Iceland: Overview
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Quiet and peaceful in Iceland
Iceland (GDP/cap US$53,228) is in Northern Europe, an island between the Greenland Sea and the North Atlantic Ocean, northwest of the UK.
This is the least corrupt country in the world, 3rd most hospitable to investors, and the 5th most economically free country. It is among the Top 10 richest countries in the world.
The country is sparsely populated, with an average of about three inhabitants per square kilometer. Iceland has numerous active volcanoes. Much of it is made up of lava fields.
There are substantial restrictions on foreign ownership of real estate. Individuals must be residents of Iceland to purchase real estate.
RENTAL YIELDS
Research on-going.
TAXES AND COSTS
Last Updated: Nov 04, 2008
Rental income taxes are quite low in Iceland
Rental Income: Non-residents earning rental income is subject to a flat withholding tax rate of 10% on the gross income. No deductions are allowed.
Capital Gains: Capital gains are taxed at a flat rate of 10%.
Inheritance: Beneficiaries are liable to tax on their inheritance, levied at 5%. The first ISK1,000,000 (€6,067) is exempt from taxation.
Residents: Residents are taxed on their worldwide income.
BUYING GUIDE
Last Updated: Aug 01, 2007
Very low transaction costs in Iceland
Round-trip transaction costs are very minimal from 1.92% - 2.52%. The buyer shoulders all costs when buying property, which include real estate agent's fee, stamp duty, and registration fee.
LANDLORD AND TENANT
Research on-going.
RESIDENTIAL PROPERTY AROUND THE WORLD
Asia & Pacific
Looming housing slump in China
America & Caribbean
The great U.S. housing market crash
| RESIDENTIAL PROPERTY FACTS | |
| Price (sq.m): n.a. | Rental Yield: n.a. |
| Rent/month: n.a. | Income Tax: n.a. Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income. |
|
Roundtrip Cost:
n.a.
The total cost of buying and then reselling an apartment. Includes: * all transaction taxes and charges: * lawyers' and notaries' fees * agents' fees Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000. |
Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation. |
| Landlord & Tenant Law: n.a. Rating is based on a detailed study of each country’s law and practice. | |
NOVEMBER 2009
MARCH 2009
FEBRUARY 2009
- Icelandic property under the microscope - World of property
NOVEMBER 2008
- IMF approves $2.1bn Iceland loan - BBC
- Iceland reaches deal for foreign savers - Yahoo News
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