Hundreds of Icelandic Companies Registered in Tortola Skip to content

Hundreds of Icelandic Companies Registered in Tortola

By Iceland Review

Several hundred holding companies registered on the island of Tortola were established by Icelandic individuals in the past few years, primarily through the subsidiaries of the Icelandic banks in Luxembourg.

More than 130 of these companies applied for and were granted operating licenses in Iceland after 2000, Morgunbladid reports.

According to Morgunbladid’s sources, there is not much to gain in terms of eluding taxation by having a company in an island like Tortola; such companies are first and foremost established to hide ownership patterns or funds and assets that were earned in a questionable manner.

Former Minister of Business Affairs Björgvin G. Sigurdsson said there were obvious flaws in the operational framework on Icelandic holding companies.

“Apart from that, it is very serious how these tax shelters have been used and, in fact, abused in the past few years,” Sigurdsson added. “One of the main things that must be done when this legal frame is reviewed, is to prevent such things from happening again.”

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