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
Rental Income taxes are relatively low in Iceland
Rental income: Nonresidents earning rental income, are taxed at a flat rate of 10%, without any deductions.
Capital Gains: Capital gains are taxed at either as business income at 23.75%, or investment income at 10%.
Inheritance: Inheritance tax is imposed on the share of the beneficiary at 5%, with an exemption for the first ISK1,000,000 (€11,442) of the share.
Residents: Residents are taxed on their worldwide income.
BUYING GUIDE
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
Bubble fears prompt foreign ownership limits in China
America & Caribbean
The slowdown of the U.S. housing market
Middle East and Africa
Bahrain is open to foreigners and sizzling hot
MAY 2008
- Till debt us do part - The Economist
SEPTEMBER 2007
- Real Estate Market in Iceland on a Roll - Iceland Review
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