On the 24th May 2016 Cyprus and the Government of the Republic of Latvia signed the treaty for the avoidance of double taxation on income in Brussels.
Cyprus is now approaching having sixty double taxation treaties in force.
The agreement covers the Latvian enterprise income tax and personal income tax and the Cypriot income tax, corporate income taxcapital gains tax and special contribution for the defence of the republic tax as well as any substantially similar taxes that are imposed in the future.
Economic ties between the two countries have been strengthening over the past few years and it is hoped that the treaty will lead to further development.
Chesterfield has an office in Cyprus and is able to quickly open Cypriot companies, we also have a relationship with Expobank, one of the oldest banks in Latvia which also has a branch in Cyprus.  Therefore if you would like further information on Cyprus or Latvian company establishment or bank accounts and how the signing of the treaty will effect business arrangements, please do not hesitate to contact us.