Faeroes restrict foreign ownership
The bill will restrict the level of foreign ownership of Faroese fish-farming companies to a maximum of 30%
The Faroese Minister of Trade and Industry has introduced a bill which restricts the level of foreign ownership of Faroese fish-farming companies to a maximum of 30%.
The bill has been introduced in an effort to prevent important strategic decisions about the industry from being taken in other countries.
The bill was presented to parliament by the Minister of Trade and Industry, Johan Dahl. The bill was presented on 9 August, but it has yet to receive a full parliamentary hearing. When the bill enters into force after the hearings, it will be with retrospective application from 9 August, in order to avoid unintended actions from foreign companies, who would be likely to seek ownership of Faroese fish-farming companies before the bill came into action.
Since 2009, foreigners have been allowed to own up to half of Faroese fish-farming companies.
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