Article 27 of the new double taxation agreement between Spain and Cyprus provides that the agreement will enter into force three months after the exchange of official notifications between the governments concerned that all ratification procedures have been completed.
We understand that notifications were exchanged in March, which means that the new agreement should enter into force during June 2014.
The Cyprus tax authorities have indicated that they will allow the benefits included in the new agreement with effect from 1 January 2014.
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