Cyprus and Malta are consistently mentioned simultaneously in various sectors. Both countries have been members of the European Union since 2004 and are members of the Commonwealth of Nations following independence from Great Britain in the Sixties.
The Double Tax Agreement between Cyprus and Malta has been in force since 1994. The two states prevent the double taxation of income through a credit against domestic tax paid.
Being both islands located in the Mediterranean Sea, the two countries share a direct interest in matters relating to the Mediterranean and the Middle East Peace Process. Indeed, in 2008, Cyprus and Malta decided to an open a joint bilateral diplomatic representation in Ramallah and to share the premises of the Cypriot Embassy in Tel Aviv.
In trading terms, their major partners today are fellow EU Member States, although they also trade with their other neighbours around the Mediterranean. Having signed up to the General Agreement on Tariffs and Trade (GATT) in the 1960s, both are founding members of the WTO. With much of their industry dependent on imports of raw materials, including many foodstuffs, they have consistently sought to develop liberal trading relations.
Their island location means that the maritime services industries are significant in both Cyprus and Malta. In particular, both have large numbers of foreign-owned ships registered under their flags. In fact, the Maltese and Cypriot registers include far more ships than all other Member States except Greece. Hosting these registers is accompanied by a range of other service jobs in related administrative functions such as insurance and consignment, and in services such as shipbuilding and repair.
Cyprus is represented to Malta through its accredited embassy in Rome (Italy). Malta is represented to Cyprus through its accredited embassy in Athens (Greece).
[Full List of Malta Double Taxation Agreements]
