Lifting of Capital Controls
On March 14th 2017, new rules issued by the Central Bank of Iceland came into effect, lifting the capital controls which have been in force in Iceland since October 2008.
The new rules are structured as general exemptions from the provisions of the Act on Foreign Exchange. Although the new rules are intended to effectively lift the capital controls, a few issues remain to be further clarified by the Central Bank. Furthermore, certain cross-border transactions remain subject to notification to, or conformation by, the Central Bank of Iceland.
Please see further details on The Central Bank of Iceland website.
For further information please contact Benedikt Egill Arnason, Partner (firstname.lastname@example.org), Gudbjorg Helga Hjartardottir, Partner (email@example.com) or Heidar Asberg Atlason, Partner (firstname.lastname@example.org).