If you move to the Faroe Islands for reasons of fixed-term employment, you may become exempt from contributing to the Faroese pension system.
The conditions for becoming exempt are that you are fully tax liable in the Faroes and that the employment contract between you and your employer directly states that the employment is for a fixed period of time.
If this is the case, you can apply for an exemption by completing and submitting the application form "Application for the exemption from compulsory pension contributions in the Faroe Islands" found under Forms. Exemptions may be granted for a total of up to 60 months. You are required to submit a copy of your employment contract with the application.
To avoid prolonged processing time, it is most convenient if the exemption is granted before the first payday.
If you started paying into a pension in the Faroes, but you qualify for an exemption, you can request to have your contribution refunded. In this case, you must submit the application form “Request for a refund of pension contributions”. You are required to submit a copy of your employment contract with the application.