Voting has started in Reykjavik [Iceland], Iceland to elect the new President. Polling stations in Iceland's larger municipalities will remain open until 10pm (local time) on Saturday, Iceland Review reports.

About 270,000 people are eligible to vote and must bring personal identification, such as a passport or driver's license, to cast their ballot, the Iceland Review reports.

According to the latest survey, there is a close race between former Prime Minister of Iceland Katrín Jacobsdottir and businesswoman Halla Tomasdottir. Iceland Review, citing the RUV report, reported that in the Gallup poll, Jakobsdottir got 26 percent of the vote and Tomasdottir got 23.9 percent.

Elections in Iceland are held in a single round and the new President can be elected with only about a quarter of the total votes. In the survey Halla Hrund Logadottir received 19 percent of the vote and Baldur Thorhallsson came in fourth place with less than 15 percent of the vote. According to the survey, John Gnar came fifth, receiving 8 percent. There are 12 candidates in the fray in the elections.

On January 1, outgoing President of Iceland Gudni Jóhannsson announced that he would not seek re-election after serving two terms in office. Johannisson will serve as President of Iceland until August 1, when the newly elected president will take office.

In particular, according to the Iceland Review report, the President has limited political powers in Iceland. However, he performs all ceremonial duties and is considered to have significant influence on Icelandic society.