Cyprus and UK sign new pension protocol

Cypriot Minister of Finance Harris Georgiades and British High Commissioner to Cyprus Stephen Lillie signed Wednesday a protocol amending the Convention for the Elimination of Double Taxation between the two countries concerning pensions.

The protocol introduces grandfathering period for the calendar years ending on or before 31 December 2024 so that persons whose pension was subject to tax in Cyprus under the provisions of Article 19 (1) of the Convention of 1974, may choose that the provisions of that Article shall continue to apply for calendar years ending on or before 31 December 2024 to be taxed under the Convention of 1974 and exempted from the provisions of Article 18 (2) of the 2018 Convention.

In his statements at the signing of the protocol, Georgiades said that the latest amendment of the agreement created a framework that facilitates economic...