Cyprus is an international business center with many gamble establishments and a convenient taxation system in this area. The authorities of the jurisdiction support the development of the gaming industry, however, like in other countries, there are some prohibitions here. A gambling license in Cyprus is an opportunity to be part of a dynamic environment with many prospects and financial benefits.
History of betting licensing in this jurisdiction
The licensing of the betting industry in Cyprus has recently begun. In 2012, the rates bill was passed, which created the National Rates Authority. The NBA processes company registration applications, issues licenses, monitors and verifies gaming operators.
The jurisdiction also has the National Commission for Supervision of Gaming and Casinos. Legally, physical bookmakers are more strictly controlled than online establishments. But, for example, you will not be able to play online poker or blackjack for fiat. There are no fortune wheels or video machines on the sites. Live poker is only allowed in some casinos.
In 2015, new legislation appeared that allows licenses to be issued to offline gambling establishments. At the moment, the NBA requires that a company wanting to obtain a license needs to register in Cyprus. Here you can get 2 types of betting licenses:
- A: it governs establishments physically located in state;
- B: it governs virtual casinos.
Each of these permissions includes sports betting. If you want to work offline, then you need to pass class A licensing. Users of the institution will be able to bet on almost all sports, except for horse racing.
B betting licensing is required for businesspersons planning to open an online casino. If a firm accepts bets from users without a license, it can be fined a significant amount.
Criteria for licensing online casinos in Cyprus
Cyprus offers quite interesting conditions for licensing online gambling. But right now, the only form of online casino that is officially allowed in the jurisdiction is sports betting. You must also have a physical office or a partner with such an office.
To obtain a legal permit to operate a gamble platform in Cyprus, a company needs to fully comply with the following criteria:
- be a partner with a Cyprus resident company. Instead, it is possible to have a physical office in a given state;
- not have a criminal record;
- have company capital.
Applicants must pay a contribution of 30,000 euros. The license price for 2 years is 45 thousand euros. You also need an authorized capital of 500 thousand euros. Such criteria apply to both local firms and foreign ones.
The operator must comply with the NBA’s customer protection rules, open a Cypriot bank account (under type B licensing) and maintain proper bookkeeping. It is also important that licensees do not replenish their accounts in cash, only by bank transfer.
Taxation of online casinos in Cyprus
Before obtaining an online casino license in Cyprus, it is important to study the tax rules. First of all, European companies need licensing in Cyprus, and it is issued for a maximum of 2 years. Of course, the license can be renewed. And if you don’t follow the rules, the NBA can terminate your license at any time.
All licensed bookmakers pay a 13% tax. The laws of Cyprus prohibit persons who are under the age of 18 from playing in the casino. Jurisdiction also prohibits all online gamble other than sports betting.
Our specialists will help you obtain a gambling license in Cyprus and offer most profitable option for acquiring a ready-made company. Contact us at any time – we are always ready to provide you with comprehensive advice and accompany you until the transaction is completed.
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