Islands and its real head office has to be located in the Faroe Islands. Lastly, the crew in question has to be subject to tax liability to the Faroe Islands. A.2. Taxation on crew Wages covered by FAS [...] be deducted in Section 4 income. Tax has to be paid in three equal installments on 1 October, 1 November, and 1 December of the following year. B »Derivative Income« This type of income is in short, all [...] Faroese waters. In order to be covered by FAS it is also necessary that the ship owner in question is a resident in the Faroe Islands. If the ship owner is a company it has to be registered in the Faroe Islands