Faroese companies, including shipping companies that have ships registered in FAS, enjoy an 18% taxation rate.

 

The personal tax rate on seamen’s wages is 35% of gross wages, and owners of ships registered in FAS are repaid 100% of the personal tax on these wages.

 

Non Faroese crew members pay no social security taxes in the Faroe Islands.

Registration fee:

-        Vessels up to 1000 GT:           DKK 50,000

-        Vessels 1000 – 2999 GT:        DKK 75,000

-        Vessels 3000 – 9999 GT:        DKK 100,000

-        Vessels 10.000 GT and more: DKK 125,000

 

Certificate of Nationality:

-        Vessels up to 1000 GT:           DKK 3,000

-        Vessels 1000 – 2999 GT:        DKK 5,000

-        Vessels 3000 – 9999 GT:        DKK 10,000

-        Vessels 10.000 GT and more: DKK 20,000