Cyprus betting licenses available next month
This positive development for the industry is however somewhat clouded by the tough tax and licensing fees set for successful applicants:
* On application, operators must have Euro 500,000 in paid up capital, and produce bank guarantees of Euro 550,000;
* There’s a Euro 30,000 licensing fee for a one-year licence, discounted to Euro 45,000 for a two-year licence;
* Tax based on GGR of 10 percent p.a.
* Regulator’s fee of 3 percent of GGR.
The good news is that the regulator does not demand that operators base themselves in Cyprus, although they will be required to have a mirror server on the island to enable the regulator (and presumably the taxman) to keep an eye on things in real time. Operators must also use a local domain extension.
Operators are expected to respect international bans by conducting their own compliance checks on where they may access markets
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