A Protocol for the Elimination of Double Taxation with respect to Taxes on Income and on Capital Gains and the Prevention of Tax Evasion and Avoidance was signed December 19, 2018 in Nicosia between the Government of the Republic of Cyprus and the Government of the United Kingdom of Great Britain and Northern Ireland.
On behalf of the Republic of Cyprus the treaty was signed by the Minister of Finance, Mr Harris Georgiades, and on behalf of the United Kingdom, by the British High Commissioner to Cyprus, Mr Stephen Lillie.
The signed 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, that individual may make an election 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.
