Cyprus has agreements with the following countries:

France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Norway, Poland, Romania, Russia, Slovakia, Sweden, Syria, United Kingdom, South Africa, United States and Yugoslavia.

This means there is no double taxation of income earned in any one of these countries. In practice the tax levied by one country is credited against the tax levied in the tax payer's country of residence. The tax payer will not pay more than the higher of the two rates of the respective countries where different taxes apply.Death duty is abolished in Cyprus,And the current rate of v.a.t. is 15%.