Norway's richest man has become a citizen of Cyprus, allowing him to avoid income tax for himself and inheritance tax for his daughters.

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John Frederiksen made billions of kronor in shipping and aquaculture.

Herbjorn Hansson, like Frederiksen a shipping tycoon, told Aftenposten that his friend was "hunted" out of his native country by new tax regulations.

"If we want people and capital out of Norway, this is the way to do it," Hansson said. "The 90-day rule was made to threaten Fredriksen back to Norway."

Prime Minister Jens Stoltenberg was unmoved, saying that Frederiksen's new citizenship recognizes his real situation.

"There are many who want to become Norwegian citizens," the prime minister said. "If John Fredriksen doesn't, it is not a problem. It doesn't bother me. He hasn't lived in Norway for several decades. He hasn't paid tax to Norway in several decades either."