Cyprus-Russia Protocol ratified by Russian Duma
On the 15th of February 2012, the Russian Duma has ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, signed on the 7th of October 2010. Cyprus has also ratified this Protocol earlier in August 2011. The application of this ratifying Protocol on 1st of January 2013 will finally remove Cyprus from the so called Russian “black list”, in which Cyprus was included since the 1st of January 2008.
CIPA (Cyprus Investment Promotion Agency) has welcomed this positive ratification of the amending Protocol which confirms the excellent and strong political and economic relationship between Cyprus and Russia which keeps developing. As CIPA’s representative commented, the Cypriot economy will benefit for two main reasons; “firstly from the new Russian investments and secondly by the further strengthening of the security provided to the Russian investors.”
In addition, he noted that due to the fact that Russia is the leading investing country in Cyprus, “this agreement will also contribute to the upgrading of Cyprus as a country with a very good infrastructure for establishing cooperations with international companies.”
Cypriot Lawyers N. Pirilides & Associates LLC
Cyprus Company Formation Multilysis Services Limited
Cyprus-Russia Protocol ratified by Russian Duma
On the 15th of February 2012, the Russian Duma has ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, signed on the 7th of October 2010. Cyprus has also ratified this Protocol earlier in August 2011. The application of this ratifying Protocol on 1st of January 2013 will finally remove Cyprus from the so called Russian “black list”, in which Cyprus was included since the 1st of January 2008.
CIPA (Cyprus Investment Promotion Agency) has welcomed this positive ratification of the amending Protocol which confirms the excellent and strong political and economic relationship between Cyprus and Russia which keeps developing. As CIPA’s representative commented, the Cypriot economy will benefit for two main reasons; “firstly from the new Russian investments and secondly by the further strengthening of the security provided to the Russian investors.”
In addition, he noted that due to the fact that Russia is the leading investing country in Cyprus, “this agreement will also contribute to the upgrading of Cyprus as a country with a very good infrastructure for establishing cooperations with international companies.”
Cypriot Lawyers N. Pirilides & Associates LLC
Cyprus Company Formation Multilysis Services Limited