Cyprus Casinos Exempted from €10,000 Cash Transaction Limit

Cypriot lawmakers have lifted the €10,000 cash transaction limit for casinos. The measure passed with 25 votes in favor, 17 against, and one abstention.

Under the new law, visitors bringing large amounts of cash into Cyprus for gambling will need to declare the funds upon arrival. Casinos will be required to verify this declaration before accepting such payments.

During the parliamentary session, lawmakers highlighted that the cash limit, introduced last December, had put Cyprus at a disadvantage, driving high-stakes gamblers to casinos in the northern part of the island, where no such restrictions are in place. Proponents of the change argued that lifting the limit will help retain valuable tourists and boost the legal casino industry in the Republic.

“Whether we like it or not, high-rollers prefer cash transactions. If we don’t allow this, they will simply move their money elsewhere,” said Nikolas Papadopoulos, leader of the Democratic Party (DIKO).

Opponents of the move warned that the change could facilitate money laundering.

Supporters, however, believe it will contribute to economic growth, though critics caution that the European Union could intervene and impose stricter financial controls, potentially forcing Cyprus to reverse the exemption.