Officials of Jersey and Cyprus have signed a Double Taxation Agreement (DTA) on 11 July 2016 in London. The agreement – negotiations for which have lasted since 2013 – will come into force once all the necessary parliamentary procedures in both countries are completed.
Senator Bailhache for the Government of Jersey said “[t]he signing of the DTA with Cyprus continues Jersey’s firm and longstanding commitment to the international standards of transparency and information exchange.”
“Jersey also pursues a good neighbour policy in relation to the European Union and we are therefore delighted that with the signing of the DTA we will be further strengthening our political and business relationship with an EU Member State. The signing of a DTA with Cyprus is particularly welcome because we have a great deal in common as international finance centres.”
The official full text of the DTA is not available yet. Nonetheless, it is based on the OECD model, enabling limitation of double taxation of incomes as well as providing for the exchange of information on request.
With the conclusion of the DTA, Jersey became Cyprus’ sixty first tax treaty partner.
Tax and Legal Advisor