Europe has no unified wealth tax. Four countries maintain recurring net-wealth levies in 2025, each with different thresholds, rates, and asset bases. The Tax Foundation's 2025 survey confirms Norway, Spain, and Switzerland as the only OECD members with broad wealth taxes, while France retains a real-estate-only version after abolishing its general wealth tax in 2017.
The divergence matters for high-net-worth individuals weighing relocation. A €2 million portfolio triggers vastly different bills depending on jurisdiction — and in some cases, on which canton or autonomous community you choose. Below are the mechanics, thresholds, and real-world costs for each system.
Norway
Norway charges 1.1 percent on net wealth exceeding NOK 1.7 million (approximately €170,000) for individuals, 1.0 percent for couples. The base includes global assets: real estate, securities, business equity, and bank deposits, minus liabilities. Valuation is at market value for listed securities and 25 percent of assessed value for primary residences.
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For a single filer with €2 million in net assets, the annual bill is roughly €20,000. The rate applies on top of income tax, which can reach 46.4 percent on salary and 37.8 percent on capital gains. Norway does not offer non-dom or special regimes for new residents.
Practical friction: foreign real estate must be reported and valued in NOK. The tax authority cross-checks with CRS data. Late or incomplete filings trigger penalties of 20 percent of unpaid tax plus interest. No exemption exists for illiquid assets or founder equity.
France
France abolished its impôt de solidarité sur la fortune (ISF) in 2017, replacing it with the impôt sur la fortune immobilière (IFI), which taxes only real-estate wealth. The threshold is €1.3 million in net real-estate value, with rates from 0.5 to 1.5 percent on a progressive scale.
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Financial assets — stocks, bonds, business equity — are exempt. A €2 million portfolio split evenly between securities and French property incurs IFI only on the €1 million real-estate portion, yielding roughly €3,500 annually. If the same portfolio holds no French real estate, the IFI bill is zero.
The reform aimed to retain mobile capital while taxing immobile assets. Critics note that real-estate investors face double taxation: IFI plus income tax on rental yields. The government has not signalled any plan to reintroduce a broad wealth tax.
Spain
Spain's impuesto sobre el patrimonio is levied by autonomous communities, with rates and thresholds varying by region. The national framework sets a €700,000 exemption (€300,000 for primary residence), but Madrid offers a 100 percent rebate, effectively abolishing the tax for residents there. Catalonia and Andalusia charge 0.2 to 3.5 percent on net wealth above the threshold.
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A €2 million portfolio in Barcelona triggers roughly €15,000 annually; the same portfolio in Madrid incurs zero. The tax base includes worldwide assets for residents, minus liabilities. Non-residents pay only on Spanish-situs assets.
Compliance requires annual filing by June 30. The tax authority cross-references with income-tax returns and cadastral records. Underreporting penalties start at 50 percent of unpaid tax. Spain does not offer a wealth-tax carve-out for new residents under the Beckham regime, which applies only to income tax.
Switzerland
Switzerland's wealth tax is cantonal, with rates from 0.1 to 1.0 percent depending on location and total wealth. Zurich charges approximately 0.3 percent on net assets above CHF 100,000 for singles; Geneva reaches 1.0 percent at higher brackets. The base includes global assets, with primary residence valued at market and business equity at book value.
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A €2 million portfolio in Zurich incurs roughly €6,000 annually; in Geneva, €12,000. Cantonal competition keeps rates lower than Norway or Spain. Switzerland does not levy federal wealth tax, and most cantons offer lump-sum tax deals for qualifying foreign residents, replacing wealth and income tax with a negotiated annual payment based on living expenses.
Practical advantage: predictable, low rates with no retroactive changes. Disadvantage: high cost of living offsets tax savings. Wealth tax is due annually by March 31; late filing triggers interest but rarely penalties for first-time errors.
The four models reflect different fiscal philosophies. Norway prioritises redistribution, France targets immobile capital, Spain delegates to regions, Switzerland competes on rates. For high-net-worth individuals, the choice hinges on asset composition, mobility, and tolerance for compliance complexity. Libaros Freedom Score weighs wealth-tax burden alongside income tax, property rights, and residency flexibility — no single jurisdiction wins on all dimensions.