Iceland is an island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom. The climate is temperate, moderated by the North Atlantic Current, with mild, windy winters and damp, cool summers. The official language is Icelandic. Most people, particularly the younger generation, also speak English and Danish. The main religion is Christianity. The economy of Iceland is a small mixed economy with high levels of free trade and government intervention and subject to high volatility. Icelanders are generally non-confrontational, preferring to reach decisions through consensus, which may entail lengthy discussion. An Icelander's surname is their father's name, followed by 'son' or 'dottir', respectively. The telephone directory is listed by first name. Expatriate business dress is usually fashionable and conservative. The security risk for expatriates in Iceland is low. The largest risk for expatriates are the extreme climatic conditions. The currency of Iceland is the Iceland Krona (ISK). Credit cards are widely used. Icelandic Kronur are available through banks and cash machines in Iceland. Some banks may require advance notice before allowing debit or credit cards to be used in Iceland. The standard of healthcare in Iceland is good, however costs of treatment for expatriates from outside the EU can be high. The population of Iceland is 348,600 (2019 est.), while the inflation rate (CPI) is 3.1% for Iceland as at July 2019. Xpatulator Hypothetical Tax for Iceland is based on the current personal income tax rates which are a combination of progressive National tax (22.50% and 31.80%) and Municipal tax (13.7% - 14.52%) with a total progressive of between 36.94% and 46.24%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Iceland, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Iceland as at 1 July 2019 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very High 2) Clothing: Very High 3) Communication: High 4) Education: Average 5) Furniture & Appliances: Average 6) Groceries: Very High 7) Healthcare: Average 8) Household Accommodation: High 9) Miscellaneous: Very High 10) Personal Care: High 11) Recreation & Culture: Very High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Very High Iceland is for example 16.4% more expensive than USA for groceries, 16.7% more expensive for household costs than UK, and 242.9% more expensive for transport costs than India. The hardship premium for Iceland for an expat from Australia, is for example 20%, i.e. host location (Iceland) premium of 30% minus home (Australia) location premium of 10%. Iceland is ranked as a high degree of hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Iceland? Register subscribe to your home location and Iceland and run your personalised reports.