In the world of sports betting and online casino, Cyprus takes a leading role, since it is a highly coveted destination for all of us. Not only the territory is attractive because of its beautiful beaches, the crystal clear water, the spectacular Greek food or the sun’s presence almost throughout the entire year, but also for the 12.5% corporate tax (the lowest tax in the whole European Union) for the creation of companies. You can have all the advantages and prestige of a European company, paying very low taxes.
We know that this low taxes policy in Cyprus is already very tempting, but I am going to list some extra benefits here that the country offers to those who want to open a gaming company.
ADVANTAGES FOR GAMING COMPANIES
I can mention the following ones:
a) Hiring a nominal director for the company is totally legal.
b) The capital of incorporation of the company does not have to be paid at 100%. They need a deposit and then it will be regularized.
c) Since it is a company that is developed in Europe, it is fully accepted by the rest of the continent to license online games and has a strong reputation as a legal European company for the rest of the world.
To give the reader some context, in the 2000s, when online bookmakers came onto the market, many companies, especially Russian and Eastern European ones, decided to open headquarters in Cyprus, in the district of Limassol.
Obviously, these were the pioneers, the visionaries who managed to visualize the potential of Cyprus at that time, when the corporate tax was 10%. In 2018, the number was increased by 2.5% to have the current tax.
A GREAT PLACE TO LIVE AND DO BUSINESS
Also in the first decade of the 2000s, Cyprus helped the oligarchs to obtain a European passport, so it became not only the headquarters of many online bookmakers, but also the place of residence of the owners, the executives and directors of these online companies.
The demand for Cyprus continued to grow and has not stopped since then until today. When the war in Ukraine began, this demand intensified, so rental prices rose 60% in less than 4 months.
In sum, without a doubt, Cyprus is a tax haven, it has many pros and a few cons if we compare it with other European countries, and it is a beautiful place to live, with nothing to envy to the Caribbean beaches.