License for Integrated Casino Resort and Other Important Decisions by the Government of Cyprus
Contributed by Fiducenter
22 July, 2013
Contributed by Fiducenter (Cyprus) Ltd [www.fiducenter.com.cy]
We would like to inform you that during a meeting of the Council of Ministers held on 18 of July, some important measures were decided, as presented below.
Creation of integrated casino resort
The Council of Ministers decided on 18/7/2013 the granting of a single license for the creation of an integrated casino resort. The decision has been taken based on the results of a study by an international consulting firm. The procedure for the granting of a casino development license is estimated by the government to take no longer than 12 months (fast-track route), including the consultation the government reckons is necessary with expert advisors before finalising the details of the tender.
According to a preliminary report the resort will offer 100 gaming tables, 1000 slot machines and 1000 hotel rooms, shops, a conference centre and entertainment and amusement facilities. It is expected that a project of this magnitude will entail an investment of more than EUR500 million.
The government has announced that its intention is through a reliable and transparent procedure to attract the interest of international investors for the particular project.
In the same meeting, the Council of Ministers decided for a tax amnesty for repatriation and investment/usage of funds for specific purposes.
The amnesty will cover repatriation of funds by 31 December 2013, which will be carried out:
- for the purpose of an immediate and quantifiable investment;
- for settlement of debts towards financial institutions in Cyprus or the State;
- for long-term (minimum five years) deposits in financial institutions in Cyprus;
- for purchase of government bonds.
The amnesty will be against Income Tax liabilities. Technical details will be announced subsequently, as the Minister of Finance has undertaken, in cooperation with the Inland Revenue Department and other responsible parties, to prepare a bill urgently.
The government has announced that the decision has been taken solely based on the difficult liquidity position of the country and it has stressed that due care has been and will be given not to send out any wrong messages with regards to the tolerance of the government towards those who do not honour their tax obligations.
Fiducenter (Cyprus) Ltd
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