The Ministry of Finance has announced that Cyprus has signed an agreement for the avoidance of double taxation with the Principality of Andorra. Negotiations on the agreement had been in progress for several years.
The text of the agreement has not yet been published, but according to the announcement it is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and incorporates all the minimum standards of the Base Erosion and Profit Shifting (BEPS) project.
The agreement will enter into force once it has been formally ratified by both countries.
For further information on this matter please contact Elena Christodoulou or your usual contact at Elias Neocleous & Co LLC.