|Population (2016)||5 213 985 (+0.01%)|
|EU Status||not a member|
|National Currency||NOK (Norwegian krone)|
|Exchange Rate (2017-01-19)||1 EUR = 9.0193 NOK|
|Nominal GDP (2015)||350.9 bln EUR (-0.07%)|
|Nominal GDP per Capita (2015)||67 600 EUR (-0.09%)|
|Real GDP Growth (2015)||1.6 % (2014: 2.2 %)|
|CPI, MoM (Sep 2016)||0.4 % (Aug 2016: -0.7 %)|
|CPI, YoY (Sep 2016)||4.1 % (Aug 2016: 4.5 %)|
|CPI, Year Average (2015)||2.0 % (2014: 1.9 %)|
|Unemployment Rate (2015)||4.4 % (2014: 3.5 %)|
|Credit Ratings (as of Sep 2016)|
|Fitch||AAA||highest credit quality, outlook stable|
|Moody's||Aaa||prime, outlook stable|
|Withholding Tax||0.0 - 25.0%|
|Double Taxation Agreements||82 signed agreements|
|Exchange on Request||44 signed agreements|
|Automatic Exchange||starts in September 2017|
|FATCA||IGA in effect since 15 April 2013, Model 1|
|Financial Market Development||5.2 (max 7.0)||rank: 9th out of 138 countries|
|Banks' Soundness||6.4 (max 7.0)||rank: 7th out of 138 countries|
|Banking Industry Country Risk||2||(1 - lowest risk, 10 - highest risk)|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||2 000 000 NOK|
|Country Ceiling for Deposits|
|Local Currency (Norwegian krone)||Aaa||prime|
|Banking Sector Structure|
|Number of Banks||168|
|Recent Changes (2015)||new banks: 3, closed banks: 2|
|DnB NOR Bank ASA||SpareBank 1 SMN|
|Nordea Bank Norge||SpareBank 1 Nord-Norge|
|Sparebanken Vest||Sandnes Sparebank|
|SpareBank 1 SR-Bank|
|List of Banks in Norway|
During the last 11 years EURNOK exchange rate was within the range 7.2925 - 9.7500, reaching its maximum in Dec 2008 and falling to its minimum in Aug 2012.
According to Eurostat, nominal GDP of Norway in 2015 was 350.9 bln EUR.
Norway outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.4% over the past 10 years (2005 - 2015). In 2015 real GDP growth was 1.6% which was equal to the Euro Area average (1.6%) and below the European Union average (1.9%). Real GDP growth in 2016 - 2021 are IMF's estimates.
In 2015, nominal GDP per capita in Norway was 67 600 EUR.
Norway has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 69.9% over the past 10 years (2005 - 2015). GDP per capita at PPP in 2016 - 2021 are IMF's estimates.
According to Eurostat, inflation rate in Norway in 2015 expressed as annual percentages of average consumer prices was 2.0% which was above the Euro Area average (0.0%) and above the European Union average (0.0%). Inflation rates in 2016 - 2021 are IMF's estimates.
Withholding taxes are imposed at source of income and are often applied to dividends, interest, royalties, rent and similar payments. The rates of withholding tax are often reduced by double taxation agreements.
Withholding tax rates applied on payments of interest and dividends in Norway are shown in Table 1.
|Natural person, resident||0.0||0.0|
|Natural person, non-resident||25.0||0.0|
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Norway signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Norway and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Norway signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Norway and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Norway signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
Norway has FATCA agreement with the U.S. in effect since 15 April 2013 (Intergovernmental Agreement Model 1). Financial institutions operating in Norway are required to identify U.S. taxpayers by January 1, 2017 and to report the information for 2017 and the subsequent years. The agreement is reciprocal: Norwegian financial accounts hold in U.S. financial institutions will be reported to Norwegian authorities.
FATCA and European countries
According to World Economic Forum's Global Competitiveness Report 2016-2017, financial market development in Norway is scored 5.2 out of maximum 7.0 and ranked 9th out of 138 analysed economies. Soundness of banks is scored 6.4 bringing Norway into the 7th place, trustworthiness and confidence of financial market is scored 5.4 (17th place).
Banking Industry Country Risk Assessment (BICRA) is a methodology designed by Standard&Poor's "to evaluate and compare global banking systems". A BICRA is scored on a scale from 1 to 10, ranging from the lowest-risk banking systems (group 1) to the highest-risk (group 10). The BICRA methodology has two main analytical components: "economic risk" and "industry risk". Each of the components is then further divided into 3 "factors" that result in an economic and industry risk score for each country.
Norway is included into group '2' with economic risk scored '2' and industry risk scored '3'.
|Economic resilience||very low|
|Credit risk in economy||low|
|Government support assessment||supportive|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Norway are summarised in Table 3.
|Scheme Participants||all credit institutions operating in Norway, branches of non-EEA banks, branches of Norwegian banks abroad|
|Scheme Exemptions||branches of EEA-banks (covered by their home countries)|
|Eligible Depositors||natural persons, legal entities|
|Covered Accounts||any credit balance on a named account, and any debt evidenced by a certificate of deposit issued to a named person|
|Maximum Protected Amount||2 000 000 NOK|
|Paid In Currency||NOK|
Table 3. Deposit guarantee scheme in Norway.
EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.
Deposit Guarantee Schemes in Europe
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Norwegian krone) deposit ceiling for Norway is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Currently there are 168 credit institutions operating in Norway.
Recent structural changes (2013 - 2015) of the banking sector of Norway are summarised in Table 4.
|Number of Opened Banks||2||2||3|
|Number of Closed Banks||3||2||2|
Table 4. Recent structural changes in the banking sector of Norway.
All the credit institutions operating in Norway can be classified into several categories. Table 5 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||41|
The list of the most recently opened banks in Norway is provided in Table 6.
|MONOBANK ASA (new)||November 2015|
|SKANDIABANKEN ASA (new)||September 2015|
|SAFE DEPOSIT BANK OF NORWAY AS (new)||July 2015|
|GRENKE BANK AG BRANCH NORWAY (new)||November 2014|
|KOMPLETT BANK ASA (new)||March 2014|
|OBOS-BANKEN AS (new)||June 2013|
|COLLECTOR BANK AB, NORGE FILIAL (new)||March 2013|
Table 6. The most recently opened banks in Norway.
There are 39 branches of foreign banks from 7 different countries in Norway. Table 7 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|