Cyprus has further expanded its already wide network of Double TAX Treaties, by announcing on July 11th a new DTT agreement with Jersey (a Crown dependency of the United Kingdom located between England and France).
The agreement which have been negotiated since early 2013, will come into force once all necessary parliamentary procedures in both countries are completed.
Although the full details of the agreement are not yet released, the agreement is based on the OECD model providing no Withholding Tax on payments of dividends, interests and royalties between the two countries. Gains from the sale of shares of companies (including shares of property rich companies) are to be taxed in the country where the seller is located.