On July 3, 2026, Cyprus and Sweden signed a protocol in Nicosia to amend the 1988 double taxation treaty, incorporating OECD BEPS standards and enhancing tax cooperation.
On July 3, 2026, the Government of the Republic of Cyprus and the Government of the Kingdom of Sweden signed a protocol in Nicosia to amend the existing double taxation agreement signed on October 25, 1988, in London.
The protocol was signed by Cyprus’s Minister of Finance, Mr. Makis Keravnos, and the Swedish Ambassador to Cyprus, Mr. Martin Hagström.
The amendments include the incorporation of minimum standards from the OECD’s Base Erosion and Profit Shifting (BEPS) actions, related to bilateral agreements and other bilateral amendments.
Due to constitutional challenges in Sweden affecting the implementation of the Multilateral Instrument (MLI), the protocol was concluded as an alternative measure to achieve similar amendments. The protocol will enter into force after completing constitutional ratification procedures in both countries.
The initiative aims to strengthen Cyprus’s position as an international business center, promote tax transparency, fairness, and compliance with international standards, and attract investments through an expanded network of double taxation treaties.
