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Jerks off under my feet! Premium Videos. Thai shemale get a load of cum on her fishnet TS Japan. Feet Smelling Handjob! Nylon Domination. Violet The Teenage Sucker. Searches Related to "asian feet smell handjob". In , the government updated the NAP to address public tenders and encourage businesses and state administration to consider the potential long-term social and environmental impacts of their procurement decisions instead of deciding strictly based on financial costs.
The new NAP was approved by the government in January Post is not aware of any controversial instances of corporate impact on human rights. The government strictly and effectively enforces legislation in the area of human rights, labor rights, consumer protection, and environmental protection to protect individuals from adverse business impacts.
Domestic standards are generally very high and in many instances exceed EU-wide requirements. Negligence or failure to comply with this legislation results in serious consequences. Shareholders are protected by developed legislation that clearly describes legal processes, organizational structures, administration, and management of all business components, including stakeholders.
The Association for CSR is the host entity in the Czech Republic for the UN Global Compact, a UN strategic policy initiative for businesses that are committed to aligning their operations and strategies with 10 universally accepted principles in the areas of human rights, labor, environment, and anti-corruption. The Ministry of Industry and Trade is responsible for implementation and compliance.
The Czech Republic does not have any significant oil and natural gas resources and it is dependent on purchasing these commodities from abroad. There are no special domestic transparency measures requiring the disclosure of payments made to governments for projects related to the commercial development of oil, natural gas, or minerals.
Payments for extraction of minerals in the Czech Republic abide by the Mining Law, which requires that payments are processed for extracted minerals as well as for mined areas. International trade with oil, natural gas, and minerals is not subject to any special legislation; it follows the general rules of international trade. Despite concerns about corruption, U.
Prison sentences for bribery or abuse of power can be as high as 12 years for officials. Corruption of public officials is prosecuted on the regional level to ensure that prosecutors have specialized knowledge and avoid bias; the government believes that regional prosecutors know the local environment and actors better than their colleagues on the national level. There have been several successful cases prosecuting corruption, but cases are often lengthy and face many delays.
NCOZ is now primarily responsible for investigating high-level corruption cases. Anti-corruption laws apply equally to Czech and foreign investors. Criminal procedure law allows for the seizure of criminal proceeds paid or transferred to family members of corrupt officials, although their prosecutions depend on evidence. Czech law obliges legislators, members of the cabinet, and other selected public officials to declare their assets annually.
The public can view the declarations with limited content on a website, but access to more details remains complicated because it requires a password issued by the Justice Ministry that is only valid for 30 days. In addition to the financial disclosure law, the Bohuslav Sobotka government was successful in passing an amendment to the law on public procurement, a law on the register of public tenders, and a law on transparent financing of political parties.
The government failed to enact a debated bill on the public prosecution service that contained measures to ensure stronger prosecutor independence. The amended law on public procurement seeks to counter conflict-of-interest in awarding contracts or government procurement. According to the OECD Phase 4 Evaluation Report, the Czech Republic demonstrates its commitment to improvement in the implementation of the Convention; however, it must take significant steps to enforce its foreign bribery laws and its efforts to detect, investigate, and prosecute foreign bribes.
The report calls for better protection of whistleblowers and for better implementation of the criminal liability of legal entities law that has been amended six times since it came into force in Based on the report, no legal person has been prosecuted for the bribery of foreign public officials. In October , the government passed a new public procurement law that introduces new tools for evaluation of tenders that takes into account not only the price, but also the quality of the offer.
The law also requires every contracting authority to post the winning contract on its public profile within 15 working days after the contract has been signed. The law requires more than one bidder for all procurements and requires bidders to disclose more of their ownership structure in the bidding process, but it also contains some exceptions to those obligations. American businesses have expressed some concerns about such frequent changes in competition policies as obstacles to investment.
The government encourages companies to establish internal codes of conduct that, among other things, prohibit bribery of public officials. Many companies have adopted such codes but it is not an obligatory government requirement. An amendment to the Law on the Central Registry of Contracts was enacted in December and took effect July 1, The amendment requires all national, regional, and local authorities and companies to make public all newly concluded contracts valued at CZK50, USD 2, or more.
As of July 1, contracts not posted publicly in the Registry within 30 days will not be acknowledged as effective. In , Oziveni introduced a new software GlobalLeaks that enables absolute anonymity to those who decide to report corruption. While there is not a specific law to protect NGOs involved in investigating corruption, NGO activities are protected under the Charter of Fundamental Rights and Freedom that protects civil society and free speech.
Contact at government agency responsible for combating corruption:. The risk of political violence in the Czech Republic is extremely low. Two historic political changes — the Velvet Revolution, which ended the communist era in , and the dissolution of Czechoslovakia into the Czech Republic and Slovakia in — occurred with minimal loss of life and without significant violence.
The political institutions underpinning parliamentary democracy generally function smoothly. Elections have resulted in orderly and peaceful changes of government. A historically strong and well-developed machinery industry, one of the key drivers of Czech exports, requires a wide range of technically qualified staff, including the entire spectrum of professions from manual workers to engineers and designers.
The rapidly growing electronics and information technology sectors are also creating demand for highly skilled workers. Key economic growth and export-driven industries are facing the challenge of demand for highly skilled technical workers that exceeds supply. Robotic automation and digitalization are also impacting many industries. The wide availability in the Czech Republic of an educated, relatively low-cost labor force on the doorstep of Western Europe was a major attraction for foreign investors in the s.
In , wage levels increased by an average of 8. Unemployment insurance and other social safety net programs exist for workers laid off for economic reasons. Labor laws differentiate between layoffs and firing. Labor laws are generally very strict and favor the employee rather than the employer.
Given record low unemployment, employers are facing labor shortages and some companies have started to rethink investment or expansion plans out of concern they will not be able to find workers to fill new jobs. It permits them to conduct their activities without interference. The right to freely associate covers both citizens and foreign workers. The law also provides for collective bargaining. It prohibits anti-union discrimination and does not recognize union activity as a valid reason for dismissal.
Workers in most occupations have the legal right to strike if mediation efforts fail, and they generally exercise this right. Members of the armed forces, prosecutors, and judges may not form trade unions or strike. The scope for collective bargaining is limited for civil servants, whose wages are regulated by law.
Only trade unions may legally represent workers, including non-members. Labor dispute resolutions are carried out in civil court proceedings. There were no strikes in the last year that posed an investment risk. As of , the Czech National Bank records cross-border equity capital stocks for quoted shares in line with the ESA and BPM6 international manuals at market value instead of book value, rather than valuing FDI as the sum of historical flows, which is the methodology used by the United States.
As a result, while the figure for total U. This explains the large discrepancy between U. IMF and Czech National Bank figures for inward direct investment vary by up to 4 percent and figures for outward direct investment vary by up to 6 percent. These statistical distortions are much smaller than previous years as a result of the global adoption of the recently revised OECD Benchmark Definition for FDI, which is designed to discount investment flows from special purpose entities.
The top sources of and destinations of Czech FDI represent a combination of major EU trading partners and favored tax havens. The leading country for both inward and outward direct investment flows is the Netherlands.
In the early s, the Netherlands became a popular place for corporate registration for domestic and foreign businesses active in the Czech Republic. In recent years, the main rationale for registering a business in the Netherlands is favorable corporate income taxes, stimulating rapid development of offshore corporate structures in the Czech Republic.
While the tax haven effect has dissipated corporate income tax rates in the Czech Republic and Netherlands are nearly equal , the Netherlands remains a popular country for large corporations. Luxembourg attracts Czech businesses for the same reason. Economic Section — U. It maintains a fixed exchange rate policy, with the Danish Krone linked closely to the Euro. Denmark is a social welfare state with a thoroughly modern market economy reliant on free trade in goods and services.
It is a net exporter of food, fossil fuels, chemicals and wind power, but depends on raw material imports for its manufacturing sector. Within the EU, Denmark is among the strongest supporters of liberal trade policy. The Danish economy is enjoying a solid upswing. GDP growth averaged 2. GDP grew 1. The Danish Government estimates that growth will continue at 1. Employment is at a historical high with a labor force of 2,,, and unemployment at 3.
Danish companies are performing well, and their willingness to invest in order to meet market demand is high. With the current low unemployment, the risk of labor bottleneck issues is increasing in certain sectors, mainly construction, where demand for skilled labor outstrips supply.
Danish consumers enjoy increased purchasing power due to increased employment, low interest rates, and positive real wage trends. Observers believe the economy is at full capacity and that economic growth will continue in coming years, although as the competition for economic resources intensifies, it will likely become increasingly difficult to maintain growth rates at this level. Denmark is an open economy, highly reliant on international trade, with exports accounting for about 55 percent of GDP.
Developments in its major trading partners — Germany, Sweden, the United States and the UK — have substantial impact on Danish national accounts. Gross unemployment, a national definition, was 3. Denmark is a major international development assistance donor, having contributed DKK Danish assistance in amounted to 0. Underlying macroeconomic conditions in Denmark are sound, with an attractive investment climate.
Denmark is strategically situated to link continental Europe with the Nordic and Baltic countries. Transport and communications infrastructures are efficient. Denmark is among world leaders in high-tech industries such as information technology, life sciences, clean energy technologies, and shipping. Note: Separate reports on the investment climates for Greenland and for the Faroe Islands can be found at the end of this report.
A small country with an open economy, Denmark is highly dependent on foreign trade, with exports comprising the largest component 55 percent of GDP. Danish trade and investment policies are liberal. In general, investment policies are forward-looking, aimed at fostering and developing businesses, especially in high-growth sectors.
Overall, however, operating conditions for companies should remain broadly favorable. Denmark scores top marks in various categories, including the political and institutional environment, macroeconomic stability, foreign investment policy, private enterprise policy, financing, and infrastructure. The website for the agency is www. Corporate tax records of all companies, associations and foundations, which pay taxes in Denmark, were made public beginning in December and are updated annually.
The corporate tax rate is 22 percent. As an EU member state, Denmark is bound by EU rules on free movement of goods, capital, persons and certain services. Denmark welcomes foreign investment and does not distinguish between EU and other investors. There are no additional permits required by foreign investors, nor any reported bias against foreign companies from municipal or national authorities.
A foreign or domestic private entity may freely establish, own, and dispose of a business enterprise in Denmark. USD 6, The company type was intended to allow entrepreneurs a cheap and simple way to incorporate with limited liability, with a starting capital of only DKK1 USD 0. Due to repeated instances of fraud and unintended use of the IVS, it has been abolished.
Simultaneously, the capital requirements to set up a Private Limited Company were lowered, bringing Denmark more in line with other Scandinavian countries, and to ensure it will continue to be cheap and simple to establish limited liability companies in Denmark. Currently there are approx. If they fail to re-register, they will be forcibly dissolved.
No restrictions apply regarding the residency of directors and managers. Since October , any private entity may establish a European public limited company SE company in Denmark. The legal framework of an SE company is subject to Danish corporate law, but it is possible to change the nationality of the company without liquidation and re-founding.
An SE company must be registered at the Danish Business Authority if the official address of the company is in Denmark. The minimum capital requirement is EUR , approx. USD , In some instances, Denmark may accept an equivalent professional certification from other EU or Nordic countries on a reciprocal basis. EU-wide residency requirements apply to the provision of legal and accountancy services. Ownership restrictions are applied in the following sectors:.
The Danish business registration website is www. It is the main digital tool for licensing and registering companies in Denmark and offers a business registration processes that is clear and complete. Registration of sole proprietorships and partnerships is free of charge, while there is a fee for registration of other business types: DKK USD if the registration is done digitally and DKK USD if the registration form is sent by e-mail or post.
The process for establishing a new business is distinct from that of registration. The services are free of charge and available to all investors, regardless of country of origin. Processing time for establishing a new business varies depending on the chosen business entity.
Establishing a Danish Limited Liability Company Anpartsselskab — ApS , for example, generally takes four to six weeks for a standard application. Establishing a sole proprietorship Enkeltmandsvirksomhed is simpler, with processing generally taking about one week. The website www. In the Danish Financial Statements Act no. USD USD 6. Medium-sized enterprises are defined as enterprises with fewer than employees and either have an annual turnover that does not exceed DKK million approx.
Danish companies are not restricted from investing abroad, and Danish outward investment has exceeded inward investments for more than a decade. The United States and Denmark have shared a Friendship, Commerce, and Navigation Treaty since that, among other things, ensures National Treatment, Most-Favored Nation status, transparency of the regulatory process, and competitive equality with state-owned enterprises.
Denmark has signed investment protection agreements with Brazil, Cuba, Kyrgyzstan and Paraguay, but these currently await ratification. In May , an amending protocol was signed; the most important aspect relates to the elimination of withholding tax on cross-border dividend payments. The judicial system is extremely well-regarded and considered fair. The legal system is independent of the legislative branch of the government and is based on a centuries-old legal tradition.
It includes written and consistently applied commercial and bankruptcy laws. Secured interests in property are recognized and enforced. Denmark ranks high on specific WEF indices related to macroeconomic stability 1 st , labor market 5 th , business dynamism 12 th , ICT adoption 8 th and innovative capabilities 12 th. Danish laws and policies granting national treatment to foreign investments are designed to increase FDI in Denmark.
Denmark consistently applies high standards with regard to health, environment, safety, and labor laws. Danish corporate law is generally in conformity with current EU legislation. The legal, regulatory and accounting systems are relatively transparent and in accordance with international standards. Bureaucratic procedures are streamlined and transparent, and proposed laws and regulations are published in draft form for public comment. Public finances and debt obligations are transparent.
The publication is intended to increase transparency and public scrutiny of corporate tax payments. Greenland and the Faroe Islands retain autonomy with regards to tax policy. The Danish Competition and Consumer Authority work to make markets well-functioning so businesses compete efficiently on all parameters. It enforces the Danish Competition Act. The purpose of the Act and Danish consumer legislation is to promote efficient resource allocation in society, to prevent the restriction of efficient competition, to create a level playing field for enterprises and to protect consumers.
Publicly listed companies in Denmark must adhere to the Danish Financial Statements Act when preparing their annual reports. Financial statements must be prepared annually. The Danish Financial Statements Act covers all businesses. Private limited companies, public limited companies and corporate funds are obliged to prepare financial statements in accordance with which accounting class the company should follow based on size, as follows:.
According to the Danish Financial Statements Act, personally owned businesses, personally owned general partnerships multiple owners and general funds are characterized as Class A and thus have no requirement to prepare financial statements unless the owner voluntarily chooses to do so. Final regulations are published at www. All ministries and agencies are required to publish proposed regulations. With respect to governance, the World Bank suggests the following areas for improvement:.
Since the adoption of the Danish constitution in , decision-making power in Denmark has been divided into the legislative, executive and judicial branches. The district courts, the high courts and the Supreme Court represent the three basic levels of the Danish legal system, but the legal system also comprises a range of other institutions with special functions.
The agency provides detailed information to potential investors. For more information regarding investment potential in Greenland, please see Greenland Holding at www. As an EU member state, Denmark is bound by EU rules on the free movement of goods, capital, persons and certain services. There are no additional permits required of foreign investors, nor any reported biases against foreign companies from municipal or national authorities.
A new EU investment screening framework encouraging member states to screen foreign investments in strategic sectors is expected to lead to national foreign investment screening legislation, effective in According to the Danish Competition Act, the CCA requires notification of mergers and takeovers if the combined turnover of the participating companies exceeds DKK 50 million approx.
USD 7. However, notification is not required if one of the participating companies has turnover of less than DKK 10 million approx. USD 1. If the combined turnover of the merging companies exceeds DKK million approx. USD million and at least two of the merging companies each have turnover exceeding DKK million approx.
USD million and at least one of the merging companies has global annual turnover exceeding DKK 3. Large scale mergers also require approval from EU Competition authorities. By law, private property can only be expropriated for public purposes, in a non-discriminatory manner, with reasonable compensation, and in accordance with established principles of international law.
There have been no recent expropriations of significance in Denmark and there is no reason to expect significant expropriations in the near future. There have been no major disputes over investment in Denmark in recent years. Denmark is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, meaning local courts must enforce international arbitration awards that meet certain criteria.
Subsequent Danish legislation makes international arbitration of investment disputes binding in Denmark. Denmark is a party to the European Convention on International Commercial Arbitration and to the Agreement relating to the application of this Convention. Monetary judgments under the bankruptcy law are made in freely convertible Danish Kroner.
Performance incentives are available both to foreign and domestic investors. For instance, foreign and domestic investors in designated regional development areas may take advantage of certain grants and access to preferential financing. Investments in Greenland may be eligible for incentives as well. Foreign subsidiaries located in Denmark can participate in government-financed or subsidized research programs on a national-treatment basis. The Port of Copenhagen and the Port of Malmo Sweden merged their commercial operations in , including the free port activities, in a joint company named CMP.
CMP is one of the largest port and terminal operators in the Nordic Region and one of the largest Northern European cruise-ship ports; it occupies a key position in the Baltic Sea Region for the distribution of cars and transit of oil. The facilities in the free port are mostly used for tax-free warehousing of imported goods, for exports, and for in-transit trade.
Tax and duties are not payable until cargo leaves the Free Port. The processing of cargo and the preparation and finishing of imported automobiles for sale can freely be set up in the Free Port. Manufacturing operations can be established with permission of the customs authorities, which is granted if special reasons exist for having the facility in the Free Port area.
The Copenhagen Free Port welcomes foreign companies establishing warehouse and storage facilities. Performance requirements are applied only in connection with investment in hydrocarbon exploration, where concession terms normally require a fixed work program, including seismic surveys and in some cases exploratory drilling, consistent with applicable EU directives.
Performance requirements are mostly designed to protect the environment, mainly through encouraging reduced use of energy and water. Several environmental and energy requirements are systematically imposed on households as well as businesses in Denmark, both foreign and domestic.
For instance, Denmark was the first of the EU countries, in January , to introduce a carbon dioxide CO2 tax on business and industry. This includes certain reimbursement schemes and subsidy measures to reduce the costs for businesses, thereby safeguarding competitiveness. Performance requirements are governed by Danish legislation and EU regulations. Potential violations of the rules governing this area are punishable by fines or imprisonment.
Performance requirements are applied uniformly to domestic and foreign investors. The Danish Data Protection Agency, a government agency, the Ministry of Justice and the Ministry for Culture are the entities involved with data storage. Property rights in Denmark are well protected by law and in practice. Real estate is chiefly financed through the well-established Danish mortgage bond credit system, the security of which compares to that of government bonds.
With the amended Danish mortgage banking regulation, commercial banks now have the same opportunities as mortgage banks and ship-financing institutions to issue covered bonds. Secured interests in property are recognized and enforced in Denmark. All mortgage credits in real estate are recorded in local public registers of mortgages. Except for interests in cars and commercial ships, which are also publicly recorded, other property interests are generally unrecorded. The local public registers are a reliable system of recording security interests.
Intellectual property in Denmark is well protected. Denmark adheres to key international conventions and treaties concerning protection of property rights. This list of attorneys and law firms is provided by the American Embassy as a convenience to U. It is not intended to be a comprehensive list of attorneys in Denmark, and the absence of an attorney from the list is in no way a reflection on competence.
Denmark has fully liberalized foreign exchange flows, including those for direct and portfolio investment purposes. Credit is allocated on market terms and freely available. The Danish banking system is under the regulatory oversight of the Financial Supervisory Authority.
Differentiated voting rights — A and B stocks — are used to some extent, and several Danish companies are controlled by foundations, which can restrict potential hostile takeovers, including foreign takeovers. The Danish stock market functions efficiently. The C25 index contains the 25 most valuable companies in Denmark. Other large companies with a market value exceeding USD 1.
The major Danish banks are rated by international agencies, and their creditworthiness is rated as high by international standards. The assets of the three largest Danish banks — Danske Bank, Nordea Bank Danmark, and Jyske Bank — constitute approximately 75 percent of the total assets in the Danish banking sector.
The bank has admitted that a significant part of about EUR billion USD billion that flowed through the non-resident portfolio of its tiny Estonian branch between and could have illicit origins. The scandal has led to significant tightening of financial regulation, including increasing penalties by up to percent and increased funding for the Financial Supervisory Authority.
The primary goal of the Central Bank Nationalbanken is to keep the peg of the Danish currency towards the Euro — with allowed fluctuations of 2. It also functions as the general lender to Danish commercial banks and controls the money supply in the economy.
As occurred in many countries, Danish banks experienced significant turbulence in — The Parliament passed an additional measure, the fourth Bank Package, in August , which sought to identify systemically important financial institutions, ensure the liquidity of banks which assume control of a troubled bank, support banks acquiring troubled banks by allowing them to write off obligations of the troubled bank to the government, and change the funding mechanism for the sector-funded guarantee fund to a premiums-based, pay-as-you-go system.
According to the Danish Government, Bank Package 4 provides mechanisms for a sector solution to troubled banks without senior debt holder losses, but does not supersede earlier legislation. As such, senior debt holder losses are still a possibility in the event of a bank failure.
These were identified based on three quantitative measures: 1 a balance sheet to GDP ratio above 6. If an institution is above the requirement of any one of the three measures, it will be considered systemically important and must adhere to the stricter requirements on capitalization, liquidity and resolution. Experts expect a revision of the Danish system of troubled financial institution resolution mechanisms in connection with a decision to join the EU Banking Union.
Nets went public with an IPO late Exchange rate conversions throughout this document are based on the average exchange rate where Danish Kroner DKK 6. There are no restrictions on converting or transferring funds associated with an investment into or out of Denmark.
Policies in place are intended to facilitate the free flow of capital and to support the flow of resources in the product and services markets. Foreign investors can obtain credit in the local market at normal market terms, and a wide range of credit instruments is available. Denmark has not adopted the Euro currency. The Danish Government supports inclusion in a European Banking Union, as long as it can be harmonized with the Danish Euro opt-out and there is a guarantee that the Danish mortgage finance system will be allowed to continue in its present form.
The Danish political reservation concerning Euro participation can only be abolished by national referendum, and Danish voters have twice in and voted it down. The government has stated that in principle it supports adopting the Euro, but no referendum is expected for the foreseeable future.
Regular polling on this issue shows a majority of public opinion remains in favor of keeping the Krone. Denmark ran a budget surplus of 0. State owned entities SOEs hold dominant positions in rail, energy, utility and broadcast media in Denmark. Large scale public procurement must go through public tender in accordance with EU legislation.
Competition from SOEs is not considered a barrier to foreign investment in Denmark. A global survey by the London Business School and Harvard Business School concluded that corporate management is considered the most trustworthy in Denmark, Finland and Singapore. All major companies in Denmark have a public CSR strategy.
The government hosts www. Denmark is the least corrupt country in the world according to the Corruption Perceptions Index by Transparency International, which has local representation in Denmark. The Ministry of Justice is responsible for combating corruption, which is covered under the Danish Penal Code.
Since , Danish businesses cannot claim a tax deduction for the cost of bribes paid to officials abroad. Contact at Embassy Copenhagen responsible for combating corruption:. Sung Choi Political Officer U. Denmark is a politically stable country.
Incidents involving politically-motivated damage to projects or installations are very rare. The Danish labor force is generally well-educated and efficient. English language skills are good, and English is considered a natural second language among a very high proportion of Danes.
The labor market is stable and flexible. The Danish labor force amounted to approximately 3. Of these, , Q2, are employed in the public sector. The unemployment rate is expected to remain stable in the coming years due to policies intended to increase the labor supply and continued demand for labor. The public sector in Denmark is large and accounts for about 25 percent of the employment at full-time equivalence.
The labor force participation rate for women is among the highest in the world. By Q4, , The male labor force participation rate and employment rate were The Danish labor force is highly organized, with approximately 75 percent belonging to a union. Labor disputes and strikes occur only sporadically. Working conditions are laid down in a complex system of legislation and organizational agreements, where most aspects of wage and working conditions are determined through collective bargaining rather than legislation.
By law, employees are entitled to five weeks of paid annual leave. However, the majority of the labor force has the right to six weeks of paid annual leave, gained through other labor market agreements. Denmark has well-functioning unemployment insurance and sick-pay schemes, self-financed or financed by the state. Maternity leave in Denmark is 52 weeks, 18 of which are reserved for the mother and two for the father, while the remainder may be divided between the parents as they see fit.
Employers are obliged to pay salary for at least 14 weeks, while the government supports the remainder of the leave. The legislation is expected to be enacted in member states before Danish wages are high by international standards and have prompted the use of capital-intensive technologies in many sectors.
Some investors report that the high average wage level is detrimental to Danish competitiveness. Although high wages and generous benefits including time off reduce competitiveness, high productivity and low direct costs to employers can result in per employee costs that are lower than in other industrialized countries.
Nominal wages increased by 2. Nominal wages are forecast to increase by approximately 3. Generally, personal income tax rates in Denmark are among the highest in the world. However, foreign employees making more than an amount specified annually by the Danish Immigration Service and certain researchers may choose to be subject to a 27 percent income tax rate, plus a labor market contribution amounting to Certain conditions must be fulfilled for key employees to be eligible for the 27 percent tax scheme: for example, since January 1, , wages had to total at least DKK 66, USD 10, per month before the deduction of labor market contributions and after Danish labor market supplementary pension contributions.
Compared with the general Danish progressive income tax system, this is an attractive incentive. Further information can be obtained from Danish embassies or from the Danish Immigration Service www. Danish work permits are not required for citizens of EU countries. However, permits for non-managerial workers from countries outside the EU and the Nordic countries are granted only if substantial professional or labor-related conditions warrant.
The list is updated twice annually. Foreigners who have been hired in the designated fields will be immediately eligible for residence and work permits. In some cases, a Danish authorization must be obtained. This is explicitly stated on the Positive List.
Professions covered by the Positive List Scheme included engineers, scientists, doctors, nurses, IT specialists, marine biologists, lawyers, accountants and a wide range of other Masters or Bachelors degree positions. As of , the Pay Limit Scheme extends to positions with an annual pay of no less than DKK , approximately USD 67, , regardless of the field or specific nature of the job.
Persons who have been offered a highly paid job have particularly easy access to the Danish labor market through the Pay Limit Scheme. The length of work and residence permits granted under the Pay Limit Scheme depends on the length of the employment contract in Denmark. For permanent employment contracts, work permits are granted for an initial period of 4 years.
After this period the permit can be extended if the same job is held. There are several other schemes meant to make it easier for certified companies to bring employees with special skills or qualifications to Denmark. These schemes vary in duration and requirements.
Danish immigration law also allows issuance of residency permits of up to 18 months duration based on an individual evaluation, using a point system based on education, language skills and adaptability. OPIC programs are not applicable to U. Greenland has already acquired control over taxation, fisheries, internal labor negotiations, natural resources, and oversight of offshore labor, environment, and safety regulations. Denmark also retains authority over border control issues, including immigration into Greenland.
Greenland is not a part of the EU or Schengen Area, and special rules apply for foreigners arriving from a Schengen country. Denmark provides Greenland with an annual block grant of DKK 3. The Greenlandic government seeks to increase revenues by promoting greater development of fisheries, extractive resources, and tourism, and by trimming the public sector through privatization of enterprises currently owned by the government.
Rising prices for fish and shellfish, the predominant Greenlandic exports, have generated strong earnings for large parts of the fisheries sector. Catches of prawn, by far the most important single species, have increased recently following years of declines. Catches of mackerel are also increasing. Capital city Nuuk has seen extensive construction activity in recent years and a planned expansion of the airport will lead to further growth and facilitate expansion of tourism.
Other efforts to develop tourism include increases in accommodation hotel rooms , a reduction in passenger tax for cruise ships, and a focus on promoting foreign language education to create a more multilingual workforce. The government is calling for stricter safety requirements for navigation in Greenlandic waters. However, the issue of uranium mining in Greenland remains sensitive.
Greenland is currently enjoying an economic upswing, though its highly specialized economy — over 90 percent of exports is fisheries — faces significant challenges. The Greenlandic economy has exhibited strong growth in recent years, mainly driven by large catches and high prices of fish and shellfish, but also supported by consumption, investments and recently the resource extraction industry.
The Council estimate that GDP growth again has accelerated to about 3 percent in and Growth has led to labor shortages, both geographically and by sector and there is risk that the economy could overheat, especially in connection with large construction projects.
An unemployment rate is not calculated, but the Council estimates unemployment has declined from about 10 percent in to currently below 5 percent. The public budget has exhibited surpluses since The Greenlandic economy continues to be buttressed by a yearly block grant from the Danish Government which amounted to just over half of the Greenlandic government budget and Increased public spending at government and local levels has had an expansionary effect in and The Greenlandic economy is characterized by the unusual condition of having higher public than private consumption.
Consequently, government consumption is of proportionally greater importance to the economic trend. The public budget has exhibited small surpluses since The municipalities, government and government-owned enterprises, had a gross debt of approximately 22 percent of GDP by the end of The GEC has advised that development of a more self-sufficient economy require further development of the extractive and tourism sectors.
Natural resource exploration has declined in recent years in line with lower worldwide mineral prices. The two mines in operation, however, are also generating some optimism that more small-scale mining operations could follow. Greenland exported DKK 4. Some 93 percent of Greenlandic exports, measured in local currency, were fish products, with the remainder being mainly raw materials and machinery.
Exports went primarily to Denmark 87 percent , followed by Portugal, and Iceland. Greenland imported goods worth DKK 2. Imports came from Denmark 79 percent , Sweden, and China among others. Imports from the United States represented 0. The labor force was comprised of 27, people in , and the average unemployment rate was 6. A foreign company can establish a commercial enterprise in Greenland in one of the following ways: through a subsidiary, a registered affiliate, a representative office, or a taxable entity.
A subsidiary is only liable for its own assets. USD 7, This also applies to subsidiaries. A registered affiliate has no capital requirements, but only a company with a legally registered office in the EU, USA, Canada or the Nordic countries can open an affiliate, which is not treated as an independent company, but rather as an extension of the main company for legal purposes. A representative office is not regulated or defined; however, a representative office may not enter contracts or deliver services.
It is, rather, intended to be a marketing office, or an office to establish contacts with the goal of eventually entering the market. An exploration license is viewed as a taxable entity. There is more lenient regulation in the extraction industry regarding company composition: if a foreign company is granted an exploration license, it is not required to register as an affiliate, but the license is taxable, and therefore the firm must submit tax information like a regular company.
However, a loss can be carried forward and written off against future profits. A CVR registration is required. A foreign company can do business in Greenland in a consecutive or non-consecutive 90 day period over 12 months without being required to register as a business. The corporate income tax rate is 30 percent; an additional surcharge of six percent of the tax payable brings the total corporate tax rate to Companies which are operating under the Mineral Resources Act can apply for an exemption of the surcharge, thereby lowering the tax rate to 30 percent.
Taxation of royalty payments is 30 percent. Greenland has no value added tax VAT system, sales tax, or similar taxes. There are, however, some payable duties, such as taxes for cruise liners, ports duties, etc. There are four types of depreciation in the Greenlandic tax law. Buildings can be depreciated five percent annually. Ships, planes, and hydrocarbon prospecting can be depreciated 10 percent annually.
Mineral licenses can be depreciated 25 percent annually, and operating equipment can be depreciated at a rate of 30 percent annually. The Greenlandic labor force was 27, persons in Average unemployment for was 6. Unemployment has decreased significantly since, especially in Nuuk and the Danish Central Bank estimate it below 5 percent in According to Statistics Greenland, Of those, The Act is intended for potential mining or infrastructure projects in Greenland.
The Act lays out the framework for politically negotiated Impact Benefit Agreements IBA for the Government of Greenland and the employer to agree on the exact conditions of employment for foreign labor.
The scale of Greenlandic labor utilized will be negotiated for each project and will vary depending on local capacity and the negotiated agreement for each project. Foreign workers will enjoy the same legal protections as Greenlandic workers, in theory, including the same USD Greenland possesses significant mineral deposits, including rare earth elements, zinc, lead, molybdenum, uranium, gold, platinum, ruby and pink sapphires, and other critical minerals.
Greenland is also believed to have large quantities of iron ore and copper, although there has been limited exploration to date. Despite a harsh climate and ice coverage in Greenland, satellite images record a significant disappearance of surface ice from the island. This decision will facilitate the exploitation of rare earth mineral deposits, which are often found co-mingled with radioactive minerals in Greenland.
With the SRA, Greenland gained rights to its mineral and hydrocarbon resources, and it acquired the regulatory authority over these on January 1, Once the full value of the block grant is reached, any additional revenue will be subject to negotiations between the Danish and Greenlandic governments.
The Greenlandic Government welcomes this lucrative scenario, but remains aware of the potential adverse impacts that a rapid influx of wealth from these activities could have on Greenlandic society. In , Greenland plummeted to a position as 68 th out of 83 in the annual mining survey from Canadian Fraser Institute. Greenland had been ranked 34 th out of 91 mining jurisdictions surveyed in terms of investment attractiveness.
By law, private property can only be expropriated for public purposes in areas where the Greenlandic Self-government has the competencies, in a non-discriminatory manner, and with reasonable compensation. There have been no recent expropriations of significance in Greenland and there is no reason to expect significant expropriations in the near future.
In Greenland it is not possible to acquire private ownership of land, but a right of use may be sold for an area, e. There have been no major disputes over foreign investment in Greenland in recent years. While it is common that disputes are settled in Greenlandic courts, the Danish Supreme Court remains the highest appeals court for disputes in Greenland.
If a dispute is very specialized and within the purview of the Danish Administration of Justice Act, the parties involved can choose the Danish Maritime and Commercial Court as a court of first instance. The Faroe Islands have an open economy and multiple trade agreements with other countries. For more than two centuries the Faroese economy has relied on fisheries and related industries.
Fisheries account for close to one-sixth of the total gross value added in the Faroe Islands and about 95 percent of goods exports, excluding ships and aircraft. Salmon alone accounts for 45 percent of exports. Increased catches of mackerel and herring, as well as higher prices for salmon globally, have contributed significantly to recent economic growth. This has allowed the Faroese to sell increased quantities of salmon to the Russian market at higher than normal prices, even while prices have dropped significantly in the European market.
The Islands exported approximately DKK 8. In recent years, construction, transportation, banking, and other financial services sectors have grown, and offshore oil and gas exploration is developing, though commercially viable finds have not been made. In , the majority of goods exports went to Russia Goods imports totaled DKK 7. The vast majority of imports came from Europe in ; 1. Denmark provided Imports consist of input to industry The Faroe Islands have full autonomy to set tax rates and fees, and to set levels of spending on the services they provide.
In , the Faroese economy began a strong recovery, after several years of stagnation. Growth in nominal GDP was primarily driven by domestic demand and increasing salmon prices and catches. GDP growth is expected to rebound to 3. Unemployment was historically low at 1. Central and local government and publicly owned companies are planning massive investments in infrastructure and hospitals. However, expansionary fiscal policy might put severe pressure on the job market, which could lead to labor shortages.
Investment in is estimated to total DKK1. The Economic Council has repeatedly called for long-term planning of public investments to more effectively balance the business cycles. Announcement of these enormous investments resulted in the Danish Systemic Risk Council issuing an unprecedented official warning of the increase of systemic risk on the Faroe Islands in the fall of Seven in ten construction firms say that shortage of labor is an impediment to growth, and the magnitude of the public investments could further push the economy beyond its labor capacity limit.
The Economic Council for the Faroe Islands estimates that a permanent fiscal improvement of 5 percent of GDP will be required to stabilize government debt, which is currently at a low level. The stable and historical relationship with Denmark is deemed an additional strength.
The Faroe Islands opened their own securities exchange in ; active trading of shares followed in The Faroese government has indicated interest in attracting further foreign investment. Looking ahead, the Faroe Islands face a demographic challenge.
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