Norway Wealth Tax and Real Estate in 2026: Why Real Estate Is King
Written by Hans Goldstein, EA, licensed insurance agent · CA 4273294Admitted to practice before the IRS
Short answer: In Norway’s 2026 wealth tax, a home you live in counts at only 25% of its value (up to NOK 14 million, 70% above that), a holiday home at no more than 30%, shares and commercial property at 80%, and cash and bonds at 100%. So $1 million in a primary home costs about $531 a year in wealth tax, against about $8,031 for the same money in the bank. A mortgage on your home stays fully deductible, which can push taxable wealth even lower.
Free guide: Moving abroad on a fixed income
Income rules and taxes by country: Norway, Switzerland, Sweden, Italy, Spain, Malta and more, plus how a lifetime annuity fits.
When my parents planned their move to Norway, the house question turned out to be a tax question. Norway taxes wealth every year, and it does not treat all wealth the same. Money in the bank is counted in full. A home you live in is counted at a quarter of its value. That gap is why people in Norway say real estate is king.
2026 wealth tax rates
Norwegian residents pay 1.0% a year on net worldwide wealth above NOK 1,900,000 per person (0.35% municipal + 0.65% state), and 1.1% above NOK 21,500,000. Spouses assessed jointly get a double allowance. Wealth is measured on December 31 (Skatteetaten, wealth tax rates 2026). Dollar figures use USD/NOK 9.6494 (Norges Bank, 2 October 2026), held flat; $1,000,000 = NOK 9,649,400.
How each asset is valued
| Asset | Counted at (2026) | Rule |
|---|---|---|
| Primary home (primærbolig) | 25% of estimated market value up to NOK 14,000,000, then 70% of the rest | Skatteloven § 4-10(2); value from Skatteetaten’s square-meter model |
| Holiday home (fritidsbolig) in Norway | At most 30% of market value | § 4-10(6) |
| Home or holiday home abroad, such as your US house | Valued like a holiday home: about 30% | Skatteetaten, property abroad |
| Secondary home (sekundærbolig) in Norway | 100% | § 4-10(3) |
| Commercial or rental property | 80% | § 4-10(7) |
| Listed shares and equity funds | 80% | § 4-12 |
| Bank deposits, bonds, cash | 100% | § 4-15 |
| Life annuity from a US insurer never licensed in Norway | 0% | § 4-2(2), Skatte-ABC F-24-2.1 |
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Estimates use the September 9, 2026 ImmediateAnnuities.com payout survey (life only) and a 15% cushion. Illustrative, not a quote.
Worked numbers: $1 million held five ways
Single resident, no other assets, no debt.
| $1M (NOK 9,649,400) held as | Taxable value | Wealth tax per year |
|---|---|---|
| Cash or bonds | NOK 9,649,400 | NOK 77,494 (about $8,031) |
| Secondary home | NOK 9,649,400 | NOK 77,494 (about $8,031) |
| Listed shares or funds | NOK 7,719,520 | NOK 58,195 (about $6,031) |
| Commercial rental property | NOK 7,719,520 | NOK 58,195 (about $6,031) |
| Holiday home, or your US house | NOK 2,894,820 | NOK 9,948 (about $1,031) |
| Primary home | NOK 2,412,350 | NOK 5,124 (about $531) |
A NOK 20 million primary home is valued at NOK 7.7 million (25% of the first NOK 14 million plus 70% of the next NOK 6 million) and costs about NOK 58,000 a year, so the discount is strongest for homes under NOK 14 million.
The debt rule: why a mortgage on your home works and a margin loan does not
Debt is deductible, but skatteloven § 4-19 cuts the deduction when you own discounted assets such as shares, funds, commercial property or a secondary home. The part of your debt that matches those assets is deducted only at the same percentage as the asset, so debt matched to shares counted at 80% is deducted at 80%.
Your primary home is not on that list. In Skatteetaten’s own example (debt NOK 1.8M, a NOK 4.8M primary home, NOK 1.0M of funds and NOK 0.2M cash), the debt share tied to the home is deducted in full and only the share tied to the funds is cut by 20%, leaving taxable net wealth of NOK 460,000.
In plain terms: a mortgage on the home you live in is deducted in full against an asset counted at 25%. That is why buying a home with a mortgage can bring taxable wealth close to zero, while a large share portfolio plus debt loses part of the deduction.
What this means if you are moving to Norway
- Buying a home you live in is the strongest wealth tax position in Norway. Budget for the costs: stamp duty (dokumentavgift) of about 2.5% when you buy freehold property, agent fees, and currency risk if your wealth is in dollars. A gain on a home you owned and lived in is generally tax-free in Norway after the ownership and use tests are met; check them for your own sale.
- Keeping your US house while you live in Norway counts at about 30%, like a holiday home.
- Cash is the worst form to hold on December 31.
- A US annuity can sit next to the home. A life annuity from a US insurer never licensed in Norway counts at zero, but its payments are taxed in full as income while you live there. For a short stay the version that works is a deferred income annuity that starts after you leave. See moving to Norway for 5 years.
Skatteloven § 4-10 was amended by a law of 23 June 2026 for the 2026 income year; the figures above follow Skatteetaten’s 2026 rate pages. Confirm your own valuation with Skatteetaten or a Norwegian tax adviser. I am a US-licensed insurance agent and do not give Norwegian tax or legal advice; this page is general education.
Frequently asked questions
Free annuity gap analysis for Norway. Tell me your ages, your Social Security or pension, and whether you are single or a couple. I will show how far your income is from the Norway requirement and what a lifetime annuity would cost to fill the gap, in the sponsor’s or main applicant’s name where that matters.
Related reading
- Moving to Norway from the US: the hub
- Moving to Norway for 5 years: wealth tax and annuities
- Norway wealth tax for Americans and the US annuity exception
- Wealth tax by country and US annuities
- Formuesskatt på bolig 2026 (norsk)
Sources
- Skatteetaten: Wealth tax rates 2026
- Lovdata: Skatteloven chapter 4 (sections 4-2, 4-10, 4-12, 4-16, 4-19)
- Skatteetaten: Tax value of housing 2026
- Skatteetaten: Formuesverdi for fritidseiendom i Norge
- Skatteetaten: Valuation discount in connection with assessment of wealth (debt reduction example)
- Skatteetaten, Skatte-ABC 2025/2026 F-24 Livrenteforsikring (F-24-2.1 wealth, F-24-5.1 income)
Goldstein & Co. LLC dba Goldstein Insurance Services · Hans Goldstein, licensed insurance agent, CA lic. #4273294 · NPN 20602398 · 213-414-2808 · hans@hansgoldstein.com
Education, not tax, legal or immigration advice. Rules, thresholds and exchange rates change; confirm with the consulate or immigration authority and a local tax adviser before you act, and get answers in writing. Hans Goldstein is a licensed insurance agent (CA 4273294) and can only offer annuities to residents of states where he is licensed. Annuity payments are guaranteed by the issuing insurer’s claims-paying ability, not by any government. Payout figures are illustrations from a published survey, not quotes. Immediate annuities are generally irrevocable.