Even Cyprus realises it's better to tax than regulate

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Online poker and online gambling has become very popular in Cyprus, amounting to GBP 28 million in bets during 2006 according to a study by credit card company JCC, which has prompted the Cyprus government to look for ways to better control and tax Internet gambling.


But Cyprus has a few obstacles to deal with before they can do so.

Cyprus is a member of the EU, and a March 2007 European Commission Ruling stressed that any company licensed elsewhere in the EU can do business in other EU states, so Cyprus cannot legally penalize EU-licensed online gambling companies.


They also recognize that it is nearly impossible technically to restrict the industry.


Nonetheless, the Cyprus Finance Ministry is in the process of preparing a bill that would offer tighter controls and better tax generation.
"The new bill aims to regulate Internet betting in a way that, among others, ensures that taxes will be paid by the betting company," the Finance Ministry's spokeswoman, Lenia Orphanidou told deputies last week.



The JCC statistics were presented to the House Institutions Committee last week but according to Marinos Sizopoulos, a member of political party EDEK (Movement of Social Democrats), the amount wagered on online gambling could be as high as GBP1.5 billion, as the JCC figures may not have taken into account the sums of money that are recycled during betting.

:aktion033
 

" Thanks for tip Bricktop "
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You Greek or a Turk ?

My Dad lived there for a few years he did peace keeping duties over there in the late 60's/early 70's.
 

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I'm neither. I just own a house in Paralimni (South-East coast, about 10miles from Ayia Napa, 40 or so from Larnaca). Currently an Investment / Future Retirement proposition.

Paralimni is southern Cyprus, so I take the side of the Greeks though ;-) (Best friend is also a Greek Cypriot I met at University).
 

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Yeah I prefer the Greeks. No doubt.

Btw didnt know Turkey declared Cypress a Republic. Is it recognized as such ?
 

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Republic of Cyprus is the formal name of the Island. It's been a Republic since independence in 1960. The "Turkish Republic of Northern Cyprus" is the puppet Government in the north, and is only recognized by Turkey.
 

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Ahhh I see. I seem to remember the Cyprus issue is one of the reasons Turkey was rejected by the EU.
 

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Well that and the fact that the majority of Turkey is Muslim and the country itself would be the poorest in the EU (behind Ireland and the Mezzogiorno)
 

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Yes Turkey is still refusing to allow Republic of Cyprus ships and planes to use it's ports and airspace, in direct contravention of one of the agreements they signed to start the process of becoming an EU member.

When Cyprus joined the EU, they also gained a veto over Turkey's membership. So Turkey pretty much has to comply or forget about joining.
 

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Yes Turkey is still refusing to allow Republic of Cyprus ships and planes to use it's ports and airspace, ...

Yea, we flew to Cyprus from London on one of those 757's with the map graphic. It was interesting to see how we took a crazy route to avoid Turkish and Northern Cyprus airspace.
 

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Yup I do that flight a lot, well to Larnaca Intl. I think it adds around an hour to the flight time. The main airport used to be in Nicosia, but is now dis-used, it would be hard to land there anyway as the approaches go over the city which is divided.

It's been a while since I did Paphos, so can't remember the route to there, but with Larnaca you have to effectively circle around the island and land from the south-east across the sea. If you do it in daylight (and in warm weather) you can see people on Larnaca beach waving at the planes.
 

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Santo, what's a decent house run there? I've heard nice things about Cyprus. I've also seen it mentioned by a few real estate investors. ANy idea about the regulations for foreigners owning and/or mortgages?

Thanks,

Sean
 

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European citizens are pretty much free reign. I believe you'd have to apply for citizenship if you wish to buy a house as a non-EU national, which involves some screening process I don't know about. Consult a local lawyer would be my advice.

http://www.buysellcyprus.com for an idea of prices/houses.

BuySell could probably advise you on the legalities of ownership also.

If you look at other sites, you'll note that property in the North is much cheaper, but most of it is sold illegally (despite appearing otherwise) and you'll be arrested if you try to cross the border, or potentially if you try to enter any other European member state.
 

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Money is cheaper in Europe than it is in the States. 4-5 % on a purchase Vs 7 % in the states.
 

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Ah right, I don't really know about that, or what luck you'd have getting a mortgage in Cyprus. I bought outright.
 

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I think it's better to have a mortgage in your own country, and own outright abroad for under the value, then you always have the cash investment to fall back on.
 

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