Norway is one of few countries that levy an annual net wealth tax. This article explains who is liable to Norwegian wealth tax, the thresholds and rates, and how assets and debt are valued. It is written for foreign nationals who are moving to Norway or who own assets here.
Who is liable to Norwegian wealth tax?
Tax residents
A person who stays in Norway for more than 183 days in any 12-month period, or more than 270 days in any 36-month period, is as a main rule tax resident in Norway (Section 2-1 of the Tax Act). Tax residents are liable to wealth tax on their worldwide net wealth, subject to any limitations in a tax treaty. Special rules govern when tax residency begins and when it ends after moving abroad.
Non-residents
Persons who are not tax resident in Norway are, as a main rule, liable to Norwegian wealth tax only on certain assets connected to Norway. Under Section 2-3 first paragraph of the Tax Act, this covers in particular:
real property and movables located in Norway (letter a); and
assets used in business carried on or managed from Norway (letter b).
Shares and bank deposits are, as a main rule, not subject to Norwegian wealth tax for non-residents, unless they belong to such a business. Whether wealth tax applies in a particular case also depends on any applicable tax treaty.
Thresholds and rates for 2026
Net wealth is calculated as at 31 December of the income year. For the 2026 income year:
The basic allowance is NOK 1,900,000. Spouses assessed jointly have a combined allowance of NOK 3,800,000.
The municipal rate is 0.35%.
The state rate is 0.65% on net wealth up to NOK 21.5 million and 0.75% above.
The combined rate is therefore 1.0% on net wealth between the allowance and NOK 21.5 million, and 1.1% above NOK 21.5 million.
Rates and thresholds apply to the 2026 income year and are adjusted annually in the state budget. Current figures are published in the Norwegian Tax Administration’s rate tables for wealth tax.
Valuation of assets
The main rule is that assets are valued at market value, but several asset classes are valued lower for wealth tax purposes. The main rules for 2026 are:
Residential property in Norway
Primary residence: 25% of the estimated market value up to NOK 14 million, and 70% of the value exceeding NOK 14 million.
Secondary residences: 100% of the estimated market value (no discount).
Holiday homes: valued under separate rules, generally well below market value.
Property abroad
Residential and holiday property abroad is as a main rule valued at 30% of documented market value or cost price. Other rules apply to commercial property.
Commercial property
Commercial property is valued on the basis of a calculated or documented rental value or market value, and a valuation discount of 20% applies, so that 80% of the value is included.
Shares and operating assets
Shares and equity fund units: 80% of market value (a 20% valuation discount).
Operating assets: 70% of value.
Bank deposits and other claims
Bank deposits, in Norway and abroad, are included at 100% of their value. Deposits in foreign currency are converted into Norwegian kroner.
Movables, boats, art and cryptocurrency
Household contents and other movables, boats, cars and art are subject to special valuation rules and thresholds that are adjusted from time to time. Cryptocurrency is included at its full market value without any valuation discount, assessed as of 1 January of the year following the income year. Because these rules change, check the Tax Administration’s current guidance before relying on a particular threshold.
Debt deduction
As a main rule, debt is deductible when calculating net wealth. Where the taxpayer owns assets with a valuation discount, the debt deduction is reduced proportionately. Spouses are assessed on their combined wealth and debt.
Debt connected to foreign assets is in principle deductible. Where assets abroad are exempt from Norwegian wealth tax under a tax treaty, the debt deduction is limited proportionately.
Tax treaties
Norway has tax treaties with a large number of countries, and many of them also cover taxes on wealth. Under some treaties, wealth in the form of real property located in the other treaty country is not taxed in Norway, but this depends on the specific treaty and the method it prescribes for avoiding double taxation. The Tax Administration publishes a list of countries for which this applies. The list concerns persons resident in Norway who own real property in the treaty country.
The list does not mean that residents of those countries are exempt from Norwegian wealth tax. Whether a treaty limits Norwegian wealth tax in your situation must be assessed under the relevant treaty.
Non-taxable assets
Certain assets and rights are not included in the wealth tax base. Examples are conditional rights, time-limited rights of use, salary claims not yet due, goodwill and certain pension rights and pension savings schemes.
How we can help
We assist foreign nationals and international families with questions on Norwegian tax residency, the scope of Norwegian wealth tax and the application of tax treaties. You can read more about the firm at advokats.no or get in touch through our contact page.
This article provides general information as of 29 October 2026 and is not legal advice for your specific situation.
