> you can show a foreign income of ISK 1,000,000 per month or ISK 1,300,000 if you also apply for a spouse or cohabiting partner.
> you do not need a visa to enter the Schengen area
Unfortunately this ^ disqualifies me, despite meeting the income requirements, since I need a visa to enter the Schengen region. This seems to be an odd requirement, they are already issuing a visa, why require people to have powerful passports as well ?