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Get to Know About Faroe Islands
The Faroe Islands is a North Atlantic archipelago located between Norway and Iceland. It is an autonomous country of the Kingdom of Denmark and covers a total land area of 1,400 square kilometers. Its population is 50,322 Faroe Islander/Faroese and the religion is Church of the Faroe Islands. Faroese is their first language while Danish is their second. They use Faroese króna (DKK) as their currency when buying goods and services. The islands have two climates: the Subpolar oceanic, and the Tundra climate.
The Gross Domestic Product (GDP) in the Faroe Islands is worth 3.09 billion US dollars. And its GDP per capita is around $61,325. The Corporate Tax Rate stands at 18% which is lower compared to its neighboring countries. This also gives benefits to the companies operating in the country.
Doing business in Faroe Islands is easy if you’re part of Nordic, EU and Schengen Countries. Visiting the territory for less than 90 days will require a valid visa. Travelers from the Schengen Area do not need a visa- just a passport or a national ID card will do. But if you’re from other nationals, you must apply for a visa at the nearest embassy of Denmark. The conditions for obtaining a visa for the Faroe Islands are similar to the conditions for obtaining a visa for Denmark. However, you can’t just enter both countries with a visa that is only intended for one country unless it is clearly stated in the terms.
Some challenges that await you are insufficient workforce (because of emigration), limited reach (due to its geographic location such as no electric connections to other areas), weather conditions (like cold climate) and language barrier (though few of them can speak English).