On the 18th November 2016, the Republic of Cyprus and the Republic of India signed a double taxation avoidance agreement in relation to taxation on income.

When the agreement enters into force, the Indian authorities will remove Cyprus from the list of "Notified Jurisdictional Area", with retrospective effect from 1 November 2013.

The said agreement is expected to contribute to the further development of commercial and economic relations between the two countries. Likewise, the agreement aims at attracting further foreign investments in Cyprus as well as promoting Cyprus as an international business center.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.