On 9 March 2015, the Republic of Cyprus and the Kingdom of Bahrain signed a Double Tax Treaty (DTT) based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital with the aim to help attract foreign direct investment to Cyprus.
The double taxation avoidance agreement updates an existing protocol and expands the network of similar deals, based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital, in order to help boost foreign direct investments to Cyprus.
Besides the treaty on the avoidance of double taxation, a series of other agreements were also signed on such issues as terrorism and crime, aviation services and health.
During the two day high level visit, President Anastasiades, the King of Bahrain Hamad bin Isa Al Khalifa and the delegations of the two countries held official talks at the Palace in Manama. Issues relating to the Cyprus problem, bilateral relations, EU-Bahrain ties, regional and international matters, as well as the economy were discussed.
Speaking to reporters after the meeting between the two heads of state, Government spokesman, Nicos Christodoulides, also announced the decision by Bahrain to accredit, for the first time, an Ambassador to the Republic of Cyprus. Furthermore, Christodoulides said that “the presence of the President of the Republic here falls within the context of the policy of the Republic of Cyprus for the strengthening of its relations with all the Gulf countries. I reiterate that the visits of the President to the United Arab Emirates, Qatar and Kuwait preceded this visit, whereas recently the President visited Saudi Arabia. Today, he is in Bahrain and very soon he will visit Oman as well. It has to do with a conscious choice to strengthen our relations with these states’’.
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