Cyprus
and the USA sign FATCA Agreement
The
Minister of Finance, Mr Harris Georgiades, and the US Ambassador to Nicosia, Mr
John M. Koenig, signed today, at the Ministry of Finance, an Agreement on the
improvement of the International Tax Compliance for the implementation of the
Foreign Account Tax Compliance Act (FATCA) between Cyprus and the USA.
Speaking
to journalists after the signing ceremony, the US Ambassador thanked everyone
who was involved and said the Agreement is, in its own right, very important for
both countries. He also noted that the Agreement “will help solidify the image
of Cyprus as a very respectable, attractive centre for international business
services and financial services.”
Referring
to the issue of the renegotiation of the double taxation treaty, he said “it is
a separate one. We are very aware of the interest that exists in the Republic of
Cyprus to take this on and make certain improvements from the Cypriot side’s
point of view. We are still examining the issue and we will have to find a way
forward separately from the signing of the FATCA Agreement.”
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