Circular 1, dated October 29, 2012 regarding temporary admission of leisure craft to the Faroes
Travellers arriving to the Faroes in their own leisure craft may enter and keep their vessel in the Faroes for a maximum of 3 months in a 12-month period, without paying import duties or tax.
The precondition for such duty and tax relief is that the vessel should be intended for the owner’s personal use, and that the vessel may not be used by anyone permanently resident in the Faroes.
Under special circumstances, TAKS may grant an owner’s application for temporary admission of their vessel for up to a year after its date of entry to the Faroes.
Vessels granted temporary admission, authorizing them to remain in the Faroes, shall not be used by anyone other than their owner, and may not be used by any permanent residents of the Faroes. All fixtures, furnishings and parts in the vessel on entry shall remain in the vessel for the duration of its stay in the Faroes.
Any failure to comply with these rules and regulations will lead to the imposition of any duties and taxes owed pursuant to the regulations on import duty and tax.
This circular shall enter into force on November 1, 2012.
Argir, October 29, 2012