Signed Double Tax Treaty between UK and Cyprus – Amended Protocol Signed on 19 December 2018

The Double Tax Treaty (DTT) of 2018 (which came in to effect on 18 July 2018, and replaced the DTT of 1974) was amended with a protocol signed on 19 December 2018. This Protocol provides for a “grandfathering” period relating to the taxation of pensions. 

Precisely, persons previously taxed based on Article 19(1) of the previous Treaty will have the right of election to continue being taxed in line with the relevant provisions of the previous treaty. This will be valid for years ending on or before 31 December 2024.