On March 9, 2015 the Republic of Cyprus and the Kingdom of Bahrain proceeded with the signing of a Double Tax Treaty on Income and Capital. The conclusion of this treaty further expands the existing wide Cyprus tax treaty network.
The Cyprus Ministry of Finance in its press release on the conclusion of the Treaty, emphasized on the fact that the agreed treaty text “will contribute to further developing trade and financial relations between the Republic of Cyprus and the Kingdom of Bahrain, and also with other countries. The updating, maintenance and expansion of the existing network of double tax treaties, which are of utmost financial and political importance, aim at further strengthening and attracting foreign investment and promoting Cyprus as an international business centre.”
The Treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The Treaty will come into effect upon its ratification by both countries.
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