A double taxation convention for the avoidance of double taxation was signed between Cyprus and Saudi Arabia on 3 January 2018, during a visit to the Kingdom by the Cypriot President.
The new agreement, which is based on the OECD Model convention framework, includes the exchange of financial and other information in accordance with the relevant article, and covers corporate taxation on dividends, interest, royalties and capital gains, as well as personal income tax, with certain modifications in respect of both Saudi Arabian and Cyprus special domestic taxes.
The treaty is expected to be ratified and come into force as from 1 January 2019.
For further information, please contact Richard Melton, Director of Business Development at Vistra Cyprus.
Cyprus Tax Treaty Update 2019
Download the Cyprus Tax Treaty Update 2019