On 11 July 2016, Cyprus and Jersey signed a comprehensive Double Taxation Agreement (DTA) with Jersey.
The Agreement was signed at the Cyprus High Commission in London by the Minister for External Relations, Senator Sir Philip Bailhache, for the Government of Jersey and the High Commissioner, His Excellency Euripides Evriviades for the Republic of Cyprus.
The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on income and on capital. The agreement will contribute to the further development of the trade and economic ties between the two countries.
The Cyprus government also notes that updating, maintaining and expanding the existing agreements’ network of double taxation treaties is of great economic and political importance and aim to enhance and attract foreign investment to Cyprus, and promote the island as an international business centre.
Assuming that the usual provisions of the OECD Model Convention apply, it must be formally ratified by both countries before it enters info force, and will have effect from the beginning of the year following its entry info force..
Further information about the details of the agreement will be reported as soon as such information becomes available.