NORWAY Law and Practice Contributed by: Mona Søyland, Øystein Nore Nyhus, Halvor Klingenberg and Fredrik Haberer Anfinsen, Simonsen Vogt Wiig
Sale of Shares in Norwegian Limited Liability Companies The sale of shares in a Norwegian limited liability company (AS) is generally exempt from capital gains tax for both Norwegian and foreign corpo - rate entities, provided the seller qualifies for the exemption method ( fritaksmetoden ). In addition, gains from the realisation of shares for foreign entities who are tax resident outside of Norway are not subject to tax in Norway unless the entity is holding the shares in connection with business activities carried out or managed from Norway. 5. Mining Investment and Finance 5.1 Attracting Investment for Mining The main features of attracting investment for mining are a favourable geology, a transparent regulatory framework and a stable political and economic environment. Norway also has a considerable amount of renewable hydropower energy to support green mining and a well-established infrastructure, with ports and road facilities. The workforce is skilled with technical expertise and the Norwe - gian University of Science and Technology pro - vides specialised training in mining science. Norwegian bedrock contains mineral resources of relevance for the green transition and the in situ deposits of industrial and metallic ore are generally of interest for future explorations. See 1.1 Main Features of the Mining Industry and 6.1 Two-Year Forecast for the Mining Sector . 5.2 Foreign Investment Restrictions and Approvals in the Exploration and Mining Sectors As a general rule, investments in Norway by foreign individuals are not regulated and do not
require approval from the authorities. However, the General Act Relating to National Security ( Sikkerhetsloven ) is worth a mention. An inves - tor may fall under the scope of the Act if it deals with, among other things, information or infra - structure crucial for fundamental national func - tions, or if it conducts activities of significant importance to fundamental national functions. Mining activity is currently not mentioned as an industry encompassed by the Act, but Norwe - gian authorities could nonetheless intervene on a general basis. 5.3 International Treaties Related to Exploration and Mining Norway is not a party to any international trea - ties that specifically focus on protecting invest - ments in exploration and mining. However, as a member of the European Free Trade Association (EFTA) and the EEA, Norway has access to the EU internal market and routinely incorporates EU legislation into its domestic laws. Through its EFTA membership, Norway is also a party to several multilateral free trade agreements. Norway has additionally entered into numerous bilateral investment treaties. Many of these trea - ties specifically include concessions for search - ing for, extracting, or exploiting natural resources within their definitions of “investments”, thereby explicitly extending protections to these activi - ties. 5.4 Sources of Finance for Exploration, Development and Mining In Norway, the financing of exploration, develop - ment, and mining activities is sourced through a variety of channels, reflecting the diverse needs and stages of mining projects. The primary source of financing for mining com - panies operating in Norway is Norwegian and
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