October 3rd, 2023 at 05:37 am
Iceland Work Visa | How to Get a Job and Work in Iceland
Iceland’s economy has experienced some highs and lows. Iceland was able to diversify its economy after entering the EU in 1994, offering additional job prospects for expats. Despite the 2008 economic crisis, which hit Iceland particularly hard, the country appears to be on the road to recovery.
The Economy of Iceland
Iceland’s economy is based on the Scandinavian model, which includes a free market economy and a generous welfare state. The fishing industry is the most important, accounting for 40% of all export revenues and more than 12% of GDP, as well as employing approximately 5% of the workforce.
Prior to the 2008 financial crisis, expats in Iceland benefited from low unemployment, fast growth, and equitable income distribution. The Icelandic Krona lost value as a result of the crisis, and the government allowed the country’s three largest banks to fail in a contentious move. Iceland, on the other hand, has achieved a remarkable comeback after securing loans to stabilize the economy and rebuilding itself through numerous measures. In fact, the unemployment rate in 2021 is at 2.4%, which is nearly the same as it was before the crisis.
The economy is more than just fishing: it has become more diverse, attracting enterprises in biotechnology and software creation. Tourism is also important; in 2021, Iceland welcomed about 4.5 times its population in tourists. Because of the country’s position, hydroelectric and geothermal resources are abundant; these have drawn foreign investment, which has boosted economic growth.
Job Seeking in Iceland
Expats who want to work in Iceland will need perseverance, patience, and possibly necessary certifications. It is essential to begin your job hunt before packing your bags; sites like EURES, for example, allow you to search for opportunities while also learning about the nation.
For expats, employment agencies (ráningarjónustur) are frequently the best solution. These services are frequently free for job seekers and can assist ex-pats with specific expertise in finding their dream job. Registering with one or more agencies is a smart idea. You might also browse in the classifieds part of local newspapers like Morgunblai or Fréttablai; both newspapers have a specific employment section on Sundays, however, all job listings are in Icelandic.
Your local trade union (stéttarfélag) may also be able to assist. They are frequently up to date on current job openings in your industry. If all else fails, contacting a corporation with a speculative application is not a bad idea.
Job Opportunities in Iceland For Foreigners
1. Process Engineering VIE
Responsibilities
- You are in charge of industrial projects such as the installation of new machines, equipment, automation, and layout.
- You maintain quality standards on all goods to assure zero defect manufacture, including process documentation.
- You are in charge of producing plastic parts according to specifications in order to meet the site’s quality, cost, and delivery time requirements.
- You support new product launch tooling and process development by providing manufacturing and engineering contributions for the development of new processes, parts, and tooling.
- You assist with process design and approval in accordance with Valeo standards and procedures.
2. MACHINE OPERATOR
Responsibilities
- Examines the daily manufacturing schedule.
- Prepares machinery and makes any necessary adjustments to accommodate each product in accordance with quality standards.
- Notifies the supervisor of any equipment faults.
- Ensures that each product has the correct product coding and/or labeling.
Click Here for More Job Opportunities in Iceland
Iceland Visa Requirements
Expats who are not nationals of the EU or EEA who wish to work in Iceland must submit an application for a work and residency permit. The majority of expats should submit a permit application based on the professional qualifications they possess. In order to be eligible for this visa, you will need to demonstrate both specialized skills and a commitment to long-term employment. You will be eligible to submit an application for a D-visa if this permit is granted to you.
If you are merely looking for something temporary, the laborer shortage presents the perfect opportunity. You are required to check that the profession in which you are interested is currently suffering from a shortage of workers before submitting an application for this permission. If such is the case, this authorization will allow you to remain in Iceland for a predetermined amount of time. If you would like additional information on the visa requirements for Iceland, please check our article on Moving to Iceland.
Iceland’s taxation system
Expats working in Iceland must pay the same taxes as Icelanders. Taxes are withheld from your pay automatically. Iceland’s income and municipal taxes are determined on the following levels as of 2021:
- 36.94% for monthly earnings of ISK 0-834,707
- 46.24% if your monthly income exceeds ISK 834,708
Anyone above the age of 16 can apply for a tax card, which provides taxpayers with a personal tax allowance. You must provide your tax card to your employer before receiving your first paycheck. You may profit from a double taxation arrangement between Iceland and your home country as a foreign citizen. To qualify for these tax breaks, you must be subject to full tax liability in your home country. More information on taxation in Iceland can be found at RSK Rkisskattstjóri.
Icelandic Business Etiquette
The encouraging news is that English is one of the languages most commonly used in the business sector. It is essential to give a firm handshake to each other at the beginning and the end of meetings. Because of the relatively flat nature of hierarchies in Iceland, you should treat all of your business partners in the same manner, regardless of their respective professional standings. In Icelandic culture, exactitude and honesty are highly respected, and Icelanders have a reputation for cutting to the chase during conversations.
When attending professional gatherings, it is of the utmost importance to get there either exactly on time or even a few minutes early. This is a question of basic etiquette and should not be ignored. As soon as you realize you are going to be late to let your other business partners know, do not hesitate to give them a call. When giving a presentation, it is of the utmost significance to use information that is relevant, supportive, and gets right to the point throughout the course of the presentation. Your business partners in Iceland have come to expect that you will provide information that is accurate and truthful; as a result, you should refrain from embellishing the truth about anything.
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