THURSDAY, 17 AUG 2017

 

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OPINION

Double Tax Agreement between Cyprus and Jersey Enters Into Force

Double Tax Agreement between Cyprus and Jersey Enters Into Force

The double tax agreement between Cyprus and Jersey, which was signed on July 11 2016, entered into force on February 17 2017 following completion of all the requisite ratification procedures (for further details please see "Details of double tax agreement between Cyprus and Jersey"). It will take effect with regard to taxes withheld at source in respect of amounts paid or credited on or after January 1 2018 and for other taxes in respect of tax years beginning on or after that date.

The new agreement, which closely follows the Organisation for Economic Cooperation and Development Model Tax Convention, applies to taxes on income and gains from alienation of movable or immovable property. The specific taxes to which the agreement applies are: 

•    income tax in the case of Jersey; and 
•    Corporate, personal income, special contribution for defence and capital gains tax in the case of Cyprus. 

There is no withholding tax on dividends, interest and royalty payments between residents of the two contracting parties. Capital gains arising from the disposal of shares, including shares in so-called 'property-rich' companies (ie, companies whose assets mainly comprise real estate), are taxable only in the state where the seller is tax resident. There is an exception for gains on shares of companies holding mineral exploration and exploitation rights or real property connected with them, which may be taxed in the state in which the rights or property are situated. 

The agreement further expands Cyprus's network of double tax agreements and facilitates investment and trade between Cyprus and Jersey.

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