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Cyprus is one of the largest business centers in the world. Many of the most powerful Gaming operators are concentrated here. The legislation of the jurisdiction offers attractive conditions regarding the tax regime, in particular, in some cases, the tax levy on dividends is 0 for non-tax residents. In addition, the commercial market in Cyprus is quite multifaceted and covers many areas. In this article, we will talk about what privileges a betting license in Cyprus gives and how to get it.
Betting Law 2012 outlined a partial regulative framework for the control and regulation of bookmakers. In addition, some rules and regulations have been updated, while others have been completely replaced by others. Land-based bookmakers and online betting operators are overseen by NBA.
Permission is available in following categories:
In order to obtain a permission for sports betting, next-mentioned points are put forward for classes A and B:
Gambling license in Cyprus is provided for 1-2 years. The permit can be extended. For this, the company draws up a separate application. The NBA has the right to revoke existing permits if the firm fails to follow certain rules and procedures established by the 2012 Act.
As regards the payment of taxes, the general rate is 13%: 10% is levied on net income and 3 – contribution to Supervisory Office. Also, in addition to legislative ones, some technical requirements are put forward for firms related to betting.
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