Double Tax Treaties of Cyprus
Cyprus differs from most other offshore jurisdictions, in that it offers a big number of double tax treaties (50 in total), for the avoidance of double taxation. In general most of the conventions provide reduced rates of withholding taxes on dividends, interest and royalties paid out of the contracting state, or the avoidance of double taxation in the case where a resident in one of the contracting states derives income from the other contracting state. This is one of the key areas which makes Cyprus as an International and Offshore Business Centre unique and respectable.
Cyprus has concluded an impressive number of Double Tax Treaties, something which tax heavens lack in almost all cases.