Cyprus
- freezig1
- Gaining experience
- Karma: 0
- freaked
- Has experience
- Karma: 4
- apoel81
- Pro
- Karma: 43
Post
I once asked an accountant and he got no clue.
If you care that much, you can sent an email at hq@tax.mof.gov.cy which is the relevant department to answer you
https://www.mof.gov.cy/mof/tax/taxdep.n ... endocument
Re: Cyprus
I think that only OPAP lottery winnings are taxable 20%. Winnings from bookmakers are not taxable as bookmakers pay tax on each bet, not the customer.
I once asked an accountant and he got no clue.
If you care that much, you can sent an email at hq@tax.mof.gov.cy which is the relevant department to answer you
https://www.mof.gov.cy/mof/tax/taxdep.n ... endocument
- freaked
- Has experience
- Karma: 4
Post
Re: Cyprus
Thanks, that's a big help
I see you guys have health system contributions at 2.65% of "other income", I wonder if usually untaxable income such as capital gains and possibly gambling winnings would be subject to this, and if so how it would be paid?
How are accounts treated in Cyprus? Would a Bet365 account have similar limits and lifespan to one held by a UK resident for example?
I see you guys have health system contributions at 2.65% of "other income", I wonder if usually untaxable income such as capital gains and possibly gambling winnings would be subject to this, and if so how it would be paid?
How are accounts treated in Cyprus? Would a Bet365 account have similar limits and lifespan to one held by a UK resident for example?
- apoel81
- Pro
- Karma: 43
Post
Re: Cyprus
According to law, healthcare contribution is paid on any source of taxable income. For example, you pay healthcare on your income from rent etc. As long as income from gambling is not taxable, you will not pay tax for GESY.
To pay GESY, if you are employee then your job will take it care.
If you are self employed or employer, you will first register at TAXISNET:
https://taxisnet.mof.gov.cy/prepareRegi ... tch=create
With same credentials you will logged at TAXPORTAL whereas you can pay your healthcare contributions:
https://taxportal.mof.gov.cy/
Regarding bookmakers, there are bookies who treats Eastern Europe/Balkans etc much worse than UK or Scandinavia. It all depends on the book.
Street betting is not easy either as you can't place single bets unless it is mainstream.
Banks will not like your gambling activity either as law is very strict and offshore gambling is prohibited.
There are 11 licenced bookmakers whereas you will get limited sooner or later:
https://nba.gov.cy/epoptevomeni/mitroa/klasi-v/
Hope it helps.
To pay GESY, if you are employee then your job will take it care.
If you are self employed or employer, you will first register at TAXISNET:
https://taxisnet.mof.gov.cy/prepareRegi ... tch=create
With same credentials you will logged at TAXPORTAL whereas you can pay your healthcare contributions:
https://taxportal.mof.gov.cy/
Regarding bookmakers, there are bookies who treats Eastern Europe/Balkans etc much worse than UK or Scandinavia. It all depends on the book.
Street betting is not easy either as you can't place single bets unless it is mainstream.
Banks will not like your gambling activity either as law is very strict and offshore gambling is prohibited.
There are 11 licenced bookmakers whereas you will get limited sooner or later:
https://nba.gov.cy/epoptevomeni/mitroa/klasi-v/
Hope it helps.
- Goojybooboo
- Has experience
- Karma: 7
Post
Re: Cyprus
Wondering what the betting shop scene is nowadays. Are these Megabet shops still open? Any new arrivals?
- apoel81
- Pro
- Karma: 43