that the visitor leaves with the best impressions of the host country. They will be wined and dined and strenuous efforts will be made to meet whatever individual wishes they have with regard to sightseeing [...] visits with their eyes open then the links that are created can only help the Faroe Islands. The British clearly have an agenda based on their national interests to pursue in their engagement with the Faroe [...] relationship and to pursue this with equal determination. There must after all be large areas of mutual interest. This means it is time for some strategic thinking about relations with the Faroe Islands closest

will be other ? more incidental ? kinds of activities, that follow the oil industry, such as services provided by lawyers (with expertise in oil and gas law), accountants/auditors, tax-consultants, etc [...] Islands, Tórshavn, that will offer legal services to the oil-industry and the connected service-industry both in relation to Faroese legal issues and in relation to the more specific and/or special oil and gas [...] from the oil-industry to remain in the Faroes, but more importantly has been based on the wish that the Faroese society, through the active involvement with the oil-industry, should gain skills, capability

which meant high taxes - at the time.« »I got 83,000 (pounds) for 57 acres - a great deal of money in those days - but the Government took away more than 80 per cent in capital gains tax.« »That didn't leave [...] at the plant, oil and gasses more valuable than those that light the night sky are shipped by tanker to destinations throughout Britain and Europe. During negotiations with the original owners of the terminal [...] decline over the first 70 years of the 20th century.« To date, more than 2 billion barrels of crude oil have been processed at the terminal, along with almost 49 million barrels of propane gas. In addition, oil

is tax liable according to the Hydrocarbon Tax Act; or in addition subject to the ordinary tax legislation. B1 Tax liability subject to both the Hydrocarbon Tax Act and subject to the ordinary tax legislation [...] earner is tax liable subject to the Hydrocarbon Tax Act only, he has to pay a definitive tax of 35% of his gross income. It also means that the wage earner shall not submit a Personal Income Tax Return, but [...] as a company that is tax liable subject to the Hydrocarbon Tax Act only, pay tax on »derivative income« by 20%. C. Tax Rates. As is apparent from what I have outlined above, the tax liability is of great

spreads its footprint to more and more areas of the world. The acquisition of Houston-based Mustang Engineering means that the group?s institutional shareholder base has grown to more than 20%. This prompted [...] business offering in more arenas around the world. It has also opened up a new area of business, non-oil and gas waste logistics and quickly one its first contract in the field with more to follow. Abbot Group [...] year with the acquisition of TXU?s entire UK upstream portfolio for £138 million. The assets traded represented 130 bcf of remaining gas sales and moved Consort into the top 10 of companies with remaining

very busy with oil related ships. Our income this year is well up, and much of that is thanks to oil-related offshore activity.« »There is more emphasis now on these areas, especially with the turmoil [...] way of life succeeded. The community has probably won the best deal possible and certainly, the best deal any small community has ever struck with the almighty oil industry. Summarised, the content of this [...] confidence that we can deliver the services required by the East and the West of Shetland oil fields. It is investment today for the ongoing business tomorrow.« Others are more open about their aspirations and

Islands make? In my view, it seems that remote places like the Faroes are becoming more and more interesting to more and more people. I believe that in a world of increasing globalisation the periphery inevitably [...] rely on a more creative and knowledge-based economy in the future. Effective Communication Strategies are Crucial I believe in the idea of looking toward the future with confidence yet with realism. In [...] people from countries with warmer and sunnier weather would be interested in visiting a place like this. So even if this country has developed into a modern society fully in line with our neighbours, we have

and try to inspire and develop ideas for more services. On the one hand we must develop new services and activities and, on the other hand, increase bed capacity, because demand is surpassing the amount [...] your computer screen by means of the Internet. And more and more people seek such information of their own accord. It is essential that we work more thoroughly on market segmentation and make relevant [...] Angler« who visited the Faroe Islands in June has a clear view: As more and more skippers start to specialise in sport fishing and more anglers visit these wonderful islands, only then will the full sport

about their rain-soaked country with its sodden economy. But I was indeed and the more I went about the country, and the more cups of coffee and sweet cakes I savored, the more I began to notice and appreciate [...] are starting more and more internationally interesting businesses. Local investors are lining up to take advantage of opportunities both within the Faroes and beyond, often linked with international and [...] of this, of course, when I first arrived with my wife some eleven years ago. Friends offered only that the archipelago was remote and gloriously peaceful with a pleasant, maritime climate, not too cold

population. More­over, the IT penetration is near 100 %. We are now about to undertake significant investments in the Vagar airport both with the aim to modernise it and to increase its capacity with a longer [...] efficient and concentrate on delivering welfare services, while private businesses should take care of the production of goods and services such as financial services. For this reason we have started a privatisation [...] fact amongst the best educated in the world, and of the Nordic countries only the Finnish population actually has a higher degree of education than the Faroese. Infrastructure is good with sub­seatunnels