Cyprus has signed an agreement with the Kingdom of the Netherlands to eliminate double taxation concerning Curacao, according to an official announcement released on Thursday.

The announcement mentioned that the agreement aims to improve transparency, strengthen economic cooperation, and facilitate cross-border business activities.

The agreement was signed on April 23 in Washington, D.C., following negotiations concluded in September 2024.

It seeks to eliminate double taxation on income and prevent tax evasion and avoidance between Cyprus and Curacao.

Curacao, an autonomous country within the Kingdom of the Netherlands since 2010, operates its own distinct tax system.

The new treaty is expected to offer legal certainty and fiscal clarity to businesses and individuals operating between the two jurisdictions.

“The expansion, maintenance, and updating of our Double Taxation Avoidance Treaties network are of paramount economic and political importance for the government,” said the Finance Ministry in a post on social media platform X.

“The updating of the significant agreement in question for Cyprus is expected to further contribute to the strengthening and promotion of our country as an international business centre,” it added.