Only Icelandic citizens and Icelandic legal entities and citizens and legal entities from another EEA Member State are allowed to own real estate in Iceland unless the ownership and use is linked to an investment in real estate pertaining to the business activity of the investor. The same applies to renting of real estate if the duration of the lease lasts for more than three years. These restrictions do not apply to a non-EEA citizen who has been residing in Iceland for at least five years. The Minister of Justice can grant exemptions from these restrictions on grounds of an application.
Sector: Fisheries
Sub-sector: Fishing, whaling
Level of Government: National
Legal source or authority of the measure:
Law No. 13/1992 on the Right to Conduct Fishing in Iceland’s Economic Zone, Law No. 34/1991 on Investment by Non-Residents in Business Enterprises, Law No. 26/1949 on Whaling
Succinct description of the measure:
Only Icelandic citizens and Icelandic legal entities under Icelandic control are allowed to fish in the Icelandic economic zone. The same applies to whaling.
Sector: Fisheries
Sub-sector: Fish Processing
Level of Government: National
Legal source or authority of the measure:
Law No. 34/1991 on Investment by Non-Residents in Business Enterprises
Succinct description of the measure:
Only Icelandic citizens and Icelandic legal entities are allowed to own and manage enterprises engaged in fish processing in Iceland. Fish processing in this context is freezing, salting, drying and any other process used to initially preserve fish and fish products, including melting and meal processing. This reservation does not apply to secondary fish processing.
Sector: Fisheries
Subsector: Fish Auctioning
Level of Government: National
Legal source or authority of the measure:
Law No. 123/1989 on the Auctioning of Fish
Succinct description of the measure:
Only Icelandic citizens and Icelandic legal entities are allowed to own and manage enterprises engaged in fish auctioning in Iceland.
Sector: Power and Energy sector
Sub-sector: -
Level of Government: National
Legal source or authority of the measure:
Not Applicable
Succinct description of the measure:
All activities in the power and energy sector shall be treated as services under this Agreement.
Appendix 3. Reservations by Liechtenstein
Sector: All sectors
Sub-sector:
Level of Government: National
Legal source or authority of the measure:
Gewerbegesetz vom 10. Dezember 1969 (Act on Commercial Law of 10 December 1969), LR (Systematic Collection of Liechtenstein Law) 930.1 and the relevant laws with regard to categories mentioned in Article 2, paragraph 1 of that Act as well as relevant Parliament or Government decisions.
Succinct description of the measure:
The establishment of a commercial presence by a juridical person (including branches) is subject to the requirement that no objection for reasons of national economy (balanced proportion of national and foreign capital; balanced ratio of foreigners in comparison with the number of resident population; balanced ratio of total number of jobs in the economy in comparison with the number of the resident population; balanced geographic situation; balanced development of the national economy, between and within the sectors) exists.
Sector: All sectors
Sub-sector:
Level of Government: National
Legal source or authority of the measure:
Gewerbegesetz vom 10. Dezember 1969 (Commercial Law Act), Personen- und Gesellschaftsrecht vom 20. Januar 1926 (Company Law), LR 216.0
Succinct description of the measure:
The establishment of a commercial presence by an individual is subject to the requirement of prior residence during a certain period of time and of permanent domicile in Liechtenstein.
He/she must possess sector specific government-recognized professional qualifications.
The establishment of a commercial presence by a juridical person (including branches) is subject to the following requirements: At least one of the managers has to fulfil the requirements of prior residence during a certain period of time and of permanent domicile in Liechtenstein. He must possess sector specific government-recognized professional qualifications. The majority of the administrators (authorized to manage and represent the juridical person) must be residents in Liechtenstein and have either to be Liechtenstein citizens or have prior residence during a certain period of time in Liechtenstein. The general and the limited partnership have to fulfil the same conditions as corporations with limited liability (juridical person). In addition the majority of the associates have to be Liechtenstein citizens or to have prior residence during a certain period of time in Liechtenstein.
The Liechtenstein company law does not prohibit joint stock companies from foreseeing in their articles of incorporation the preclusion or limitation of the transfer of registered shares.
Sector: All sectors
Subsector:
Level of Government: National
Legal source or authority of the measure:
Agreement on the European Economic Area of 2 May 1992 (EEA Agreement)
Succinct description of the measure:
Treatment accorded to subsidiaries of third-country companies formed in accordance with the law of an EEA Member State and having registered office, central administration or principal place of business within an EEA Member State is not extended to branches or agencies established in an EEA Member State by a third-country company.
Treatment less favourable may be accorded to subsidiaries of third countries having only their registered office in the territory of an EEA Member State unless they show that they possess an effective and continuous link with the economy of one of the EEA Member States.
Sector: All sectors
Subsector:
Level of Government: National and Sub-national
Legal source or authority of the measure:
Grundverkehrsgesetz vom 9. Dezember 1992 (Law on the acquisition of real estate of 9 December 1992), LR 214.11
Succinct description of the measure:
All acquisitions of real estate are subject to authorization. Such authorization is granted only if an actual and proven requirement for living or business purposes is given and a certain period of residence has been completed. Non-residents are excluded from the acquisition of real estate.
Sector: Power and Energy sector
Sub-sector: -
Level of Government: National
Legal source or authority of the measure:
Not Applicable
Succinct description of the measure:
All activities in the power and energy sector shall be treated as services under this Agreement.
Appendix 4. Reservations by Norway
Sector: All sectors
Sub-sector: -
Level of Government: National
Legal source or authority of the measure:
Companies Act of 13 June 1997 No 44 (aksjeloven) and Joint Stock Public Companies Act of 13 June 1997, No 45 (allmennaksjeselskapsloven)
Succinct description of the measure:
The general manager in a joint stock company and at least half of the members of the board of directors and of the corporate assembly must be residents of Norway. The residency criteria do not apply to nationals of an EEA Member State who are permanent residents of one of these States. The Ministry of Trade and Industry may grant exemptions from this provision.
Sector: Power and Energy sector
Repair of Transport Equipment sector
Sub-sector: -
Level of Government: National and Sub-national
Legal source or authority of the measure:
Not Applicable
Succinct description of the measure:
All activities in the power and energy sector as well as in the repair of transport equipment sector shall be treated as services under this Agreement.
Sector: Real estate
Sub-sector: Secondary residences
Level of Government: National
Legal source or authority of the measure:
Concessions Act of 31 May 1974, No. 19
Succinct description of the measure:
Acquisition or leasing of secondary residences by non-residents is subject to a concession.
Sector: Fishing and fish processing
Subsector: -
Level of Government:
Legal source or authority of the measure:
Regulation of Participation in Fishing Act of 16 June 1972, No 57
Economic Zone Act of 17 December 1976, No 91
The Fishing Limit Act of 17 June 1966, No 19
Succinct description of the measure:
A concession to acquire a fishing vessel or share in a company which owns such vessels can only be given to a Norwegian citizen or a body that can be defined as a Norwegian citizen. A company is regarded as having equal rights with a Norwegian citizen when its main office is situated in Norway and the majority of the Board, including the Chair of the Board, are Norwegian citizens and have stayed in the country the last two years. Norwegian citizens also have to own a minimum of 60% of the shares and have to be authorised to vote for at least 60% of the votes.
Ownership to the fishing fleet shall be reserved for professional fishermen. To obtain the right to own a fishing vessel, one has to have a record of active, professional fishing on a Norwegian fishing boat for at least three of the last five years.
It is prohibited for other persons than Norwegian nationals or companies, as defined above, to process, pack or transship fish, crustaceans and molluscs or parts and products of these inside the fishing limits of the Norwegian Economic Zone. This applies to catches from both Norwegian and foreign vessels. Exceptions are granted under special circumstances.
Appendix 5. Reservations by Switzerland
Sector: All sectors
Sub-sector: -
Level of Government: National
Legal source or authority of the measure:
Federal Act of 30 March 1911 (Code of Obligations) supplementing the Swiss Civil Code (Systematic Collection of Federal Laws and Regulations [RS], No. 220)
Succinct description of the measure:
- The vast majority of companies in Switzerland are organized as corporations (Société anonyme [SA] – Aktiengesellschaft [AG]), featuring a predetermined capital and shareholders’ liability limited to the nominal capital invested. Of the members of the board of directors of a Swiss corporation, the majority must be Swiss citizens residing in Switzerland. Exceptions are possible in the case of holding companies.
- Limited liability companies (Société à responsabilité limité [Sàrl] – Gesellschaft mit beschränkter Haftung [GmbH]) are characterized by a limited capital divided into quotas. In a limited liability company, at least one managing officer must be residing in Switzerland.
- A foreign company may also establish one or several branch offices in Switzerland. At least one representative of a branch office must be residing in Switzerland.
Sector: All sectors
Sub-sector: Real estate
Level of Government: National and sub-national
Legal source or authority of the measure:
Federal Act of 16 December 1983 on the Acquisition of Real Estate by Persons Abroad (RS 211.412.41)
Succinct description of the measure:
Foreign nationals not residing in Switzerland and companies established, or controlled from, abroad are not allowed to invest in the residential property market (except for residential property directly linked to a business presence) and in agricultural real estate. For the acquisition of vacation homes, a cantonal permit is required.
Sector: Energy
Sub-sector: Oil Prospection and Exploitation
Level of Government: Sub-national
Legal source or authority of the measure:
Concordat of 24 September 1955 on Oil Prospecting and Exploitation (RS 931.1)
Succinct description of the measure:
This intercantonal agreement (among 10 cantons) stipulates that oil concessions may be granted only to companies that are at least 75 percent Swiss-owned. Other cantons apply similar restrictions.
Sector: Energy
Sub-sector: Nuclear energy
Level of Government: National
Legal source or authority of the measure:
Federal Act of 23 December 1959 on the Peaceful Uses of Atomic Energy, (RS 732.0); Federal Decree of 8 October 1978 relative to the Atomic Energy Act (RS 732.01)
Succinct description of the measure:
Authorization to construct and operate nuclear facilities is granted only to Swiss citizens domiciled in Switzerland and legal persons that are subject to Swiss law, headquartered in Switzerland and Swiss-owned.
Sector: Energy