According to Article 7, Paragraph 1 of the Foreign Exchange Act, no. 87/1992, cf. Article 13(o) of the same Act, the Central Bank of Iceland is authorized to grant exemptions from prohibitions on Capital movements upon submittal of an application requesting an exemption. After evaluating a request for an exemption, the Central Bank shall consider the consequences of the capital controls for the applicant, the objective of the capital controls, and the impact that an exemption will have on monetary and exchange rate stability; cf. Article 7, Paragraph 2 of the Act.
The processing time for an exemption request is eight (8) weeks (minimum). It should be noted that the principle of non-discrimination is applied in all cases, and comparable cases receive comparable handling and generate the same results.
Processing time is longer when a case is one that sets precedent or involves large amounts of money, where the Bank’s assessment, cf. Article 7, Paragraph 2 of the Foreign Exchange Act, is prepared in collaboration with other Bank departments.
The applicant shall fill out the form electronically where appropriate. The applicant shall then print and sign the application and send it by postal mail. Applications for exemptions according to the Foreign Exchange Act, no. 87/1992, shall be sent in writing to the Central Bank of Iceland, together with documents pertaining to the case; cf. Article 13(o), Paragraph 1 of the Foreign Exchange Act.
Applications shall be sent to:
Central Bank of Iceland
Att'n: Capital Controls Surveillance Unit