Cyprus - Italy Double Tax Agreement

Cyprus and Italy have signed an additional protocol to their agreement on the avoidance of double taxation. The additional protocol provides for the exchange of bank and other information based on the OECD Model Tax Convention.

In statements to the press, the Cyprus Minister of Finance said that the additional protocol would remove Cyprus "from the so-called black list of Italy", and resolve outstanding tax issues between the two states. This will increase Cyprus's attractiveness to Italian investors as a gateway to the Russian, Eastern European and other markets.

The signature of the Italy protocol follows closely on the conclusion of revised double taxation agreements with the Russian Federation and the Czech Republic.