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Double Tax Treaty signed between Jersey and Cyprus

06 December 2017

Double Tax Treaty signed between Jersey and Cyprus

Double Tax Treaty signed between Jersey and Cyprus

The treaty signed between Jersey and the Republic of Cyprus on the 11 July 2016 has been officially ratified. The treaty is based on the OECD Model Tax Convention for the Avoidance of Double Taxation on Income and on Capital and entered into force on the 17th of February 2017. The treaty provides for 0% withholding tax rates on dividends, interest and royalties. The provisions of the Double Tax Treaty will take effect as from the 1st of January 2018.

The new treaty will contribute to the further development of the trade and economic relations between Jersey and Cyprus. Advancing and growing the network of Double Tax Conventions, is of high economic and political significance to Jersey with the objective and aim of further strengthening Jersey’s attractiveness for the establishment of holding and investment structures. Likewise for Cyprus it strengthens the jurisdictions attraction to foreign investment by enriching its standing as an International Business Centre.

This Double Tax Treaty expands the double tax treaty network for both jurisdictions, and unlocks and paves the way for new investment opportunities and trade relations to ensue between Cyprus and Jersey.

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