Wealthy North Americans Seek Icelandic Citizenship Skip to content

Wealthy North Americans Seek Icelandic Citizenship

A group of Icelandic entrepreneurs are pressuring the Icelandic parliament’s General Committee to make an exception to the law on Icelandic citizenship and grant citizenship to ten wealthy individuals from Canada and the United States and their children.


The photo is not related to the story. By Geir Ólafsson.

These people are said to have ISK 1,700 billion (USD 15 billion, EUR 10 billion) at their disposal, as revealed on RÚV’s news magazine Kastljós last night, which they would like to use to invest in the Icelandic energy sector, visir.is reports.

The amount is similar to what all of the assets of the Icelandic pension funds are worth, ruv.is reports.

The committee’s chair, Róbert Marshall, told RÚV yesterday that it is important to discuss whether the Icelandic citizenship can be used to attract investors to the country.

Minister of the Interior Ögmundur Jónasson told ruv.is that the matter has been discussed in his ministry and that the conclusion was made that the Icelandic citizenship is not for sale.

He does not favor the idea and is unaware as to whether such practices have taken place in other countries. The minister added it is important to be careful with what moves are made when money is the motivator.

The North Americans, who run energy companies in the US and Russia, are acting on behalf of the Icelandic company Northern Lights Energy (NLE), which, according to visir.is, is planning the sale of electric cars in the Nordic countries.

Managing director of NLE Sturla Sighvatsson said on Kastljós that the group’s purpose is not to buy up all of the country’s energy resources but rather further innovation.

They have all submitted extensive character evaluations, conducted by Kroll, among other agencies. Conditions for obtaining Icelandic citizenship include clean record.

Click here to read more about NLE.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article