What's so special about Nicosia, Cyprus?

**sirius** · 12th August 2005, 04:53 PM

I mentioned in another thread about Playtech and many companies being from Nicosia, Cyprus. Can anyone explain why this is?

A list of other casino groups from Nicosia, Cyprus:

Bethedealer group ("The casino is operated by the e-cash center Casiopea Group Ltd, 2 Methonis Str., 1070 Nicosia, Cyprus")

Crystal Place etc. Doleplex group ("4th floor Costis Palamis Nicosia, Cyprus ")

Powerbet/silversands ("The casino is owned and operated by Portvale Corporation Ltd., 74A Ayios Eleftherios Street, PO BOX 28770, 2082 Nicosia Cyprus")

Anden Holdings, royal casino group, Casinoheat etc. ("Anden Holding Ltd. 5 Costis Palamis Street, Nicosia, Cyprus ")

Cryptologic/wagerlogic ("WagerLogic Limited, Nimeli Court, 41 - 49 Agiou Nicolaou Street, Block A 3rd Floor Engomi, 2408 Nicosia, Cyprus")

casinobar
("COA World Entertainment Ltd, 5 Hytron Street, CY 1035, Nicosia, Cyprus")

There is also an almost unlimited amount of ecash companies there:

Casino Action group: " All credit card transactions are processed through Purchase On Net Ltd, Nicosia, Cyprus, a subsidiary of Golden Reef Casino and Aztec Riches Casino"

Piggs Peak Group: "Financial transactions of Piggs Peak are processed by Strongmare Ltd., Nicosia, Cyprus a subsidiary of Piggs Peak Casino."

Colosseum group:
"Please Note that all commercial transactions at the GRAND HOTEL CASINO are facilitated by E-Processing Services, the premier electronic cash merchant and RISCARD TRADING Nicosia, Cyprus, a financial subsidiary of the licensed casino company."

goldenballs (gfed)
"Financial transactions are done through the European company Darksea Consultants Limited, Nicosia, Cyprus."

+many more

**TrixSlice** · 12th August 2005, 08:54 PM

Didn't somebody say that Crown Solutions who owns Joyland, Club Dice, Monaco, New York etc. (although they'll never admit it) is located here?

**esquirexx** · 18th August 2005, 02:16 AM

I think iit is about lower taxes.

**johnwater** · 25th August 2005, 04:52 PM

i think it is probably due to most of the operations actually being in israel and the proximity of israel to cyprus makes it easy for them to get their hands on the money.
it is illegal to have anything to do with gambling in israel so cyprus is the nearest safest place i suppose.

**GrandMaster** · 25th August 2005, 09:47 PM

Originally Posted by johnwater

it is illegal to have anything to do with gambling in israel so cyprus is the nearest safest place i suppose.

Are you sure about this? There seems to be an awful lot of Israeli involvement with online gambling.

**johnwater** · 26th August 2005, 06:09 PM

yes i am 100% sure that gambling is totally illegal in Israel.
most of the operations have their cs in other countries, i think playtech has theirs in antigua and there are others like 888 that have it in gibraltar.

the owners of the casinos are based in Israel though and take precautions not to be caught by the Israeli authorities by being "based" overseas in legal juristictions.

http://www.casinocitytimes.com/news/...ntentId=151644

**Agamemnon** · 15th September 2005, 01:36 AM

Be the dealer is definetly Israeli in origin so I suppose that increases the geographic proximity argument .
Just wanted to inform people however that there are quite a few further reasons for choosing Cyprus.
A) Tax status. Even though Cyprus is now a member of the EU it always was an offshore taxhaven and even now the top company tax is -I believe- a flat 15%
B)Excellent banking system
C) English common law system that generally works providing clearcut company law.
D)Bigger than Gibraltar
E)Experienced in handling virtual presences.

Nicosia justs happens to be the capital

**scrollock** · 17th September 2005, 01:29 AM

Originally Posted by Agamemnon

Be the dealer is definetly Israeli in origin so I suppose that increases the geographic proximity argument .
Just wanted to inform people however that there are quite a few further reasons for choosing Cyprus.
A) Tax status. Even though Cyprus is now a member of the EU it always was an offshore taxhaven and even now the top company tax is -I believe- a flat 15%
B)Excellent banking system
C) English common law system that generally works providing clearcut company law.
D)Bigger than Gibraltar
E)Experienced in handling virtual presences.

Nicosia justs happens to be the capital

you forget F) cyprus is a common destination for fugitives

**Agamemnon** · 18th September 2005, 02:21 AM

I'm not sure this is the case anymore... what with the EU entry and everything.
Also, it's true that in the past rumours existed to the effect that capital from the Russian Mafia and out of the Yugoslav crisis was funneled through Cyprus but that's capital, not physical persons. A small difference but -I submit- all the difference in the world for the affected parties

**Johnny Casino** · 18th September 2005, 12:28 PM

Originally Posted by Agamemnon

Be the dealer is definetly Israeli in origin so I suppose that increases the geographic proximity argument .
Just wanted to inform people however that there are quite a few further reasons for choosing Cyprus.
A) Tax status. Even though Cyprus is now a member of the EU it always was an offshore taxhaven and even now the top company tax is -I believe- a flat 15%
B)Excellent banking system
C) English common law system that generally works providing clearcut company law.
D)Bigger than Gibraltar
E)Experienced in handling virtual presences.

Nicosia justs happens to be the capital

15% vs 30-50% elsewhere .. hmmmm