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  • Taxation and fees
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  • The tonnage tax system
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Taxation and fees
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
 
Tonnage Certificates on Faroese flagged ships are to be issued by the Faroese Maritime Authority, FMA. The fee for the Tonnage Certificate is DKK 2 per GT.

Kongsgil 22 Tel: +298 358531
P. O. Box 1252 Mobile +298 218530 / +298 218533
FO-110 Tórshavn Mail: torshipping@torshipping.fo
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