Cyprus-Egypt business association enhances cooperation

After several years of negotiations, Cyprus and Barbados signed an agreement for the avoidance of double taxation on 3 May 2017 in London.

The two countries have a good deal in common that both have a service-based economy, in which tourism and international financial services play an important part.
 
The conclusion of the treaty is that it is expected to enhance the economic relations between the two counties and will foster co-operation in other fields and extend Cyprus’s treaty network into the Caribbean.
 
According to the Cyprus Ministry of Finance the treaty follows the OECD Model Tax Convention even though the text of the agreement has not yet been published. The agreement will take effect when formal ratification procedures have been completed and provisions of the treaty with respect to taxes will have effect in both countries on or after 1st January following the date the treaty enters into force.
 
If you wish to know more about Cyprus-Barbados double tax treaty and how it may affect you, please contact our director, Alexandros Philippides at aphilippides@oneworldweb.net for a complimentary consultation.