MPs exempt casinos from €10,000 limit
Casinos will be exempt from the island’s cash transaction limit of €10,000, following a vote by the House plenum on Thursday evening.
The vote was passed with 25 votes in favour, 17 against, and one abstention.
Lawmakers had argued that the restriction, introduced last December, had put Cyprus at a disadvantage, driving high-stakes gamblers to casinos in the north where there are no limits.
Supporters of the amendment, including MPs from the Diko, Disy, and Dipa, said the change would help retain high-value tourists and boost the Republic’s legal casino industry.
“Whether we like it or not, high rollers prefer cash transactions. If we don’t allow it, they will take their money elsewhere,” Diko leader Nicholas Papadopoulos said, adding that the move would strengthen Cyprus’ economy rather than that in the north.
Opponents, including MPs from Akel, the Greens, and independent Alexandra Attalides, warned that the exemption could facilitate money laundering.
“We are opening a dangerous loophole that could come back to haunt us,” Attalides argued, stressing that European regulators do not exempt casinos from strict financial oversight.
Under the new law, visitors bringing large cash amounts into Cyprus for gambling must declare the funds upon entry. Casinos will be required to request proof of this declaration before accepting such payments.
While supporters insist the measure will boost the economy, critics warn that the European Union may intervene and impose stricter financial controls that could force Cyprus to reverse the exemption.