Update on new Double Tax Treaties in Cyprus

In addition to the existing network of Double Tax Treaties (DTT), additional agreements have been signed between Cyprus and the following countries:

Cyprus-Finland Double Tax Treaty

The avoidance of double taxation (DTA) has been signed between Cyprus and Finland on 15th November 2012 by the Cyprus Minister of Finance, Vassos Shiarly and HE the Ambassador of Finland in Cyprus, Anu Saarela.

Once sanctioned by the parliaments of both countries, the DTA is expected to become effective with the beginning of 2014.

Cyprus-Portugal Double Tax Treaty

Along with the removal of Cyprus from the Portuguese ‘black list’ of privileged tax regimes jurisdictions, double tax treaty has been signed between Cyprus and Portugal on 19th November 2012.

The DTA is expected to become effective once sanctioned by the parliaments of both countries.

Cyprus-Estonia Double Tax Treaty

The avoidance of double taxation (DTA) and an agreement for the prevention of fiscal evasion has been signed between Cyprus and Estonia on 15th October 2012 by the Minister of Foreign Affairs of Cyprus, Erato Kozakou-Marcoullis and the Minister of Foreign Affairs of Estonia, Urmas Paet in Luxembourg.

The DTA is expected to become effective once sanctioned by the parliaments of both countries.

Cyprus-United Arab Emirates Double Tax Treaty

The avoidance of double taxation (DTA) and an agreement for the prevention of fiscal evasion has been signed between Cyprus and United Arab Emirates on 27th February 2011 by the Minister of Foreign Affairs of Cyprus, Markos Kyprianou and the minister of Foreign Affairs of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan.

The DTA has been sanctioned by the Cyprus House of Representatives on 5th September 2011 and is expected to become effective once sanctioned by the Government of United Arab Emirates.