The Double Tax Agreement between Bulgaria and Cyprus was signed in October 2000 and came into force on the 3rd January 2001. It follows the OECD Model Tax Convention and allows for withholding tax caps and exchange of information. Since both states are member states of the EU the agreement is partly superseded by EU law, including the Parent-Subsidiary Directive in relation to dividend payments and the Interest & Royalties Directive.
The Cyprus-Bulgaria Business Association operated under the auspices of the Cyprus Chamber of Commerce and Industry promotes economic and trade relations between Bulgaria and Cyprus. The Association acts as an intermediary between the states’ governments, maintains regular communication between the business communities of the two states. The Association also presents opportunities for international and Bulgarian companies to trade with Cyprus and via Cyprus to the Middle East, North Africa and other countries and vice versa.
The partnership between Bulgaria and Cyprus has traditionally been very good with business contacts between the two countries are increasingly intense. In 2008 the Cyprus Trade Center hosted the event “Investing through Cyprus – A panel presentation on investing in Bulgaria via Cyprus” in co-operation with the Bulgarian Trade and Economic Relations Office. Some of the top investment firms, hedge funds and members of the US Financial and Investment industry participated in the panel discussion which focused on the benefits of investments in Bulgaria and the use of Cyprus as a location for financial holding companies vis-à-vis Bulgaria. Specific topics included Cyprus tax treaty developments, investment opportunities in Bulgaria, investing in Bulgaria via Cyprus and the formation and administration of investment funds in Cyprus and Bulgaria.
In 2010 a forum was held in Varna, organized jointly by the Chambers of Commerce of Cyprus and Bulgaria and the Cyprus-Bulgaria Business Association. Businessmen from the United Arab Emirates, Ukraine and other Eastern European countries participated, discussing opportunities for cooperation between the two friendly EU member countries and actively assisting the contact and dialogue between business representatives from both countries.
Relations between the two states go further back than EU membership. Cyprus is one of the biggest investors in Bulgaria, with Cypriot investment reaching €1.7 billion to date. 78% of the Cyprus economy is comprised of the services sector with one of the most highly educated workforces in Europe with a uniquely global perspective, combined with a liberal and attractive tax structure provides unique benefits to American companies establishing operations there.
The number of Cypriot companies operating successfully in Bulgaria deal mainly in food production, real estate, construction, agriculture and tourism. Further, joint ventures between Cypriot and Bulgarian companies in third countries take advantage of Cyprus’ strong historic and geographical links to the Middle East and the Mediterranean.
[Cyprus Double Taxation Agreements List]
The Double Tax Agreement between Bulgaria and Cyprus was signed in October 2000 and came into force on the 3rd January 2001. It follows the OECD Model Tax Convention and allows for withholding tax caps and exchange of information. Since both states are member states of the EU the agreement is partly superseded by EU law, including the Parent-Subsidiary Directive in relation to dividend payments and the Interest & Royalties Directive.
The Cyprus-Bulgaria Business Association operated under the auspices of the Cyprus Chamber of Commerce and Industry promotes economic and trade relations between Bulgaria and Cyprus. The Association acts as an intermediary between the states’ governments, maintains regular communication between the business communities of the two states. The Association also presents opportunities for international and Bulgarian companies to trade with Cyprus and via Cyprus to the Middle East, North Africa and other countries and vice versa.
The partnership between Bulgaria and Cyprus has traditionally been very good with business contacts between the two countries are increasingly intense. In 2008 the Cyprus Trade Center hosted the event “Investing through Cyprus – A panel presentation on investing in Bulgaria via Cyprus” in co-operation with the Bulgarian Trade and Economic Relations Office. Some of the top investment firms, hedge funds and members of the US Financial and Investment industry participated in the panel discussion which focused on the benefits of investments in Bulgaria and the use of Cyprus as a location for financial holding companies vis-à-vis Bulgaria. Specific topics included Cyprus tax treaty developments, investment opportunities in Bulgaria, investing in Bulgaria via Cyprus and the formation and administration of investment funds in Cyprus and Bulgaria.
In 2010 a forum was held in Varna, organized jointly by the Chambers of Commerce of Cyprus and Bulgaria and the Cyprus-Bulgaria Business Association. Businessmen from the United Arab Emirates, Ukraine and other Eastern European countries participated, discussing opportunities for cooperation between the two friendly EU member countries and actively assisting the contact and dialogue between business representatives from both countries.
Relations between the two states go further back than EU membership. Cyprus is one of the biggest investors in Bulgaria, with Cypriot investment reaching €1.7 billion to date. 78% of the Cyprus economy is comprised of the services sector with one of the most highly educated workforces in Europe with a uniquely global perspective, combined with a liberal and attractive tax structure provides unique benefits to American companies establishing operations there.
The number of Cypriot companies operating successfully in Bulgaria deal mainly in food production, real estate, construction, agriculture and tourism. Further, joint ventures between Cypriot and Bulgarian companies in third countries take advantage of Cyprus’ strong historic and geographical links to the Middle East and the Mediterranean.
[Cyprus Double Taxation Agreements List]