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Another controversial bill discussed in March 2025 would allow offshore funds to be deposited into Northern Cyprus


banks with less oversight and in exchange for three per cent interest, increasing the risk of money laundering activities.


tourism sector and the increase in the number of casino hotels will see at least 28,000 new jobs created. In 2024, a new law saw the casino’s tax bill halved from 10 per cent on GGR down to five per cent, although tax rates for tables and slot was increased by 17 per cent. Tere is no recorded information for casino revenues in the TRNC. Another controversial bill discussed in March 2025 would


allow offshore funds to be deposited into Northern Cyprus banks with less oversight and in exchange for three per cent interest, increasing the risk of money laundering activities. Te opposition party claims the so-called Asset Peace Law


will blatantly allow black money into the country. A similar legislation was introduced in the region back in 2021 when a 20-day window allowed unregistered money to be integrated into the economy with a 2.5 per cent maximum tax rate. Apparently, during this window, some $100m entered the


TRNC economy, providing the administration with around $2.6m in tax revenue. Sami Ozuslu, Republican Turkish Party MP said: “Tourism cannot be developed solely on casinos. Te country’s economy cannot be built on gambling alone. Tis law risks turning even military zones into commercialised areas, which threatens the future of the TRNC.”


BETTING IN CYPRUS In the early 2000s and particularly after Cyprus joined the EU, betting operators flooded the market. Tere was little legislation at the time and general ambiguity surrounding the sector. In 2012, online and offline sports betting was legalised, and


the National Betting Authority (NBA) was established to control the licensing and supervision of betting shops and operators. Te Betting Law of 2012 was introduced under the Ministry of Finance (this was later amended in 2019) and is the main


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