Cyprus and Saudi Arabia signed a Double Taxation Treaty on the 3rd of January 2018. The DTT that was signed amongst the two countries will be implemented on the 1st of January 2019, after all legalities are completed.
0% Withholding Tax on Dividend Distributions
According to the relevant DTT, dividends will not be subject to withholding tax when the beneficial owner is a company that directly or indirectly holds 25% or more of the capital in the paying company. The aforementioned regulation does not include partnerships. In all other situations, dividends will be subject to 5% withholding tax. Read more