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CYPRUS AND GUERNSEY EXPAND THEIR COOPERATION

Published by Gbaf News

Posted on September 10, 2014

1 min read

· Last updated: September 16, 2014

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Banking Wealth Management

Cyprus and Guernsey have signed a double tax treaty (DTT) on July 15 in Cyprus and on July 29 in Guernsey, respectively.

As reported, the treaty is expected to come into force on January 1, 2015, following its ratification.

The treaty is expected to contribute to the further development of the relationship between Cyprus and Guernsey, with a strong focus on commercial and finance matters.

Key Takeaways

  • Cyprus signed the comprehensive double tax treaty (DTT) with Guernsey on July 15, 2014, and Guernsey signed on July 29, 2014.
  • The treaty entered into force on March 4, 2015, and its provisions took effect from January 1, 2016.
  • It eliminates withholding taxes on dividends, interest and royalties between the two jurisdictions.
  • The treaty strengthens commercial and financial ties by aligning with the OECD Model Tax Convention framework.
  • Capital gains tax treatment depends on the nature and location of the disposed assets.

Frequently Asked Questions

When did Cyprus and Guernsey sign the DTT?
Cyprus signed the DTT on July 15, 2014, and Guernsey on July 29, 2014.
When did the treaty enter into force and become effective?
The treaty entered into force on March 4, 2015, and its provisions took effect on January 1, 2016.
What withholding tax rates apply to dividends, interest, and royalties under this treaty?
Withholding tax on dividends, interest, and royalties is set at 0% under the treaty.
How are capital gains treated under the treaty?
Capital gains on immovable property may be taxed in the location of the property, while gains from other assets are generally taxed only in the taxpayer’s jurisdiction of residence.
What model is the treaty based on?
The treaty is based on the 2010 OECD Model Tax Convention, with modifications and a protocol clarifying information exchange provisions.

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