Barnehageverv: Monetized Magic
The Norway-based FUS, second-largest barnehage (kindergarten) chain, scored a massive win in 2021: selling 142 properties for a staggering 4.58 billion Norwegian kroner (NOK). But the party’s not over yet; guess who just struck gold again? That’s right, the Aase family—ownership of FUS—has bagged another billion. Hold onto your seats, folks, ’cause it’s not just the quantity that’s impressive, it’s where the money’s going.
Imagine: millions, mulitples, Geneva. That’s right, the sweet, sweet cash is migrating to Switzerland, via a holding company called Seefahrer GmbH, solidly headquartered in scenic Lugano. But who’s behind the Swiss-comered magic? Step in Eystein Sævareid Aase, the eldest offspring of Eli and Sigurd Steen Aase (co-founders of FUS and majority shareholders), who relocated to Switzerland in 2022.
Vanishing Act in Norway, Appearing Act in Switzerland
Thelabels are good—you’ve got double-header act here. First, ‘[Eystein] we’re incredibly impressed by your disappearing act from Norway’s tax rolls. Boosters for number two: you’re now Switzerland’s newest millionaire, sporting 90% of the holding company where the ‘Aase-billion’ resides. And Daddy’s the cheerleader! Yes, you read that right: Sigurd Steen Aase, Mr. 10%-owner-turned-cheerleader, blesses it all with full managerial control.
The Scent of Sweet, Sweet Skategeгияr tuttavia?
Prof. Jarle Møen from the NHH Institute of Business Economics isn’t pulling punches: ‘It smells like sweet-skatege altogether’—language barriers notwithstanding, he’s deadly serious. He reckons steering 90% of the family’s fortunes offshore isn’t a coincidence; it’s a full-blown avoidance scheme. Møen also muses (even more seriously) about the following:
The Aase Code: What Gives?
‘But the question is: does Dad (Sigurd) really want to give away most of his fortune, even if not for long? And did the other siblings voluntarily step aside? Could there be some kind of an agreement—or some Oskar Willinks for us—where they get their share ‘with time and tide’? If so, they might well be walking a fine line into some gray areas.’*
You read it right. Questions raised, eyebrows too, no doubt.
TheMoney Talks: Skatege univariate & zurückgeggs?
In conversing with Cornelius K. Rieber-Mohn, skatteadvokat (tax attorney) at RSM, we’re learning that this offshore magic could spell skattege (tax-evasion) wins on two fronts:
- Swiss Skatege: Now, the money’s being taxed by Swiss rules, with some cantons offering lower (privileged) capital gains tax rates.
- Formuestalks: The rest of the family might dodge endorsing 1.1% of formueskatt (wealth tax) on their soon-to-be-gu ವράφunted Norwegian riches.
The Flipside: Falling Fortunes
Screenshot, please: Sigurd Steen Aase’s fortune took a 173-million NOK (dive) in 2022, following the Swiss alliance. Meanwhile, Eystein, Urd Ragnhild, and Gaute (ages 38, 34, and 31, respectively) had an annus horribilis in 2023—a combined 400 million NOK dip from their 900+ million high. Oof.
The Bottom Line?
TheAase family’s barnehage-to-billion-dollar route raised brows, but Switzerland (and Sigurd Steen Aase) are standing their ground. The magic of their ‘vanishing act’ lingers, but remember: the money, or the (Aase-code) language—that’s what matters.
Worth a look