The purpose of the Double Taxation Treaty between Cyprus and the countries covered by the treaty is to prevent  income being taxed in both countries for citizens who have become genuine residents of Cyprus.Thus citizens domiciled in Cyprus from the countries covered by the agreements may take advantage of the Double Taxation Treaty and have their income and pensions taxed at Cyprus rates which are generally lower than elsewhere.

Cyprus is unique when it comes to the taxation aspects of living on the island. Cyprus has double taxation treaties with: Austria, Bulgaria, Canada, China, Czech Republic and Slovakia, Denmark, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait. Norway. Poland. Romania, Russia, Sweden. UK, USA and Yugoslavia.

Furthermore there are negotiations for the ramification of treaties with Egypt, Malta, Syria, Belgium, Finland and the countries comprising the Commonwealth of Independent States. The main purpose of these treaties is the avoidance of double taxation of income earned in any of these countries.

Citizens who become residents of Cyprus deriving income from the UK or other countries covered by these treaties and wishing to claim relief  can consult our lawyer and financial adviser who will be able to give further detailed advice depending on individual circumstances.

NOTE It is advisable for anyone considering locating to Cyprus to appoint an accountant in Cyprus to handle taxation issues.Inland Revenues in countries covered by the DTT require documented proof that an individual has spent more than 183 days in Cyprus and thus is allowed to be classified as ''domiciled in Cyprus''.Antonescos Estates can assist with professional advice on these matters.