Contact

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.

Other News

Make Sure You Receive Financial Advice Before Investing in a Tourism Property

House on a Spanish hillsideIf you are serious about receiving the best financial advice in Spain, chances are any adviser you choose will recommend that, in the absence of a committed property investment strategy, you do not invest too heavily in Spanish real estate.

However, for the enthusiastic expat who has recently fallen in love with the country and the idea of owning a small piece, or perhaps a larger chunk, of its picturesque and romantic charms, it can be hard to resist.

But the truth is that there is often a reason why a property might be going at a bargain basement rate. For example, investment in whole abandoned villages in isolated locations such as Aragón and Galicia has recently become something of a phenomenon, when the reality is that the outlay, which can be under €100,000, will buy you little more than a dilapidated shell without water, gas, electricity, telephone or internet services. So, making your bargain purchase habitable in these circumstances is likely to cost at least ten times as much the initial purchase price.

Read More

Modelo 720 (Overseas Asset Declaration) It’s that time of year again

Spanish FlagIf you are resident in Spain (if you live here more than 183 days in a calendar year, the Spanish tax authorities and in turn the UK HMRC will class you as Spanish resident) and held assets outside Spain as at 29 December 2017 worth over Euro 50,000, and you haven’t already declared them on a Modelo 720, you need to so by the end of March.

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.

Some of you may still be under the impression that the reporting of assets is not a legal requirement; if this is the case then sadly I have to tell you, you are mistaken. On 15 February 2017, the European Commission accepted that Spain has the right to require residents to declare overseas assets. While the Commission disagrees with the severity of punishments for late or inaccurate submissions, the requirement to submit the Modelo 720 form is not under challenge. The EU and the UK say it is a legal requirement.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: