Republic of Iceland
Capital: Reykjavik HDI: 0.899 (16th)
GDP (PPP): $14.488 billion
Currency: Icelandic Krona
The Republic of Iceland, is a Nordic island country between the North Atlantic and the Arctic Ocean. It has a population of 332,529 and an area of 103,000 km2 (40,000 sq mi), making it the most sparsely populated country in Europe. The capital and largest city is Reykjavík. Reykjavík and the surrounding areas in the southwest of the country are home to over two-thirds of the population. Iceland is volcanically and geologically active. The interior consists of a plateau characterized by sand and lava fields, mountains and glaciers, while many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle. Its high latitude and marine influence still keeps summers chilly, with most of the archipelago having a tundra climate.
Iceland has a market economy with relatively low taxes compared to other OECD countries. It maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens. Iceland ranks high in economic, political and social stability and equality. Iceland runs almost completely on renewable energy.
The Icelandic Economy: An Overview
The Icelandic economy has undergone drastic changes since the financial crisis in 2008. This report provides an overview of the current state of the economy, recent developments, and future prospects.
Iceland – Economic forecast summary
The economy continues its robust recovery. Strong household income growth and investment will fuel domestic demand in 2016. However, as investment slows and interest rates increase growth will begin to moderate. Lifting the capital controls introduced during the financial crisis is planned to begin in 2016.
Industry Trends & Business Climate
Doing Business in Iceland
The business environment in Iceland is fast moving, focused and company friendly. It is not restricted by complex regulations nor burdened with a heavy system of taxation.
Doing Business in Iceland – Icelandic Business
Iceland’s operating environment is competitive with leading countries in the industrial world. With its low tax structure, high education levels and competitive costs for skilled labour, land and electricityIceland is a strong candidate for businesses to short-list when seeking new locations for their international operations.
Establishing a Presence
PwC Iceland – Establishing a business in Iceland
The most common and economically important type of business in Iceland is the limited company. Other structures are partnerships, cooperative societies, official limited companies, businesses run by the self-employed and branches of foreign limited companies.
Kvennaráðgjöfin – Establishing a business in Iceland
When you establish a business you must make sure to choose the form most suitable to the scope, purpose and type of operations.
Starting a Business in Iceland
This site provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Iceland.
Iceland company registration
Brief description of important registration facts and contact information for a company that can handle Iceland registrations
Iceland Personal Income Tax Rate | 1995-2016
The Personal Income Tax Rate in Iceland stands at 46.20 percent. Personal Income Tax Rate in Iceland averaged 44.24 percent from 1995 until 2015, reaching an all time high of 46.90 percent in 1996 and a record low of 35.70 percent in 2007. Personal Income Tax Rate in Iceland is reported by the Directorate of Internal Revenue.
Iceland – Taxes on personal income
Resident individuals are fully liable for tax payments in Iceland on their worldwide income.
Iceland Corporate Tax Rate 1993-2016
The Corporate Tax Rate in Iceland stands at 20 percent. Corporate Tax Rate in Iceland averaged 23.65 percent from 1993 until 2015, reaching an all time high of 33 percent in 1994 and a record low of 15 percent in 2008. Corporate Tax Rate in Iceland is reported by the Directorate of Internal Revenue.
Iceland – Taxes on corporate income
Resident corporations pay tax on their worldwide income less operating expenses. Deductible operating expenses are comprised of all the expenses and costs needed to provide, insure, and maintain income.
Iceland Sales Tax Rate | VAT | 2010-2016
The Sales Tax Rate in Iceland stands at 24 percent. Sales Tax Rate in Iceland averaged 25.07 percent from 2010 until 2016, reaching an all time high of 25.50 percent in 2011 and a record low of 24 percent in 2015. Sales Tax Rate in Iceland is reported by the Internal Revenue Directorate.
VAT refund – Tax Free – iceland.is
Tourists who reside abroad can claim a proportional VAT refund when shopping in Iceland. The refund is limited to purchases that are intended to be taken out of the country and amount to a minimum of ISK 4.000 (including VAT), made at a single point of sale.
Iceland – State
See “Entry, Exit and Visa Requirements” on this site.
Iceland Visa: Application, Requirements
Comprehensive Information on Iceland Visa Requirements
Transport in Reykjavík, Iceland – Lonely Planet
Land and air travel advice for Iceland
Telecommunications in Iceland – Wikipedia
Telecommunications in Iceland is a diversified market.
Iceland Telecom – Cruise Iceland
Iceland Telecom provides all telecommunication, mobile and Internet services to private and corporate clients in Iceland.
318 tips on getting to and getting around Iceland from real travelers and locals.
Iceland Employment & Labor Law News Topics
This site provides a listing of news reports on a variety of labor law issues in Iceland
Icelandic Labour Law
A copy of the Icelandic Labour Law
Application and requirements
Unemployed people can register on the unemployment list to become entitled to unemployment benefits. They will also receive counselling and assistance in the their job search.
Icelandic climate | Climate in Iceland
Iceland enjoys a much milder climate than its name and location adjacent to the Arctic circle would imply. A branch of the Gulf Stream flows along the southern and the western coast greatly moderating the climate.
Average Month-By-Month Weather in Iceland
Iceland’s weather is cool, and the Icelandic climate is temperate. The warm North Atlantic Current ensures generally higher temperatures than in most places of similar latitude in the world.
Cost of Living in Iceland
Average prices of more than 40 products and services in Iceland. Prices of restaurants, food, transportation, utilities and housing are included
Cost of Living in Reykjavik
List of prices in Reykjavik (Iceland) for food, housing, transportation, going out, and more on May 2016. Compare the Cost of Living in Reykjavik with any other city
Business etiquette in Iceland
Attitudes and values form the basis of any particular culture. They reflect both the ways people think and behave. Some knowledge of these can therefore be of significant importance if you wish to communicate with your counterparts effectively.
How to Master Business Etiquette in Iceland
This site provides practical ways to master business etiquette in Iceland.
CIA – The World Factbook: Iceland
See “People and Society” on this site
How Safe is Iceland? – About.com Travel
Iceland is easily one of the world’s safest countries and crime is almost non-existent here.
Iceland travel advice – GOVUK
Latest travel advice for Iceland including safety and security, entry requirements, travel warnings and health
Education – Iceland
A fundamental principle of the Icelandic educational system is that everyone should have equal opportunities to acquire an education, irrespective of sex, economic status, residential location, religion, possible handicap, and cultural or social background
International Schools in Iceland
This site lists the most popular international and bilingual schools in Iceland: nursery schools, primary and secondary
Public Holidays in Iceland in 2016
Comprehensive list of National and Regional Public Holidays that are celebrated in Icelandduring 2016 with dates and information on the origin and meaning of holidays.
Iceland Public Holidays 2016 and 2017
Formerly ruled by Norway and Denmark, the majority of public holidays and observances in Iceland are based on strong Scandinavian and Roman Catholic traditions.
Demographics of Iceland – Wikipedia
This article is about the demographic features of the population of Iceland, includingpopulation density, ethnicity, education level, health of the populace
Iceland Customs Regulations
Iceland Customs regulations and procedures for importing and exporting goods at border.
WTO | Iceland – Member information
This site provides key information on Iceland’s participation in the WTO. Iceland has been a WTO member since 1 January 1995 and a member of GATT since 21 April 1968.
Iceland – Trade – European Commission
The EU is by far Iceland’s most important trade partner, followed by Norway, the United States, Brazil, China and Switzerland. Iceland is a member of the European Economic Area and the European Free Trade Association
Housing and Rentals
Tips on Accommodations in Iceland | Frommer’s
Iceland’s tourist season is concentrated from mid-June through August, and tourism is growing by about 10% each year; so booking ahead is often essential. Prices fall as much as 40% in the off season, but many accommodations close in winter, especially guesthouses.
Housing Iceland, property in Iceland – expat
Find an accommodation, rent a house in Iceland and much more. Iceland housing and real estate.
Iceland 2016: Best of Iceland Tourism
TripAdvisor has 308,979 reviews of Iceland Hotels, Attractions, and Restaurants making it your best Iceland resource
Iceland Travel Guide | Fodor’s Travel
Expert picks for your Iceland vacation, including hotels, restaurants, entertainment, shopping, top attractions, and more.