Cyprus and Jersey signed a treaty for the avoidance of double taxation on income based on the model convention for the avoidance of double taxation of the Organisation of Economic Cooperation and Development (OECD), the finance ministry said.
The agreement between the two jurisdictions, signed on Monday 11th July 2016, in London, will contribute to further developing both bilateral commercial and financial ties and ties to third countries, the finance ministry said in an emailed statement.
The Finance Ministry also stated that “Updating, maintaining and expanding the existing network of double taxation avoidance treaties, which are of foremost financial and political importance, aims at further strengthening and attracting foreign investment and promoting Cyprus as an international business centre,
Further details of the treaty will be reported subsequently.