New double tax agreement between Cyprus and Saudi Arabia

On 3 January 2018 Cyprus and Saudi Arabia signed an agreement for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion. The agreement, which was signed during the official visit of the President of Cyprus to Saudi Arabia, is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and provides for the exchange of financial and other information in accordance with the relevant Article of the Model Convention. The agreement will take effect once formal ratification procedures have been completed.

Upgrading and expanding the network of double taxation agreements to further strengthen Cyprus as an international business centre is a priority of the Cyprus government.