Updated Cyprus/Russia Double Tax Treaty - September 2020

On 8 September 2020, Cyprus and Russia signed the protocol for the amendment of the Treaty for Avoidance of Double Taxation between the two countries. As of 1 January 2021, the withholding tax on dividends and interest paid from Russia to Cyprus will increase to 15% with certain exemptions, regarding regulated entities and certain types of interest on corporate bonds, government bonds and Eurobonds.

Our Cyprus Team is ready to discuss these new developments, assess the impact the amendments might have on your structure and examine the actions that can be taken.