Cyprus-Norway double tax treaty enters into force

25/09/2014
Cyprus-Norway double tax treaty enters into force Cyprus extends its Treaty network and offers new investment opportunities On 24 February 2014, a Double Tax Treaty between Cyprus and Norway was signed.

The Treaty replaces the old treaty between Norway and the United Kingdom that had been extended to Cyprus by way of exchange of notes subject to certain conditions and modifications. The provisions of the new treaty generally apply from 1st of January 2015.

The main provisions of the Treaty can be summarized as follows:
• Dividend payments will be subject to a withholding tax of 0% if the recipient is a company and (a) is the beneficial owner of the dividends, and (b) has a minimum direct holding of 10% of the capital of the company paying the dividends. Otherwise dividend payments will be subject to a 15% withholding tax.
• No withholding tax will be applied on Interest payments.
• No withholding tax will be applied on royalty payments provided that the recipient is the beneficial owner of the royalties.
• Capital Gains from the sale of shares will be taxed in the country in which the alienator is resident. The treaty does not contain a property-rich clause.
• The Treaty contains no “Limitation of Benefits” clause.



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