Foreign Tax Exemption
Iceland provides a foreign expert tax exemption program to offer financial benefits to foreign professionals with exceptional skills and knowledge not commonly found in Iceland. The program allows eligible foreign experts to be exempt from paying income tax in Iceland for 25% of their compensation for up to three years, provided they fulfill specific requirements, including a minimum one-year employment contract with a registered Icelandic company operating in a beneficial field. The objective of the program is to attract top talents from across the globe and encourage economic growth and development in Iceland.
Further, while not finalized, there is an active and ongoing discussion within the Icelandic government to increase the length of the foreign tax exemption. This cause is supported by bourgeoning industries within Iceland and Alvotech is a strong and vocal supporter for this change.