On 18 May 2018, the Republic of Cyprus and the Principality of Andorra signed an agreement for the Avoidance of Double Taxation during the 128th session of the Ministers of Foreign Affairs of the Council of Europe, at Denmark.
The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and combines all the minimum standards of the Base Erosion Profit Shifting (BEPS) project. Moreover it includes the exchange of financial and other information in accordance with the related Article of the Model Convention.
The expansion of the network of double tax treaties is of great economic and political importance for Cyprus as it enhances its stability and strength as an international business hub.
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