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Cyprus - UAE Double Tax Avoidance Agreement
Cyprus expands its treaty network with the UAE and reaffirms its position as the bridge that connects Europe with the Middle East. The double tax treaty between Cyprus and the United Arab Emirates became effective as of 1 January 2014 whereas:
• Dividend, interest and royalties are subject to zero withholding tax.
• Capital gains from the sale of shares including shares in “property rich” companies will be taxed in the country in which the alienator is resident.
• The Treaty contains no “Limitation of Benefits” clause.
For the Double Tax Avoidance Agreement between Cyprus and UAE, please click read more:
Cyprus Residential Property Price Indices
The residential property price indices for Cyprus are constructed by the Central Bank of Cyprus’s Real Estate Unit (REU). The indices are based on property valuation data collected since 2006 by the contracted banks, which receive the relevant information from independent property surveyors in connection with mortgage transactions, such as housing loans, mortgage refinancing and mortgage collateral. The data, which are representative of the Cyprus property market, cover all the areas under the effective control of the Republic of Cyprus (Nicosia, Limassol, Larnaca, Paphos and Famagusta) and refer to residential properties (houses and apartments). The base period for all the indices is the first quarter of 2010 (i.e. 2010Q1=100). Visit the relevant section on the site of the Central Bank of Cyprus by clicking read more:
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Cyprus Parliament approves new package of insolvency laws
The Cyprus parliament approved on April 18, 2015 a new package of insolvency laws. This package of new laws is aiming at streamlining and modernizing the existing system and promoting a rescue culture.
The new insolvency framework is introduced in the context of the economic crisis and the Memorandum of Understanding (MoU) obligations undertaken by the Republic of Cyprus in 2013. For full details regarding the new laws, please click read more:
Greece - UAE Double Tax Avoidance Agreement
The finance ministers of Greece and UAE signed on June, 2013 an agreement to amend avoidance of double taxation, boosting bilateral economic relations.
This marks the beginning of an ambitious economic cooperation between the two countries and constitutes the first vital step for Greece for the attraction of investments coming from the United Arab Emirates, which have shown keen interest in investing in various sectors of the Greek economy.
For the Double Tax Avoidance Agreement (Greek & English versions) between Greece and UAE, please click read more: