Norway is one of the few countries that impose a tax on net wealth. All individuals who are tax residents in Norway are liable to pay tax on their global net wealth. This means that not only assets located in Norway but also properties and financial holdings abroad are included in the wealth tax calculation. In this blog we will take you through what this means for you.
What constitutes wealth?
When calculating net wealth, the general rule is that 100% of debt associated with an asset can be deducted. However, if the debt is linked to assets subject to a valuation discount, the debt deduction is proportionally reduced. The reduction is calculated based on the total value of assets with valuation discounts relative to the taxpayer’s total assets.
Also see: Download Norwegian Wealth Tax Guide
Valuation discounts
As a starting point, all assets should be valued at their true market value. However, certain types of property—such as primary and secondary residences in Norway, properties located abroad, and some other asset categories—are subject to valuation discounts. The assessment values for different property types in 2025 are as follows:
| ASSETS | LOCATION | GROSS ASSESSMENT VALUE INCOME YEAR 2025 |
|
Primary residence |
Norway |
25% of market value below 10 million. 70% of market value exceeding 10 million |
|
Secondary residence |
Norway |
100% of calculated sales value |
|
Holiday residence |
Norway |
30% of documented sales value/construction cost |
|
Residential property/holiday residence (excluding commercial property) |
Abroad |
30% of documented sales value/construction cost (same as for holiday residences in Norway) |
|
Leased commercial property |
Abroad |
80% of rental value divided by a calculation factor |
|
Leased commercial property |
Norway |
80% of rental value divided by a calculation factor. Note that from 01.01.2024, the calculation factor differs for commercial properties inside and outside the major cities |
|
Non-leased commercial property |
Norway |
80% of rental value divided by a calculation factor |
|
Non-leased commercial property |
Abroad |
80% of market value/cost price |
|
Other residences, which are not commercial, including undeveloped plots |
Both abroad and in Norway |
80% of the cost price/market value |
For Norwegian wealth tax rates, please see The Norwegian Tax Authorities (Skatteetaten).
Are foreigners subject to Norwegian wealth tax?
If you own property in Norway, you may become liable for wealth tax in Norway. The extent of your tax obligations will depend on factors such as tax residency status and applicable tax treaties between Norway and your home country. These tax treaties may limit or reduce your wealth tax obligations in Norway.
NORWEGIAN WEALTH TAX
Download guide to learn all about it.
