Cyprus And Sweden Update Double Tax Treaty To Align With OECD Standards

Cyprus and Sweden have signed a protocol revising their bilateral double taxation agreement, a move designed to bring the treaty into line with OECD tax standards and deepen cooperation on transparency and information exchange.

The protocol was signed on behalf of the Republic of Cyprus by Finance Minister Makis Keravnos, while Swedish Ambassador Martin Hagstrom signed for Sweden, according to a statement from the finance ministry.

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A Modernised Treaty Framework

The ministry said the protocol updates the original 1988 Convention for the Avoidance of Double Taxation with respect to taxes on income. The revised text incorporates the minimum standards of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, adds provisions relating to bilateral tax treaties and introduces mutually agreed language governing the exchange of tax information.

According to the ministry, Sweden encountered constitutional obstacles that complicated the implementation of the Multilateral Instrument (MLI), the OECD-led mechanism designed to quickly and automatically embed BEPS measures into existing tax treaties. As a result, Cyprus and Sweden opted to conclude a separate protocol to secure the relevant amendments.

Why The Agreement Matters

Once both countries complete their domestic ratification procedures, the protocol will enter into force. For Cyprus, the deal is part of a broader effort to expand and update its tax treaty network, a policy the government says supports inward investment and reinforces the country’s standing as an international business hub.

“The updating, maintenance and expansion of the existing network of double taxation avoidance agreements, which are of the highest economic and political importance, aims to further strengthen and attract foreign investment and promote Cyprus as an international business centre,” the finance ministry said.

The ministry added that such agreements also help to “advance tax transparency, fairness and compliance in line with international standards.”

Part Of A Wider Treaty Expansion Strategy

The Cyprus-Sweden protocol follows a series of recent treaty-signing efforts as Nicosia accelerates its international tax diplomacy. In June 2026, Cyprus signed a double taxation agreement with the Hong Kong Special Administrative Region of the People’s Republic of China, creating a framework for tax cooperation, tax information exchange and the prevention of tax evasion and avoidance. The ministry said at the time that the agreement would support investment and trade between the two jurisdictions.

“The agreement creates a modern and reliable framework for tax cooperation that is expected to facilitate business activity and strengthen investment flows as well as trade transactions,” the ministry said then.

Earlier in 2025, Cyprus also concluded similar agreements with Vietnam and Curacao, underscoring a deliberate strategy to broaden its treaty network, reduce tax uncertainty for cross-border investors and strengthen its position as an international centre for business and capital flows.

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Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

by THEFUTURE.TEAM

October 23, 2026

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

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A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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