Cyprus law firm Michael Kyprianou & Co has set up an India desk headed by advocate Ilias Tsintavis, who is joined by managing partner Menelaos Kyprianou and advocate Despina Mavridou. The desk was established earlier this year in response to increasing demand for Cyprus-related services from Indian law firms and businesses.
Cyprus and India share a double tax avoidance agreement (DTAA), which exempts a Cyprus tax resident from paying capital gains tax on the proceeds of shares it transfers to an Indian company, providing the Cypriot entity does not have a permanent establishment in India.
Although the percentage of Indian investments through Cyprus is modest when compared with Mauritius and Singapore, Tsintavis expects this to increase steadily. “Cyprus has established one of the most beneficial DTAAs with India,” he said. “With only a 5% difference to Mauritius on dividends, Cyprus still maintains a highly competitive dividend taxation rate of 10%.”
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