The Barbados Government Information Service has announced that negotiations are in progress for a double taxation agreement between Cyprus and Barbados, as well as for co-operation in other areas, such as tourism.

At a recent meeting with the Barbadian Prime Minister the Cyprus High Commissioner to Barbados expressed his optimism that a double taxation agreement could be signed during 2015.

The two countries have a great deal in common: both are former British colonies that achieved independence in the 1960s, they are close together in terms of per-capita GDP (Barbados ranks sixtieth in the world and Cyprus sixty-second) and both have a service-based economy, in which tourism and international financial services play an important part.

Conclusion of a double taxation agreement will foster co-operation in other fields and extend Cyprus’s treaty network into the Caribbean.