Press Releases

The Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed today, May 18^th 2018, at Elsinore of Denmark, during the 128th session of the Ministers of Foreign Affairs of the Council of Europe, between the Republic of Cyprus and the Principality of Andorra. The Minister of Foreign Affairs, Mr Nikos Christodoulides, οn behalf of the Republic of Cyprus, and the Minister of Foreign Affairs, Mrs Maria Ubach Font, on behalf of the Principality of Andorra, signed the Treaty.

The text has been agreed between the two jurisdictions will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Republic of Cyprus and the Principality of Andorra, as Andorra is one of the few European jurisdictions that the Republic of Cyprus had no such convention.

The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD/G20. Furthermore, it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.

Upgrading and expanding the network of Double Taxation Conventions, is of high economic and political importance and aims to further strengthen Cyprus as an international business center.

(MG/II)