On 4 August 2015 Cyprus signed an agreement with Iran for the avoidance of double taxation. An important step forward in the strengthening of economic relations between the two countries, the treaty is expected to drive foreign investment into Iran as well as opening the door to investment from Iran into Cyprus and the European Union.
The provisions of the significant agreement, titled the Agreement of Avoidance of Double Taxation and Tax Evasion, deal specifically with income tax and will come into effect in the year following that in which the formal approval processes are completed.
Cyprus is ideally situated for investment from the Middle East, and the new treaty builds on this – potentially opening up highly lucrative new trade markets. Indeed, Yiannos Athiainitis, Deputy Chairman of the Cyprus-Iranian Business Association, said after the signing ceremony: “This historic agreement opens a channel for investments from Iran to Cyprus … Cyprus can be Iran’s door to Europe.”
Read more on Cyprus Mail.
Speaking in response to the news of the treaty, Constantinos Meivatzis, Director of First Names Group in Cyprus, commented:
“This treaty is a very positive development that will surely lead to substantial new investment opportunities between Iran and Cyprus, as well as providing a strong new bridge between the Middle East and Europe. With offices in Cyprus as well as numerous other strategic locations across Europe, the US and Asia, First Names Group is perfectly placed to help organisations take immediate advantage of the tax treaty when it comes into force. Offering a comprehensive range of corporate administration services, our resident experts will support clients towards making the very best of the new opportunities created.”
For more information on the treaty and what we can do for you, please contact Constantinos:
DD: +357 22 74 91 16
M: +357 99 22 48 74
Or Petros Petrides, Director of First Names Group Cyprus:
DD: +357 22 74 91 21
M: +357 99 22 48 79