Norway (NO)

Jurisdiction Overview

IDQuestionAnswer
236 *Is any formal registration required at all? Yes
 Data Date: 2019

Notes

 
The Global Forum reports: "All foundations in Norway are required to register with the Foundation Authority upon establishment" (GF 2011: 37).
 
Also, the Beneficial Ownership Register Act adopted in February 2019 proposes the registration of foundations in Section 5.5, where it is mentioned that the definition of "all legal entities" in Chapter 1, Art. 2 of the proposal is kept broad enough to cover all legal entities (Beneficial Ownership Register Act; google translation). The Beneficial Ownership Register Act specifies that "For Norwegian foundations, the new Money Laundering Act section 14, third paragraph, specifies which positions give the status of beneficial owner. These are members of the board and the general manager, and natural persons who have the right to appoint a majority of the members of the board, have provided basic capital to the foundation, have been granted special rights under section 9, first paragraph, letter d, or are designated as a destinator” (Beneficial Ownership Register Act; google translation). The proposal was adopted without changes by the Parliament, therefore, we consider foundations to be covered.

Sources

GF 2011: 37; GF 2017: 51-52; Beneficial Ownership Register Act
 
https://web.archive.org/web/20191204203050/https://www.regjeringen.no/no/dokumenter/prop.-109-l-20172018/id2604993/#
 
https://paymentscompliance.com/premium-content/research_report/norway-adoption-beneficial-ownership-register-act