Casinos that Work Under Cyprus License in United States

Cyprus Gambling License

The Republic of Cyprus is the Mediterranean’s third biggest and most populated island. Cyprus, a traditional commercial center with a substantial presence of authorized forex operators, has a very attractive tax policy, sometimes with 0% withholding tax on dividends for non-tax residents.

The National Betting Authority (NBA) was founded in 2012 with the special Betting Law. As a result of the project’s success, the government reconsidered casino gambling prohibition in the country. The “Cyprus Casino Control Law” was published in 2015, and the Cyprus Gaming and Casino Supervision Commission was founded.

Since the casino sector is still in its early stages, the Cyprus Gaming and Casino Supervision Commission has a lot of things to do. Their present goal is to build the island’s first casino resort in order to attract wealthy international investors and strengthen the local economy. The authority`s aims that are listed on their website are:

• Society and stakeholders gambling education;
• Encouragement of responsible gaming;
• Gambling addiction prevention and control for all ages and economic groups.

Cyprus Gambling License Advantages and Requirements

The fact that Cyprus offers low tax rates is one of the key reasons why some people are considering launching an online casino there. Let’s face it, tax rates take up a lot of time and cause a lot of stress for taxpayers. Profit is the intended outcome, just as it is in any other type of business, and taxes should not limit the income.

Every type of gambling establishment in Cyprus must be appropriately licensed by the Cyprus Gaming Commission. The Cyprus Gaming and Casino Supervision Commission is not directly responsible for online betting. The National Betting Authority has control over this. Cyprus government regulates all casinos and other similar businesses. All Cyprus gambling licenses will be monitored in various ways. Casino ratings and bonus offers to attend one of these establishments will be examined for ethical business procedures and the absence of fake offerings. This is done not just to safeguard casino operators but also to protect all players from dishonest casino tactics.

There are two sorts of licenses imposed by “The Betting Law”:

Class A – made for offline sports betting; this applies exclusively to bookmakers having physical locations, with the exception of horse racing and other services that are controlled with the class B license.

Class B oversees Internet activities, except for online slot machines and lotteries.

The following are the application criteria for obtaining a Class A or B license:

• Shares that are registered in Cyprus;
• Is registered outside of Cyprus but has an overseas corporate branch in Cyprus or a partnership with a Cypriot company, and its main business is betting. The issued and paid-up share capital in this situation must be at least 500.000 €. This works for both Cypriot and foreign enterprises;
• A bank guarantee in the amount of 550.000 € from a bank of Cyprus or another EU member bank that expires six months after the license is expired;
• Demonstrates the capacity to have enough funds to pay out wins to gamers;
• For the provision of betting services, maintains an appropriate control and accounting system;
• Has the capacity to comply with requirements issued by the National Betting Authority for the safety of players.