Three new double tax treaties come into effect as from 1 January 2015, thereby further expanding the Cyprus double tax treaty network. These are with Spain, Lithuania and Norway. In the case of Norway, the new treaty replaces the 1955 UK-Norway agreement which has been in force between Cyprus and Norway.
During 2014, Cyprus has also signed treaties with Switzerland, Iceland and Guernsey - however, these treaties are yet to be ratified.
The treaties are based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention framework with a number of modifications.