RESERVATIONS BY ICELAND Sample Clauses

RESERVATIONS BY ICELAND. ICELAND Sector: All sectors Sub-sector: Legal source or authority of the measure: Law No. 138/1994 Respecting Private Limited Companies. Law No. 2/1995 Respecting Public Limited Companies. Law No. 34/1991 on Investment by Non- Residents in Business Enterprises. Succinct description of the measure: The majority of the founders, the manager(s) and at least half the board of directors, of a private limited company or a public limited company must either be resident in Iceland, in another Member State of the European Economic Area (EEA), in another EFTA State or in the Faroe Islands.1 The Minister of Commerce may grant exemptions from these restrictions. Purpose or motivation of the measure: To ensure that the legal venue of the majority of the board of directors and managers is within Icelandic jurisdiction. 1 The exclusion of the residency criteria for residents of an EEA Member State, an EFTA State or the Faroe Islands is not a reservation on national treatment, but the sentence is included to give an exhaustive description of the measure. - 2 - ICELAND Sector: All sectors Sub-sector: Legal source or authority of the measure: Law No. 19/1966 on the Right to Own and Use Real Estate. Law No. 34/1991 on Investment by Non-Residents in Business Enterprises. Succinct description of the measure: Only Icelandic citizens and Icelandic legal entities and citizens and legal entities from another EEA Member State , another EFTA State or from the Faroe Islands are allowed to own real estate in Iceland unless the ownership and use is linked to an investment in real estate pertaining to the business activity of the investor.2 The same applies to the hiring of a real estate if the duration of the lease lasts for more than 3 years. These restrictions shall not apply to a non-EEA citizen who has been residing in Iceland for at least five years. The Minister of Justice may grant exemptions from these restrictions. Purpose or motivation of the measure: Fluctuations in real estate prices due to possible excess foreign demand can adversely affect the domestic market for housing and summer houses (secondary homes). 2 The exclusion of citizenship and legal entity criteria for residents of an EEA Member State, an EFTA State or the Faroe Islands is not a reservation on national treatment, but the sentence is included to give an exhaustive description of the measure. - 3 - ICELAND Sector: Fisheries Sub-sector: Fishing, whaling Legal source or authority of the measure: Law No. 22/1998...
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RESERVATIONS BY ICELAND. Sector: All sectors Sub-sector: Company Law Level of Government: National Legal source or authority of the measure: Law No. 138/1994 Respecting Private Limited Companies, Law No. 2/1995 Respecting Public Limited Companies, Law No. 34/1991 on Investment by Non-Residents in Business Enterprises Succinct description of the measure: The majority of the founders of a private limited company or a public limited company must be resident in Iceland or another EEA (1) Member State. The Minister of Commerce can grant exemptions from these restrictions on grounds of an application. The managers and at least half the board of directors of a private limited company or a public limited company must be residents in Iceland or another EEA Member State. The Minister of Commerce can grant exemptions from these restrictions on grounds of an application.

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