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Cyprus has gained substantial benefits from the re-negotiations of the Russian Double Tax Treaty. 

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Cyprus Russia Double Tax Treaty

The Cypriot side ensured, among other things, the exemption from a 15 per cent withholding tax on dividends for regulated entities, such as pension funds and insurance companies, as well as listed companies.

In addition, interest payments from corporate and government bonds as well as Eurobonds are excluded from the 15 per cent withholding tax in the new Cyprus Russia Double Tax Treaty.

Any other type of Cyprus-based entities will still be able to avoid double taxation, but at a higher rate of 15 per cent.

The government of Cyprus aims for the new the Agreement to be signed by Autumn 2020, so that it will be implemented on January 1, 2021.