A Protocol updating the Double tax treaty between Cyprus and Switzerland has been signed on 20th of July 2020, in an effort to further develop the economic relationship of the two States as well as to enhance their cooperation on tax matters. The agreement, as with the bulk of Cyprus’ double tax treaties is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The main amendments as published in the Official Gazette on 24 of July 2

The initial implementation of the Cyprus Investment Programme (the “CIP”) took place by the Cyprus Government in 2013 aiming to alleviate the economic consequences that followed the financial crisis at the time. However, due to the recent criticism that the CIP has received at a European level, the Cyprus Government, through the approval of the Council of Ministers, has introduced various strict amendments and conditions in order to improve and upgrade the Programme. Some of