4 ms·

I Left Norway to Build My Startup

23 points by noch 2y ago

hcfman 2y ago
Pretty interesting. Also because Norways wealth then depends on something we are trying to get rid of. It will then be interesting what happens when it's gone.
maeil 2y ago
Had a look at the linked articles. > Norway levies a net wealth tax of 1 percent on individuals’ wealth stocks exceeding NOK 1.7 million (EUR 150,000 or USD 160,000), with 0.7 percent going to municipalities and 0.3 percent to the central government. Norway’s net wealth tax dates to 1892. Additionally, for net wealth exceeding NOK 20 million (EUR 1.74 million or USD 1.88 million), the tax rate is 1.1 percent. So if the post-$40m raise founder's share is $30m (number doesn't really matter), he'd have to pay 1.1% of that in wealth tax? So he'd have do dilute his share from e.g. 75% to 74.25%. Moving to Switzerland of all countries over just that? Ironically one of the only ~4 other countries in the world with a wealth tax? Makes very little sense. It's telling that he writes this whole article extremely critical of it all, without once mentioning the actual percentage he'd have to pay and is moving over. Surely that's the most critical information here.
- xhkkffbf 2y ago
  Isn't the wealth tax every year? 1.1% compounds over time. After 20 years, it could be substantial.
- hoppp 2y ago
  They have taken 80m in investments but probably dont have that much customers at dune analytics, so they dont wanna pay yearly just to hold that money in norway because they probably pay more tax than the sales they generate.
- noch 2y ago
  > So if the post-$40m raise founder's share is $30m (number doesn't really matter), he'd have to pay 1.1% of that in wealth tax? So he'd have do dilute his share from e.g. 75% to 74.25% Paying 1% on $80M for a company that isn't making a profit is a trivial amount to you? Must be nice. :-)
  - croes 2y ago
    Maybe a $80M should make profit. Sounds like a failed business.
drannex 2y ago
Dude, quoting Ayn Rand once is bad enough. Referencing Atlas Shrugged repeatedly? Instant cred wipeout.
pwdisswordfishz 2y ago
[flagged]
gunalx 2y ago
Its not really that bad. Being petty for pocket change and complaining on hn is lowlife. Wealth tax aint great if you want to keep the money stale, but that just means you should use it to compund itself.

23 points by noch 2y ago

Pretty interesting. Also because Norways wealth then depends on something we are trying to get rid of. It will then be interesting what happens when it's gone.

maeil 2y ago

Had a look at the linked articles. > Norway levies a net wealth tax of 1 percent on individuals’ wealth stocks exceeding NOK 1.7 million (EUR 150,000 or USD 160,000), with 0.7 percent going to municipalities and 0.3 percent to the central government. Norway’s net wealth tax dates to 1892. Additionally, for net wealth exceeding NOK 20 million (EUR 1.74 million or USD 1.88 million), the tax rate is 1.1 percent. So if the post-$40m raise founder's share is $30m (number doesn't really matter), he'd have to pay 1.1% of that in wealth tax? So he'd have do dilute his share from e.g. 75% to 74.25%. Moving to Switzerland of all countries over just that? Ironically one of the only ~4 other countries in the world with a wealth tax? Makes very little sense. It's telling that he writes this whole article extremely critical of it all, without once mentioning the actual percentage he'd have to pay and is moving over. Surely that's the most critical information here.

xhkkffbf 2y ago
Isn't the wealth tax every year? 1.1% compounds over time. After 20 years, it could be substantial.
hoppp 2y ago
They have taken 80m in investments but probably dont have that much customers at dune analytics, so they dont wanna pay yearly just to hold that money in norway because they probably pay more tax than the sales they generate.
noch 2y ago
> So if the post-$40m raise founder's share is $30m (number doesn't really matter), he'd have to pay 1.1% of that in wealth tax? So he'd have do dilute his share from e.g. 75% to 74.25% Paying 1% on $80M for a company that isn't making a profit is a trivial amount to you? Must be nice. :-)
- croes 2y ago
  Maybe a $80M should make profit. Sounds like a failed business.

drannex 2y ago

Dude, quoting Ayn Rand once is bad enough. Referencing Atlas Shrugged repeatedly? Instant cred wipeout.

pwdisswordfishz 2y ago

[flagged]

gunalx 2y ago

Its not really that bad. Being petty for pocket change and complaining on hn is lowlife. Wealth tax aint great if you want to keep the money stale, but that just means you should use it to compund itself.