Cyprus has extended its network of double tax conventions by concluding an agreement on the avoidance of double taxation on income with Jersey. Jersey is a Crown dependency of the United Kingdom, located between England and France. The agreement between the two countries was concluded in London on the 11th of July 2016.
According to the official announcement of the Ministry of Finance of the Republic of Cyprus, the text agreed between the two negotiating teams of the two countries will endorse the trade and economic relations between Cyprus and Jersey, as well as with other countries. Moreover, the agreement is based on the OECD (Organisation for Economic Co-operation and Development) Model Convention for the Avoidance of Double Taxation on Income and on Capital. The text of the agreement has not been published yet. However, further details regarding the provisions of the agreement are expected to be announced soon.
The announcement of the Ministry of Finance of the Republic of Cyprus underlines that updating, maintaining and expanding the existing network of double tax conventions, is of great economic and political importance and aims to endorse and attract foreign investments, as well as, to promote Cyprus as an international business centre.
Cyprus is an international financial centre with many considerable advantages, such as favourable taxation, advanced tax planning services and a network of double tax conventions with more than 50 countries. The lawyers of Michael Chambers & Co. LLC are able to provide you with tailor-made solutions on international tax planning and investment. Among the primary objectives of Michael Chambers & Co. LLC is to assist clients to achieve their goals by providing the best possible solutions. If you wish to speak to one of our lawyers, then please contact us: info@chambers.law
