After several years of negotiations, Cyprus and Barbados signed an agreement for the avoidance of double taxation on May 3 2017 in London.
The agreement's text has not yet been published, but according to the Ministry of Finance, it follows the Organisation for Economic Cooperation and Development Model Tax Convention. The agreement will take effect after formal ratification procedures have been completed in both countries.
Cyprus and Barbados have much in common: both are former British colonies that achieved independence in the 1960s and both have a service-based economy in which tourism and international financial services play an important role.
Conclusion of a double tax agreement will foster cooperation in other fields and extend Cyprus's double tax treaty network into the Caribbean.
For further information on this topic please contact Philippos Aristotelous at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email ([email protected]). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.