Cyprus expands treaty network as of 1 January 2020

Executive summary

Cyprus’ Double Tax Treaty network has been further expanded with two new tax treaties between Cyprus and Andorra and the Kingdom of Saudi Arabia, respectively. In addition, a Protocol amending the existing treaty with Ukraine is also effective.

This Alert summarizes the key provisions of the new treaties and amending Protocol which are in effect as of 1 January 2020.

Detailed discussion

Treaty with Andorra

The Treaty provides for 0% withholding tax on dividends, interest a…