August 1, 2008 was a milestone for the University of the Faroe Islands on that date the Faroese School of Education, the Faroese School of Nursing and the University of the Faroe Islands (Faculty of Faroese Language and Literature, Faculty of Science and Technology and Faculty of History and Social Sciences) merged into the enlarged and restructured University of the Faroe Islands as we know it today.
The merger was a result of the implementation of Faroese Parliamentary Act 58, dated June 9, 2008, on the University of the Faroe Islands, which was subsequently amended through Faroese Parliamentary Act 51, dated May 8, 2012.
The University is publicly funded, meaning that it is allocated an annual appropriation on the Faroese national budget.
In recent years several externally funded projects have been launched. These include both Ph.D. research and other research project funded by the Faroese Research Council, Danish Agency for Science, Technology and Innovation, oil companies and other entities.