Cyprus-Russia Double Tax Treaty Revised

Russia’s President, Dmitri Medvedev, and Cyprus’ President, Dimitris Christofias, signed a protocol amending the double taxation treaty between the two countries. Although the new version of the treaty provides for more extensive information exchange between the tax authorities of the two countries, Cypriot companies with Russian beneficiaries have not been stripped of treaty benefits. Currently, Cyprus is the world leader in accumulated foreign investment into the Russian economy with $52 bln of investments, a large share of which is believed to be owned by Russian nationals.

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