Gaming Industry. Is Cyprus the new Gaming Hub?

Why Cyprus is picking up in the gaming industry and the requirements from a regulatory perspective!

Just returned from Sigmas’ first gaming conference in Cyprus in Limassol in the Amazing City of Dreams resort and I must admit I was impressed. Sigma event was massive with several thousands of attendees and exhibitors reminding me of the IFX Expo conference which also took place in the same week. 

More information about Sigma - Gaming Conference

Are things changing in Cyprus?

Is Cyprus an attractive jurisdiction for the gaming industry?

Why, How?

Cyprus is already home to many technology companies which come to the island for the obvious reasons such as tax, low running expenses, islanders lifestyle. These factors have been analysed extensivly in our numerous articles. But why Cyprus is also attractive for the gaming industry?

Well after attending the event for 2 days I got my answers. Play and Win is a concept I did not know and the whole grail apparently of the gaming industry!

Play and Win (real money) - the new approach in Gaming

Apparently, gamers earn money the more the play the game. This is because engagement is rewarded by these companies as more people / gamers are brought into this sophisiticated and interractive games, coupled with the internet and social media platforms that reward engagement.... and the gaming industry is keen to exploit it. 

....gaming industry is now a hybrid of a technology company and a money institution...

So computer / mobile gaming has evolved and it includes actual financial rewards to the users (gamers). Which means that the gaming industry is now a new hybrid; a technology company and a money institution (could be casino like, could be EMI like, could have some aspects of an Investment firm).  Off-course, which other low cost juristiction has a better cumulative knowledge and experience in money markets than Cyprus; home to hundreds of Investment Firms and Funds.

A jurisiction with a plethora of Service Providers which possess the necessary expertise in compliance and money markets infrastructure: 

• Equity reconciliations,
• Profit calculations,
• Investment Firms / Funds compliance expertise
• Capital Markets industries such as EMIs, Banks, and
• Exposure on hundreads of thousands of internatinal interest companies.

Articles about Cyprus being an Attractive Juristiction

So Gaming it is!

Gaming companies are attracted by the Republic, as Cyprus already has the infrastructure to support such companies. 

We annotate below a short overview of the benefits Gaming Companies can enjoy relocating to Cyprus together with links on our numerous articles on each topic. 

Low Taxation

• Tax Free Dividends
• 2.25% Corporation Tax (IP Regime)
• 12.5% Corporation Tax (no IP Regime)
• Relaxed Expense Allowance by the Income Tax Office
• 65 Double Tax Treaties (avoidance of double taxation on same earnings)

Articles about Cyprus being an Attractive Juristiction

Service Providers

• Extensive Experience in the field. Cyprus has been a financial centre to Cyprus Investments Firms and Funds for more than 15 years.
• High Calibre Lawyers, Auditors, Compliance Officers
• Big Law Firms, Big 4 and Big 10 Audit & Assurance Firms in Cyprus

Information on Regulated Entities and our Services

EC Directives and Local Legislation

• Cyprus is fully compliant with all the EU directives and legislation
• CySEC is the regulator for Cyprus Investment Firms and Funds harmonised with the EU regulator
• Cyprus is based on “common law” which is the Anglo Saxon law also called “case law”

Information about CySEC (Cyprus Securities and Exchange Commission)

Local Infrastructure

• Limassol being the hotspot for big companies with tech companies having significant prescense
• Amazing food, indulging experiences, unique landscapes and seaside
• Local international community with more than 100,000 internationals living in Cyprus (appr. 70% living in Cyprus and the rest in Larnaca and Paphos).
• Low company maintenance costs, low payroll costs and xxxx

Article on Cyprus Investment Firms Compliance Requirements

Articles on Cyprus Investment Firms & Funds

Cyprus the new Hybrid Financial Centre

Visa Requirements

Cyprus has evolved over the last 3 years giving emphasis and priority to relocation of nationals form 3rd countries. Unlike the past, Cyprus has introduced fast track schemes where nationals from 3rd countries (non EU passport holders) can now relocate to Cyprus within a 2 - 3 month period. 

This application process is now standardised and it involves the employer applying for their workforces and their families. 

EU citizens do not require a visa but a yellow slip a straightforward and simple paper legalisation.

CYAUSE Audit Services can also assist you with visa requirements as it is a side service offered to all its international clients which relocate to the Republic.

Read more on Cyprus Visa Requirements.

CYAUSE AUDIT SERVICES

About Us

CYAUSE Audit Service is regulated audit and assurance firm with offices in Limassol and Nicosia, servicing tens of Cyprus Investment Firms and Funds on regulatory compliance services since 2010. Our expertise can be broken down to the below 

• Board Representation
• Equity Reconciliation
• Internal / External Audits
• Compliance Work (ICARA, Capital Adequacy Reports, PIII & Risk Reports)

CYAUSE Audit Services Ltd performs statutory compliance services to Cyprus Investment Firms and Funds on a continuous basis in its capacity as external adviser for compliance function requirements and external or internal audit function.

Whether an investment firm regulated by the Cyprus Securities and Exchange Commissions (CySEC) or a Fund we can perform statutory compliance services and ad hoc engagements tailored to your needs. 

More information about our services can be obtained here.