News & Insights

Norway’s high cost of living off-set by its perks

Although the cost of living may seem high, there are, however, other encouraging statistics to soften the blow: the country is regularly voted as one of the most prosperous countries in the world based on happiness and financial health. In fact, it took the top spot in the Legatum Prosperity Index seven years in a row before dropping to second place in 2016.

Norway is also thought to be one of the countries where expats are the most likely to earn top salaries and achieve the best careers. In HSBC’s 2016 Expat Explorer Report, Norway ranked fourth for overall economics, third for its job security, and first for having a good work/life balance. It also ranked very well for healthcare and the quality of childcare. All this suggests it is a great place to raise a family.

In addition to having a good reputation as far as expat careers are concerned, Norway is also highly ranked for international students. Recent research by Study.EU placed Norway in the top 10 for attractiveness to international students. The same study rated it second in the life and career category, which is thought to be because of good quality of life, low unemployment rates, and high levels of happiness among the population. This suggests that not only is it a good place to study, but students could also find it easier to secure a job after graduating than in other European countries.

This is backed up by the 2016 news that the country had claimed the top spot in the International Student Satisfaction Awards from StudyPortals, a company helping students find and compare courses worldwide. Norway was one of four Nordic countries in the top 10, with Finland, Sweden, and Denmark placing fourth, seventh, and eighth respectively.

“Scandinavian universities maintain their reputation of high student satisfaction characterised by offering solid and high-quality education to their students,” StudyPortals said, adding that Norway’s success was largely thanks to the availability of many courses in English, a friendly atmosphere, and skilled professors.

As another plus, although the cost of living is indeed very high, Norway does not charge tuition fees for undergraduate, Masters, or Ph.D. programmes.

Financial planning can help you enjoy Norway free of worry

But the cost of living may still be a hurdle for some people. It means that it’s necessary for anyone planning to move to Norway to do extensive research into the price of living beforehand so they can plan their finances accordingly.

Whether you’re planning to move to Norway or are already living as an expat there, Blacktower has over 30 years of experience advising clients how best to manage their money. Our expert financial advisers will provide you with bespoke solutions to ensure your wealth management in Norway is as smart as it can be.

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You may ask why should you bother, well unless you want a huge fine and possibly tax audit (they can legally go back to 2012) it is in your best interests to do it.

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