17/02/2012 13:23
Cyprus Investment Promotion Agency (CIPA) welcomed the ratification by the Russian Dumas of the Protocol that amends the 1998 agreement for the double tax avoidance between Cyprus and Russia and stressed that the implementation of the Protocol on January 1, 2013 “will delist Cyprus from the Russian black list”.
“This positive development tops off the very good relations between the countries on a political and economic level. From the enforcement of the agreement, Cyprus will be benefited not only through the arrival of new investments from Russia but also via the further strengthening of the security climate to the existing Russian investors”, CIPA said.
Emphasizing that Russia is the first country in foreign investments in Cyprus in recent years, CIPA said that the agreement will also contribute to establishing Cyprus as a country with very good infrastructure for cooperation with international companies.
Finally, CIPA ensured that it will continue to actively support such developments that aim to enhance the business environment of Cyprus and to contribute to the overall effort to improve the island’s status.
Cyprus was included in the Russian “black list” on January 1, 2008.
“This positive development tops off the very good relations between the countries on a political and economic level. From the enforcement of the agreement, Cyprus will be benefited not only through the arrival of new investments from Russia but also via the further strengthening of the security climate to the existing Russian investors”, CIPA said.
Emphasizing that Russia is the first country in foreign investments in Cyprus in recent years, CIPA said that the agreement will also contribute to establishing Cyprus as a country with very good infrastructure for cooperation with international companies.
Finally, CIPA ensured that it will continue to actively support such developments that aim to enhance the business environment of Cyprus and to contribute to the overall effort to improve the island’s status.
Cyprus was included in the Russian “black list” on January 1, 2008.
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