The double taxation agreement between Cyprus and Spain, which was signed in Nicosia on 14 February 2013, has taken another step towards ratification. On 2 August the Spanish cabinet approved the agreement and forwarded it the Spanish parliament for consideration. The new agreement follows the OECD Model Convention and applies to taxes on capital and income. It will enter into force once the two countries have exchanged formal notifications that their respective domestic ratification procedures have been completed and will apply to the tax year beginning on the following 1 January and subsequent tax years.
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.