Fredrik Haga, the co-founder and CEO of the crypto startup Dune Analytics, has departed Norway as a result of a disagreement regarding unrealized gain taxes, as per Finbold.
The departure of Haga was precipitated by his appearance on the “Wall of Shame” in the office of Kirsti Bergstø, the leader of Norway‘s Socialist Left Party. The wall features articles about Norwegians who have achieved riches and have emigrated, such as Haga. Bergstø asserts that the wall serves as an inspiration for her artistic endeavors.
Haga established Dune Analytics in Norway in 2018, initially without any financial support. In 2020, the company subsequently raised $2 million in a Seed round, and subsequently received $8 million and $69.42 million in Series A and B funding rounds, respectively. Dune became the first unicorn in Norway as a result of this accomplishment. However, the Norwegian government levied a substantial unrealized capital gains tax on Haga, which surpassed his annual net salary, as a result of the funds raised by Dune.
Haga expressed his dissatisfaction with the tax policy, asserting that taxation should follow the realization of profits. Haga relocated to Switzerland, citing a lack of political response to his concerns, as he was unable to dispose of funds due to the company’s loss-making status and investor preference shares.
Haga’s narrative is indicative of a more extensive phenomenon in which affluent Norwegians are departing the nation as a result of tax policies. Business leaders expressed dissatisfaction with the tax system, resulting in a wealth exodus from Norway between 2021 and 2022, according to The Financial Times. Bergstø has found stories such as Haga’s humorous, which is why she has included them in her “Wall of Shame.”
The situation in Norway has been likened to Ayn Rand’s novel “Atlas Shrugged,” in which corporate executives escape a socialist regime. Critics contend that Norway’s tax policies are causing prosperity and innovation to leave the country, while politicians dismiss these complaints. Consequently, countries such as Switzerland are becoming appealing destinations for entrepreneurs such as Haga, who are in search of environments that foster economic development and innovation.
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