Norway Capital Gains Tax Guide

General Principles — 22% Flat Rate

• Taxable gain: Calculated as the sale price minus the cost basis (kostpris) plus any transaction costs (broker fees, legal fees, stamp duty). The cost basis includes the original purchase price plus documented acquisition costs. The gain is recognised at the time the sale agreement is entered into (binding avtale), not when payment is received.
• Loss deductibility: Capital losses on shares, property, and other assets are fully deductible against capital gains in the same year. Unused losses can be carried forward indefinitely (ingen foreldelse). Losses can also offset other capital income (interest, dividends) and, if still unused, can offset ordinary income (wages, pensions) up to a limit — effectively creating a tax benefit at 22%.
• No inflation adjustment: Norway does not index the cost basis for inflation. The nominal gain is taxed — during high-inflation periods, this creates a tax on real wealth erosion. This is particularly relevant for long-held assets where inflation has significantly reduced the real value of the gain.
• No holding period for shares: There is no minimum holding period for shares to qualify for capital gains treatment. Short-term and long-term gains are taxed identically at 22% (before oppjustering). However, the oppjustering factor provides a lower effective rate for longer-held shares.

Share Gains — Oppjustering (Gross-Up Mechanism)

• Oppjustering for individual shareholders: When an individual sells shares (in Norwegian AS/ASA or foreign companies), only a portion of the gain is taxable. The taxable fraction depends on the holding period:
  - Held < 1 year: 100% of the gain is taxable at 22% (effective rate: 22%)
  - Held 1–2 years: 85% of the gain is taxable at 22% (effective rate: 18.7%)
  - Held 2–3 years: 70% of the gain is taxable at 22% (effective rate: 15.4%)
  - Held 3–4 years: 55% of the gain is taxable at 22% (effective rate: 12.1%)
  - Held > 4 years: 40% of the gain is taxable at 22% (effective rate: 8.8%)
• Purpose: The oppjustering system was introduced as a partial substitute for the former low rate on share gains (28% vs 22% base, now unified). It provides lower effective rates for long-term investors, encouraging patient capital. The system replaced the earlier "aksjonærmodellen" (shareholder model).
• Fritaksmetoden for corporate shareholders: Companies selling shares are 97% exempt from tax on the gain (fritaksmetoden) — only 3% of the gain is taxable at 22%, giving an effective rate of 0.66%. This mirrors the exemption for dividends between companies.
• Foreign shares: Gains on shares in non-EEA companies are also subject to oppjustering, provided the company is not domiciled in a low-tax jurisdiction (skatteparadis). Shares in low-tax jurisdictions are fully taxable at 22% with no oppjustering relief, and the fritaksmetoden does not apply for corporate shareholders.

Property Gains

• Primary residence (egen bolig): Gains on the sale of a primary residence are fully tax-exempt provided the owner has used the property as their primary home for at least 12 months before the sale. This is one of the most valuable tax breaks in Norway. If the property was owned for less than 12 months after moving in, 50% of the gain is taxable at 22% (effective 11%).
• Secondary homes (fritidsbolig, utleiebolig): Gains are fully taxable at 22% with no oppjustering. The gain = sale price minus cost basis (purchase price + documented improvements + transaction costs). Depreciation claimed on rental properties reduces the cost basis (recapture).
• Rollover relief (utsettelse av skatt): When selling a primary residence and buying a new, more expensive primary home within 1 year, the gain can be deferred (skatteutsettelse). The deferred gain reduces the cost basis of the new property. This is similar to the US Section 121 rollover rule. The deferral is available even for tax-exempt gains in certain circumstances.
• Share-for-share exchanges (aksjeombytte): Gains on share-for-share exchanges in mergers, acquisitions, or reorganisations can be deferred if the exchange qualifies as a skattefri ombytte (tax-free reorganisation) under Norwegian rules. The deferred gain reduces the cost basis of the new shares received.

Special Situations

• Cryptocurrency: Gains on crypto assets (Bitcoin, Ethereum, etc.) are taxed as capital income at 22%. Crypto is classified as "other asset (annen eiendel)". Each trade (crypto-to-crypto, crypto-to-fiat, crypto-to-goods) is a taxable event. The first-in-first-out (FIFO) method is used for cost basis. Crypto losses are deductible. Mining and staking income is taxed as ordinary income at 22% (not capital gains).
• Collectibles and personal property: Gains on art, antiques, collectibles, and other personal property are taxed at 22%. Personal belongings used for private purposes (furniture, clothing, electronics) are generally exempt if sold at a gain (the "private use" exemption), since they are presumed to depreciate. However, valuable collectibles sold at a profit are taxable.
• Inheritance and gifts: The recipient inherits the asset with the donor's original cost basis (no step-up at death). This means when the heir sells, they pay CGT on the full appreciation from the original owner's purchase. See our Inheritance and Gift Guide → for details and gift tax planning.
• Exit tax (uttaksskatt): Individuals who move abroad may face exit tax on unrealised gains on shares and certain assets deemed to be "taken out" of Norwegian tax jurisdiction. The exit tax applies if the individual has been resident in Norway for at least 10 of the last 15 years and owns significant assets (shares, business interests). The tax can be deferred for up to 12 years in certain circumstances.

For the taxation of dividends and interest income, see our Investment Income Guide →. For wealth tax on investment assets, see our Wealth Tax Guide →. For the property tax and mortgage deduction details, see our Property Tax Guide →.