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Registered Date. Structure Report. The Structure Report provides a concise profile of a Cypriot company including its registered information as it appears in the files of the Department of Registrar of Companies and Official Receiver - the official authority of Cyprus.
Read More. Order Sample. The Credit Report comprises all available data retrieved from official sources as well as interviews with the subject company, including information on its corporate structure and financial health. Due Diligence Reports are assessed independently and are recommended for complex cases that require specialised investigations, procedures or data that is not included in other reports. Company Certificates are the official documents of a company registered in Cyprus, issued by the local Department of Registrar of Companies and Official Receiver.
Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. The required capital applies to both Cypriot and overseas companies. Companies with licences in other EU member states to perform betting services within the meaning of the Betting Law but not other gambling services can provide those services in Cyprus before being issued a licence from the National Betting Association NBA as long as they apply for a licence within one month of notification of the date on which the NBA will accept applications for a licence Article 91 3 , Betting Law.
The one-month period was a transition period for companies that were already operating in Cyprus that ended on 1 November Application procedure The application must be accompanied by a guarantee issued by a bank in Cyprus or other EU member state for the amount of EUR, expiring six months after receipt of the licence. This applies to both Cypriot and foreign companies companies as well.
The NBA requires the applicant to demonstrate that it:. Has sufficient resources to pay the players' winnings. Can comply with regulations for the protection of players promulgated by the NBA. Duration of licence and cost Licences are issued for one or two years, and may be renewed on application, subject to the approval of the NBA Article 24, Betting Law. The NBA can suspend or revoke a licence in the event of failure to comply with the required standards.
The fee is payable with the initial application or application for renewal. What are the limitations or requirements imposed on land-based gambling operators? Prohibitions Cyprus prohibits minors that is, individuals under 18 from entering licensed gambling establishments or engaging in other gambling activities, such as lotteries.
People below the age of 18 cannot be involved in sports betting see Question 6. Most-land based gambling activities outside the authorised casinos are prohibited and only sports betting and lottery games are allowed in authorised venues holding a Class A licence see Question 5.
Restrictions There are no other restrictions, aside from the requirements to obtain a licence and the anti-money laundering requirements see Question 7 and below, Anti-money laundering legislation. Anti-money laundering legislation All players of electronic bets are limited to carrying out transactions by means of credit or debit cards or other kinds of electronic payment Article 54, Betting Law The following anti-money laundering measures in this place:.
Cash transactions are not allowed for electronic bets Article 58 1 , Betting Law Gambling providers must not accept any bet from a player unless they are satisfied that there are sufficient funds in the player's account.
Gambling providers must maintain a valid bank account at an authorised banking institution operating in Cyprus. What is the licensing regime if any for online gambling? Available licences Online gambling is prohibited in Cyprus, except for sports betting for which a Class B licence is required see Question 4.
There is no expectation of the restrictions imposed on online gambling being removed in the near future. Eligibility See Question 5. Application procedure See Application procedure. Duration of licence and cost See Duration of licence and cost. What are the limitations or requirements imposed on online gambling operators?
Prohibitions Online gambling activities are prohibited except for sports betting, where the participant must be over the age of The licensee can electronically register as a player a person submitting an application for registration and must include various personal information regarding the player. The player must be over 18 and informed of the conditions and the procedure for carrying out bets, including the fee payable to the licensee.
The licensee maintains in electronic form a secure list of all players registered, including their details and an account for each registered player in which the amounts received from the player, as well as the amounts due to the player, are credited.
The account is maintained for five years after the last transaction and can be closed with the approval of the National Betting Authority. Anti-money laundering legislation Players must be registered and maintain an account with the gambling service provider Article 54, Betting Law Betting transactions can be executed only by means of credit or debit cards or electronic transfer, while cash transactions are prohibited Article 58, Betting Law.
B2B and B2C. Is there a distinction between the law applicable between B2B operations and B2C operations in online gambling? There is no distinction between B2B and B2C operations. Technical measures. What technical measures are in place if any to protect consumers from unlicensed operators, such as ISP blocking and payment blocking?
The NBA can block access to any unauthorised and unlicensed provider of illegal gambling services. The NBA has issued a blacklist of approximately online gambling sites that have been banned for offering illegal gambling services. Mobile gambling and interactive gambling What differences if any are there between the regulation of mobile gambling and interactive gambling on television? There are no actual differences, between the regulation of mobile gambling and interactive gambling on television.
Electronic betting is defined as any bet that is carried out through telecommunications see Online gambling. According to the Betting Law , the term "telecommunications" includes both mobile devices and television. Social gaming How is social gaming regulated in your jurisdiction?
A "game of chance" is regarded as a game the result of which depends partly on luck and which is played by paying money or movable or immovable property, or with credit, or with any other object that has economic value irrespective of whether it yields any financial gain to the player Betting Law Any social game that meets those criteria is regarded as a game of chance and needs to be licensed.
Gambling debts Are gambling debts enforceable in your jurisdiction? Most gambling payments are made immediately, as in the case of lotteries. As gambling is not currently offered on credit, except in the casinos, which are yet to be set up, this is not currently an issue under Cypriot law.
Tax What are the applicable tax regimes for land-based and online gambling? The Gaming Board will subsequently distribute the proceeds among the Sports Federation, the Football Federation and gambling addiction programmes Article 71, Betting Law Online gambling See above, Land-based gambling. Advertising To what extent is the advertising of gambling permitted in your jurisdiction? To the extent that advertising is permitted, how is it regulated? Land-based gambling The advertising of specific forms of betting is not prohibited but there are restrictions under the Betting Law Online gambling The advertising of licensed online sports betting is not prohibited.
There will soon be a code of good practice issued by the National Betting Authority, which will define exactly the framework under which licensed companies can advertise their activities. Developments and reform Legal development. Has the legal status of land-based and online gambling changed significantly in recent years, and if so how?
Since the Betting Law was introduced, OPAP SA, a formerly Greek company that is now partially privatised retains a de facto monopoly on sports betting and lotteries, although two other companies have been awarded a licence by the National Betting Authority to offer their services in land-based premises.
The legal framework on casinos has been modified by the Casino Law , and the Republic of Cyprus has granted a licence to develop and operate a thematic casino to a consortium of companies after the conduction of an international tender. OPAP's competitors have over the years strongly contested the tax-free regime from which it has benefited, which results from the bilateral agreement between Greece and Cyprus see Question 1.
They argued that it violates EU law, fair trade practices and competition law, and that opening up lottery gaming services will result in economic growth, job creation and a reduction in illegal gambling. Are there any proposals for reform? The implementation of the Casino Law is moving forward and the final offers for the tender have been announced. The licensed casinos will allow traditional casino games such as poker and roulette to be played legally in land-based premises.
The following licences will be available:. A licence for an integrated casino resort, which can offer 1, slot machines and gaming tables where all traditional gambling games will be allowed. A licence for four satellite casinos, each permitted to hold up to 50 slot machines and five tables. Further, proposed legislation and regulations provide for the implementation of all EU Directives concerned with combating money laundering. On 28 July , the Minister of Finance, Mr Georgiades, addressed a public speech at the National Betting Authority NBA , where he summarised the next steps required to update the gaming legislation framework in Cyprus.
He set out a five-pillar strategy:. Pillar 1: the operation of an integrated casino resort. The selection process will enter its final stage this autumn and the government hopes that in there will begin the implementation of this very important investment see above. Pillar 2: the licensing of video lottery terminals VLTs slot machines. The licensed VLTs have been included in the casino licensing process.
Pillar 3: a concession for the operation of the state lottery by a private investor. This process is expected to take place within The Ministry of Finance claimed that this would fully safeguard public revenue without requiring the involvement of public services in a highly commercial activity. The Minister emphasised that the relevant legislation is already prepared and has been sent to the Law Office of the Republic for legal vetting. Pillar 5: the licensing of online betting firms.
Among other things, the Minister stated that the NBA will move towards licensing online betting companies, as part of a strategic decision to reorganise the betting industry to create a significant new prospect for the economy. The Authority is responsible for examining applications, and licensing, auditing and supervising prospective betting shops and online betting operators.
Online resources Cyprus Bar Association W www. The website is maintained by the Cyprus Bar Association containing laws, regulations and court judgments in Greek. Professional qualifications. Areas of practice. Gaming law; corporate law; commercial law; banking and investment law; insurance law; tax law; arbitration, mediation and negotiation. Non-professional qualifications. Athens ; MPhil University of London. English, German, French. Changes Made to This Resource This resource is periodically updated for necessary changes due to legal, market, or practice developments.
Casino and poker available. Royal Sports Betting. Betting shops located islandwide. Football, basketball, tennis, Formula 1. Head office in Nicosia. Paddy Power. Online betting site with football, horse racing, basketball, NFL, cricket, golf and more. Also poker and casino gambling. Online bookmakers and gambling - horses, football, tennis, basketball, rugby. Online betting shop. Football, basketball, tennis, NFL, rugby, baseball as well as an online casino. Also online casino. William Hill.
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