Speaking of gambling holidays in Europe, many people have in mind the chic establishments of continental countries, for example, Monaco or Monte Carlo. Connoisseurs of this type of entertainment know that the real gem is located in a different part of the continent than the Mediterranean Sea. We are referring to Northern Cyprus. This self-proclaimed state (read more about it at https://en.wikipedia.org/wiki/Northern_Cyprus) is under the protectorate of Turkey, and no one else recognizes it. However, this does not prevent it from cordially opening the doors of luxury gambling establishments for gamblers worldwide. Tourists are happy to visit the casinos that successfully compete with those in Las Vegas or Macau.
Understanding the importance of this type of business, the island authorities have tried to give it an official status. There are special laws for real money casinos in Cyprus to play slots, where you can check the best offers and find out more sites here. Most of these establishments have foreign capital. Due to the favorable geographical location, the market potential is very high, so even today, investors are establishing new gambling venues.
Why It Works
The state formation of Northern Cyprus has a long history. This island, located at the intersection of trade routes, has always been of international interest. The closest neighbors, Greece and Turkey, were the ones who paid the most attention to it. In the mid-twentieth century, the conflict began transforming into a new stage. As a result, part of the unified state came under the actual military protectorate of the Turks. An armed contingent of the Ottoman successors (more about the relevant history is available at https://www.britannica.com/place/Ottoman-Empire) has been suppressing Nicosia’s intentions to bring this part of the territory back under control for decades. Fortunately, a bloody war was avoided, and today, it is safe to do business in Northern Cyprus, although controversial from a legal point of view.
The whole island enjoys great popularity among tourists, especially Europeans. You can get here by plane from any capital of the Old World within an hour or two. For those who appreciate the convenience and slow pace, the best means of transportation will be comfortable cruise ships resembling cities on the water.
Casinos in the Turkish part of Cyprus have given new prominence to the region. Given the lack of international legal status, the government of that territory has explicitly focused on land-based casinos, recognizing that the issuance of paid Internet licenses would not be of interest to business owners. De jure, such Cyprus game providers exist, but even a superficial analysis of the situation shows that online casino operators prefer working with regulators from UN-recognized countries.
The establishments operate according to the best traditions of the world’s casinos and serve as recreational destinations for millions of visitors annually. The expected strong points of local casinos include:
- convenient location;
- unique Mediterranean environment;
- first-class infrastructure and hotels;
Some travel companies specially organize gambling tours to this region.
Political Situation and Legal Regulation
The national mentality is such that everything related to casinos in Cyprus is aimed at foreigners only. Residents are not allowed to visit such places. Given the relatively small number of citizens of the self-proclaimed republic, this circumstance is okay with the owners of establishments.
The legal basis for the gambling business has existed here for more than 10 years. The starting point is the Law on Gambling. Having appreciated the potential of this direction, the authorities continued to work on implementing the official legal framework. In 2012, the Law on Betting was introduced. This act permitted the gambling business in the country. The emphasis is placed on land-based casinos, while the activities of their online counterparts are severely restricted. The primary practical step is the establishment of the Cyprus Gaming and Casino Supervision Commission. This body is responsible for issuing licenses. It exercises direct supervisory functions in this area of business.
Additional benefits of running a gambling business in Cyprus include:
- long license validity period (15 years);
- low start-up capital requirements;
- easy procedure for obtaining a license, provided the introductory provisions are met.
The Casino Operators Association was established in Cyprus by a separate law in 2016 to consolidate efforts to develop the industry. The new structure pursued a unified policy for introducing gambling on the island and interaction with the authorities. It monitors the fairness of services. Extensive opportunities to attract customers are based on fair principles of service provision.
How to Start a Business
The procedure for issuing permits to work in gambling is regulated by the law adopted in 2015. It provides for two types of licenses.
|It is intended for land-based establishments, which are located in Northern Cyprus
|It gives permission to operate an online casino. It may apply to operators with servers located abroad
The state requirement is the physical presence of the operator on the island. The alternative for foreigners is to find a local partner company. There are a number of organizations that provide such services for a reasonable fee. In the course of verification, it is obligatory to confirm the absence of a criminal record of the business owners.
There is a flat gambling tax of 13% in the Turkish Republic of Northern Cyprus. This is a reasonable rate by European standards. All payments are made through the bank.
It is wise to position establishments in large and crowded resorts. There are few of them in the northern part of the island. The main gambling locations include the cities of Famagusta, Kyrenia, and Larnaca. These are real entertainment centers.