On 20 July 2020 Switzerland and Cyprus signed in Cyprus’s capital Nicosia a protocol amending the already existing treaty between the two countries for the avoidance of double taxation. This protocol does not amend the existing provisions in relation to withholding taxes. Instead, it updates the treaty to the latest OECD standards by introducing the fundamental OECD base erosion and profit shifting provisions, as well as the provisions concerning the benefit entitlement. The limitation of benefits provisions remain unchanged.