Cyprus continues to expand its tax treaty network, with the Cyprus-Switzerland double tax treaty (2014) and related protocol signed in Nicosia on 25 July 2014. The treaty is now subject to ratification before it comes into effect.
The treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.
In line with the press release issued by the Cyprus Ministry of Finance on this matter, the agreement “will contribute to further developing trade and financial relations between Cyprus and Switzerland as well as other countries”, while “the updating, maintenance and expansion of the existing network of double tax treaties, which are of utmost financial and political importance, aims at further strengthening and attracting foreign investment and promoting Cyprus as an international business centre”.
Further details on the provisions of the new treaty will follow.