John Fredriksen is considering moving more of his shipping business empire to Cyprus from Norway because of a government tax crackdown.

After renouncing his Norwegian citizenship in 2006, the tycoon is a Cypriot citizen, and parts of his business have already been relocated to the island.

Tanker giant Frontline is headquartered in the Cypriot city of Limassol, but its management arm remains in Oslo.

However, the 79-year-old Fredriksen told the Norwegian business newspaper Finansavisen that the government is making it harder for business, with its new tax rules.

Much of the empire is still operated and managed from Oslo, where Fredriksen has a large operation on the waterfront at Aker Brygge.

He has often been vocal about Norway’s business environment and a critic of the country’s talent pool.

Seatankers chief financial officer Thorolf Aurstad told Finansavisen that his company is considering moving operations, but the outcome of the 2025 general election would ultimately determine the direction of plans.

“We follow any signals that may come from the political parties,” he was quoted as saying.

Norway is pondering changes to its tax code to recoup revenue from its fleeing rich, including some big-name shipowners, TradeWinds previously reported.

The change, proposed by the Labour Party-led government, would levy an exit tax on capital gains on assets acquired while the individual was living in Norway, ending a system in which the taxes did not have to be paid until the gains were realised.

The new tax would have to be paid within 12 years, at the dividend tax rate of 37.8% and would be subject to all relocations and transfers from 20 March this year.

Billionaire Kjell Inge Rokke previously joined the exodus of wealthy Norwegians, relocating to Switzerland in 2022.