Faroe Islands set to take over Investment Fund as proposal advances in Danish Parliament

The proposal for the Faroe Islands to take over the Investment Fund is set to move forward in the Danish Parliament.

The Danish government has held discussions regarding the proposal with the Faroese Government, Danish Business, and Danish Industry. No comments have been received from these stakeholders.

The Faroese Parliament, known as Løgting, has already approved the takeover of the Investment Fund. All 28 members present in the chamber on that day voted in favor of the government’s proposal.

The transition is scheduled for January 1, 2025. Since the legislation governing the Investment Fund is Danish, the proposal also requires consideration by the Danish Parliament.