no tuning lines, and no audio routing—so the device never functioned as an FM receiver.[6][8][3]

After iPhone 7

Apple has stated that iPhone 7, iPhone 8, iPhone X and later do not have FM radio capability in hardware and therefore cannot enable it via software. This position was reiterated during public calls to “turn on” FM for emergency use, emphasizing that the necessary hardware simply isn’t present in these models.[5][7][6]