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Sovereign Wealth Funds Briefing - Categorized | Market

What Cyprus can learn from the Norway model

Posted on 03 January 2012

The second is to set up a sovereign wealth fund and implement a tax system that ensures the majority of the wealth created from oil and gas extraction is transferred to the country where the resources originate.
In 1990, a law was passed with the support of all parties setting up the Norwegian sovereign wealth fund in which all oil revenue plus any return from the fund’s investments would be placed. The first profits from oil revenue were put in the fund six years later. With a view to the long-term management of national wealth, the government renamed the fund the Government Pension Fund Global (GPFG)………………………………………..Full Article: Source


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