M. Target Group would like to inform you that The European Union (EU) has removed the British Virgin Islands (BVI) from its list of non-cooperative jurisdictions for tax purposes and included Belize, Seychelles, Antigua and Barbuda.

The relevant list of non-cooperative jurisdictions for tax purposes was revised by the EU Council on 17 October 2023

For more information on the EU Council decision, please click here.

It is important to notice that any dividend, interest and royalty payments made to corporate taxpayers located in such jurisdictions from a Cyprus tax resident payer is subject to 17%, 30% and 10% withholding tax, respectively.

As always, M. Target Group specialists remain at your disposal should you require any further information, clarification or professional assistance with any tax matter.