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ARTICLE · 05 NOVEMBER 2010

Cyprus Business Headlines - Autumn 2010

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Following the visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011.

CyprusWealth Management
Andreas Neocleous
Andreas Neocleous
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Following the visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011.

The new agreement retains the highly favourable tax provisions between the two countries and will strengthen Cyprus's position as the portal of choice for both inbound and outbound investment between the Russian Federation and the rest of the world.

Commenting on the signing of the Protocol, President Medvedev stated that, "Cyprus is perceived by our businessmen as a very convenient platform to make investments. The amendments to the agreement on avoiding double taxation that have just been signed are aimed at making this area more predictable, transparent and understandable for the authorities regulating it."

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