Many CEOs seem to start thinking about this question and about alternative locations for their headquarters. However, empirical evidence for Scandinavia is still scarce. This study’s purpose is to produce an initial description of the phenomenon of international headquarters relocations to, from, and within Scandinavia for the period between 2000-2012. We identified 105 HQ relocations out of which 60 are divisional HQ (such DHQ are responsible for specific product divisions or geographic areas) and 45 corporate HQ (CHQ). The study describes the relocations with regard to changes in corporate and personal taxation, institutional quality, and differentiates between inbound, outbound, and intra-Scandinavian relocations.