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Buy Abroad News

06 Aug 08

New Tax Treaty With Russia Is Good News For Cyprus

A new tax treaty between Cyprus and Russia will now make it easier and more cost effective for citizens of Russia to get involved in the Cyprus property market.

--- The Russian parliament has voted overwhelmingly to approve the new double taxation treaty with Cyprus, paving the way for investors to take advantage of the booming Cyprus property market and purchase property under much more favourable conditions than previously possible.

John Reilly from Buy Abroad said "This can only increase the interest we have from Russian buyers as the Cyprus property market becomes even more attractive to foreign investors looking for a safe place to invest their money."

The treaty replaces the the current terms negotiated in 1998 and signals the Cyprus government's intent to continue to make Cyprus one of the best places to set-up off shore companies and for investment in the growing property market.

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