We offer Iceland real estate investment information for Reykjavikk, Hafnafjordhur, Straumsvik, Keflavik, Vik, Hofn, Seydhisfjordhur, Raufarhofn, Husavik, Akureyri, Isafjordhur and Vestmannaeyjar. Scroll down for more information about Iceland.

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About Iceland

Iceland Population: 293,966 (July 2004 est.)
Languages: Icelandic, English, Nordic languages, German widely spoken
Capital: Reykjavik
Government Type: Constitutional republic.
Independence Day: 17 June 1944 (from Denmark)
Legal System: Civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction.
Currency: Icelandic krona (ISK)

Executive Branch:

Chief of State: President Olafur Ragnar GRIMSSON (since 1 August 1996).

Head of Government: Prime Minister Halldor ASGRIMSSON (since 15 September 2004); note - Former Prime Minister David ODDSSON switched positions with former Foreign Minister Halldor ASGRIMMSON.

American Embassy: Laufasvegur 21, 101 Reykjavik
Mailing Address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340
Telephone: [354] 562-9100 FAX: [354] 562-9118

General Overview: Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. Literacy, longevity, income, and social cohesion are first-rate by world standards.

Economic Overview: Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system (including generous housing subsidies), low unemployment, and remarkably even distribution of income. In the absence of other natural resources (except for abundant geothermal power), the economy depends heavily on the fishing industry, which provides 70% of export earnings and employs 12% of the work force. The economy remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Government policies include reducing the budget and current account deficits, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, diversifying the economy, and privatizing state-owned industries. The government remains opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place. The tourism sector is also expanding, with the recent trends in ecotourism and whale watching. Growth had been remarkably steady in 1996-2001 at 3%-5%, but could not be sustained in 2002 in an environment of global recession. Growth resumed in 2003, and inflation dropped back from 5% to 2%.

International Disputes: Rockall continental shelf dispute involving Denmark, Iceland, and the UK (Ireland and the UK have signed a boundary agreement in the Rockall area) remains dormant; dispute with Denmark over the Faroe Islands' fisheries median line boundary within 200 nm; disputes with Denmark, the UK, and Ireland over the Faroe Islands continental shelf boundary outside 200 nm.