Getting a job and working in Norway is one of the reasons why one might want to acquire a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in Norway also allows you to enjoy all the benefits of residing in the EU, such as freedom of moving in the Schengen area, the chance to be employed and do business in the member-states with fewer requirement, as well as travel to European destinations without the need for a visa (with some exceptions).

Vacancies
As of now, there are approximately 84 149 vacancies available in Norway. That is 2.9% of all the job positions, both occupied and vacant, in the country.

Wages and expenses
In Norway the average salary is EUR 4713.

A single person in Norway spends an average of EUR 1047 per month, not including rent.

Workweek
The standard workweek in Norway is 8 hours a day or 40 hours a week.

Useful resources
If you are planning to work in Norway, it is useful to know the following information and contacts of organizations.

Work permit services
If you are interested in working in Norway, you need to obtain a work permit and a residence permit (which in some cases are obtained simultaneously). For this you can use the help of our legal team - we provide consultations, find the best solutions to your unique case and deliver legal assisstance of all kinds. So contact us by using the form on the upper right side of the page, and start a journey to your dream job in Norway.

Cryptocurrency is a relatively new term, which have emerged in 2008. Generally speaking - it is a digital currency. Main principles of nearly all the cryptocurrencies are:

decentralization of emission / control bodies;
application of various cryptography methods;
collective systematization.
Cryptocurrencies usually have no common emission and controlling bodies. No national banks or other governmental structures has any direct control over cryptocurrency emission and value. This explains why it’s value and general status are set solely by a theoretical consensus of all it’s holders.

Modern blockchain technology
Blockchain is a system that records all transactions in relation to the cryptocurrency. The system contains modules, each called “block”. Every block represents a decoded record of a specific cryptocurrency related transaction. It also contains a coded reference to the previous block, which consecutively contains a record regarding the previous transaction. As a result, all the information regarding transactions and manipulations done with certain units of a single cryptocurrency can be followed back to the original entry. By performing such backtrack - it’s validity can be verified. You need to consider that the blocks and entries cannot be altered once they are registered, making it impossible to impact / modify the whole chain, making it a safe and elegant solution to digital transactions.

Cryptocurrency trading
Despite the fact that there are several different cryptocurrencies, each serving different purposes and utilizing slightly variative methods, there is a common set of rules worth following, when dealing with cryptocurrency trading:

learn as much as you can about the blockchain and it’s main principles;
study about the most popular cryptocurrencies and their advantages;
carefully evaluate your possibilities and possible risks;
stay updated about financial and cryptocurrency related news;
create an exchange account for crypto trading specifically;
start off by dealing with smaller amounts to study the market;
always research and keep improving your knowledge;
eventually try trading with larger numbers, implement complex solutions.
Cryptocurrency mining procedure
Crypto mining is a general way to refer to a process of transaction validation. It is usually performed by utilizing computing powers to make specific calculations within a common mining system. For contributing calculating powers miners are usually rewarded with certain units of cryptocurrency being mined. Such mining impacts and increases the overall number of cryptocurrency in the turnover, affecting it’s public value.

Cryptocurrency payment solutions
Since cryptocurrencies have rapidly emerged only a decade ago, the national governments so far had almost no chance to properly react and adopt bills and regulations in relation to cryptocurrency utilization, as a result, most of the public services could not be paid in crypto. However, as the value of many cryptocurrencies increased - many governments started showing increased interest in BitCoin and few other cryptocurrencies. Numerous companies and financial institutions have started actively developing and implementing crypto-based payment platforms and other solutions, some of which were requested by the official governments.

Initial coin offering (ICO)
ICO is a non-regulated crowdfunding based joint venture aimed to raise funds for a newly established cryptocurrency. It is often used by new companies to avoid capital-raising process involving search for investing parties, often required by traditional investors or banks. During an ICO campaign, certain percent of new cryptocurrency is acquired by the early investors, gaining a legal tender or other cryptocurrencies in exchange.

Official Name: Republic of Austria
Capital: Vienna
Total area: 83 870 km2
GDP per capita: $42,408
Native Language: German
Government: Federal parliamentary republic
Population: 8,414,638
Major Religion: Roman Catholicism
Monetary Unit: Euro (EUR)

The Alps dominate the west and south of Austria, while the eastern federal states - including the capital Vienna - lie in the Danube basin.

By the end of World War I, Austria was the center of a vast empire that controlled much of Central Europe for centuries. Today Austria is a federal republic consisting of nine federal states.

Vienna is home to a number of international organizations including the Secretariat of the Organization for Security and Cooperation in Europe, the International Atomic Energy Agency and the Organization of Petroleum Exporting Countries.

Austria has a rich cultural heritage. Wolfgang Amadeus Mozart has his own place as a composer, but the music of Franz Schubert also enjoys great popularity. In the world of philosophy and ideas, the work of Siegmund Freud continues to stir controversy, while Ludwig Wittgenstein was one of the most important influences on 20th-century philosophical thought. In art, the paintings of Gustav Klimt from the late 18th century are widely admired.

Austria has a mixed industrial and agricultural economy, and tourism is also an important source of income.

In the kitchen, Austrian specialties such as Wiener Schnitzel and apple strudel have become international dishes that need no translation.

Health & Welfare
Social insurance is comprehensive including sickness, disability, accident, old-age, and unemployment benefits, allowances for families with children, and rent aid.

Economy & Jobs
Oil production and refining, banking, railroad equipment, electric machinery, appliances, mining, iron, steel, chemical manufacturing, natural-gas, and electric power production. Jobs in machinery, textiles, iron & steel, timber, and tourism.

Main Attractions
Vienna, Eisriesenwelt Caves, Grossglockner Road, Salzburg, and St Anton skiing resorts.

Economy
Austria is the 12th richest country in the world in terms of GDP per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy. Mariahilf shopping avenue in Vienna.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. Since Austria became a member state of the European Union it has gained closer ties to other EU economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.

On July 1, 2010, amendments to the Law on Immigration of the Republic of Latvia came into force, which expand the possibilities of obtaining a residence permit in Latvia for foreigners who wish to stay and move freely in the Schengen area.

The uniqueness of these changes lies in the introduction of a new method of obtaining a residence permit – investing in real estate. It has attracted a large number of investors as a foreigner investing in real estate (which can be used for profit) has the opportunity to move freely within the Schengen area provided he or she has a passport and sufficient financial means has. Citizens of the Russian Federation are particularly interested in using this opportunity, since Latvia is nearby and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.

What is the advantage of a residence permit?

A residence permit is a document granting a foreign citizen the right to reside temporarily (a temporary residence permit) or permanently (a permanent residence permit) in the Republic of Latvia.

A temporary residence permit gives a foreigner the right to:



residence in the Republic of Latvia for a period not exceeding five years;

to freely cross borders of EU member states and non-EU countries;

to relocate and stay up to 90 days within the territory of other EU countries except the UK, Ireland, Cyprus, Bulgaria and Romania;

to obtain a Latvian or EU permanent residence permit after five years;

to obtain a temporary residence permit for the spouse and children.

How do I apply for a residence permit?

A residence permit is required if you intend to stay in the Republic of Latvia or the Schengen Area for more than 90 days within a six-month period.

This document is issued in the form of a visa and is pasted into the passport, indicating the name, surname and identity number of the person.

You can obtain a temporary residence permit from

Investments in real estate after July 1, 2010;

investments in Latvian credit institutions;

Investing in a company's equity.

Conditions for investing in real estate:

the total amount of the transaction (for one or more properties) must be at least 143,000 euros in large cities and at least 72,000 euros in other places;

only material resources may be used for the acquisition of real estate;

a foreigner has and has never had debts from real estate tax payments in Latvia;

the transaction will close after July 1, 2010;

a residence permit is issued after the property has been registered in the land register.

Conditions on investing in Latvian credit institutions:



the amount of financial investments must be at least EUR 286,000;

the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit. Conditions on investing in the equity capital of an enterprise:

the amount of investment must be at least EUR 36,000;

the amount of taxes payable for the next year must be at least EUR 28,600.

Duration of process

The time for obtaining a residence permit in Latvia includes the period necessary to review the submitted documents which is 5 to 30 days depending on the amount of fee paid. Additional time may be needed for sending documents by mail. If an additional verification by the foreigner is necessary or if a foreigner applies for residence permits for his or her spouse and minor children, the term can be extended for up to 90 days. A foreigner has to come to Latvia to obtain a residence permit no later than three months after being granted the permit.

Statistics

According to the Office of Citizenship and Migration Affairs (PMLP), 2495 temporary residence permits were issued in 2010 indicating a high demand for this service. It is also worth mentioning that the amendments to the Immigration Law of 20 January 2011 simplified the bureaucratic component of services making them even more accessible.

The Latvian tax system is influenced by both Latvian legislation and European Union requirements. It can be called average because each taxpayer contributes an average of 30% of their income to the budget. In addition, Latvia's diverse system of tax rates, tax breaks and allowances allows each taxpayer to choose the optimal sector for their activity and wealth management. The Republic of Latvia has the lowest effective (average) tax rate in the European Union. There are several areas of trade with individual tax breaks - payments that are 80% to 100% lower: for example, Liepāja and Rēzekne have special economic zones, and the free ports of Riga and Ventspils can provide tax breaks.

The tax principles are laid down in the Taxes and Duties Act. Taxes are administered by the State Revenue Service (SRS) and are divided into direct and indirect taxes. Indirect taxes are taxes that are not deducted directly from income and are levied on goods and services. Direct taxes, in turn, are taxes levied on all taxable income of individuals and companies.

Corporate tax
Corporate income tax is the taxable income earned by a taxpayer during a taxable period. The tax base is the legally adjusted financial income of the corporation. The adjustments are made mainly to ensure that revenue exceeds expenditure on which the tax is not levied (e.g. expenditure not directly related to economic activity) or to increase revenue by a certain amount, if appropriate reduce if the law provides for tax relief.

Corporate taxpayers are:

resident or domestic companies engaged in economic activity, organizations and institutions funded from the state budget or municipal budgets and earning income from economic activity;
non-resident or foreign companies, business entities, individuals and other persons;
permanent representative offices of non-resident companies whose income tax rate is 20%.
Individual companies pay income tax, and the tax rate ranges from 20% to 31.4%, depending on the level of income.

Income tax
Personal income tax is one of the most stable sources of income that adds funds to municipal budgets. Personal income taxpayers are self-employed individuals or businesses that are registered as taxpayers, including farms and fisheries. It is intended to return income tax to taxpayers with eligible expenses for education and medical services.

Personal income tax rates vary between 20% and 31.4% depending on income. It should also be noted that the tax is not levied on all income. Instead, some items are deducted from total income before tax is calculated:

Tax-free minimum amount
Deductions for legal guardians of specific persons (e.g. children)
Deductions for people with disabilities
other deductions
Social security contributions (social tax)
Compulsory Social Security Contribution is a compulsory payment to a special household account established by law, which entitles the insured to receive the social security benefits established by law. Social security contributions increase the state social security budget. Therefore, an insured person may receive the following benefits: old-age pension, disability pension, survivor's pension, sickness benefit, maternity benefit, unemployment insurance and death benefit.

The standard social tax rate is 35.09%, divided between employer (24.09%) and employee (11%). A number of deductions can also be applied, mainly various tax reductions for recipients of state pensions.