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Lottery Dream
Posted: Tue Sep 02, 2025 11:28 am
by Oakland
Just Planning , but if I won the Euro or UK Lottery and wanted to transfer my huge hoard to my bank in Cyprus .
Would I have to pay any tax and would i have money deducted .
Lets say 5 Million
Thanks
Day Dreamer
Re: Lottery Dream
Posted: Tue Sep 02, 2025 4:23 pm
by WHL
Oakland wrote: ↑Tue Sep 02, 2025 11:28 am
Just Planning , but if I won the Euro or UK Lottery and wanted to transfer my huge hoard to my bank in Cyprus .
Would I have to pay any tax and would i have money deducted .
Lets say 5 Million
Thanks
Day Dreamer
My cousin in Nigeria is a tax expert, if you win send me your bank details, and he will help you.
Re: Lottery Dream
Posted: Tue Sep 02, 2025 4:25 pm
by WHL
On a serious note cyprus is one of the last places anyone would want to send a massive amount of cash, Switzerland would be a better shout.
Re: Lottery Dream
Posted: Tue Sep 02, 2025 6:33 pm
by 71 Trans Am
I was just thinking that - Remember the Haircuts a few years ago ?
Re: Lottery Dream
Posted: Wed Sep 03, 2025 10:58 am
by josef k
They can refuse to pay out if they learn you live outside the UK or the countries that play the Euro lottery.
However, assuming you get a payout, and given that currently Cypriot banks pay little or no interest, you would be better to transfer your millions to Turks & Caicos or Cayman Islands for example.
Re: Lottery Dream
Posted: Wed Sep 03, 2025 12:36 pm
by clive of payia
With the desperate plight of the euro, see the financial state of Germany and France, more haircuts on individual deposit accounts across the eurozone cannot be ruled out for accounts say over 100k as it was last time. Yes, the UK under Starmer is also in deep financial trouble, but luckily not in the euro. Yes, Switzerland has always been a save"ish bet for your money. Not under the mattress, please! My wife would find it there.
Re: Lottery Dream
Posted: Wed Sep 03, 2025 5:56 pm
by Dominic
Why would your wife be in Oakland's bedroom?
Re: Lottery Dream
Posted: Wed Sep 03, 2025 9:50 pm
by WHL
josef k wrote: ↑Wed Sep 03, 2025 10:58 am
They can refuse to pay out if they learn you live outside the UK or the countries that play the Euro lottery.
However, assuming you get a payout, and given that currently Cypriot banks pay little or no interest, you would be better to transfer your millions to Turks & Caicos or Cayman Islands for example.
With respect that is not correct, to buy a euro ticket, you must be physically in the country when you purchase the ticket, i am in the uk at present and i buy euro tickets,
But i live in cyprus, i also bought some in france recently when the pay out was 220 million euros.
Re: Lottery Dream
Posted: Thu Sep 04, 2025 12:06 pm
by Ams
On the same subject, but on a tangent...
Does anyone know the Cyprus Opap rules, for Joker etc?
How much Cyprus tax would you pay on a large win (well, I can dream, can't I?)?
Can non-residents play Joker? Eg, my family have bought tickets when visiting when there's a large prize. If their ticket won, could they claim it (they don't live here) and have the money sent to their bank in their country?
Re: Lottery Dream
Posted: Thu Sep 04, 2025 1:45 pm
by WHL
Ams wrote: ↑Thu Sep 04, 2025 12:06 pm
On the same subject, but on a tangent...
Does anyone know the Cyprus Opap rules, for Joker etc?
How much Cyprus tax would you pay on a large win (well, I can dream, can't I?)?
Can non-residents play Joker? Eg, my family have bought tickets when visiting when there's a large prize. If their ticket won, could they claim it (they don't live here) and have the money sent to their bank in their country?
Anyone whilst in cyprus can play the opap games, doesn't matter if you live here or not providing they are 18 years old.
Years ago i won 2500e on protto, i didnt pay any tax
From the opap site,
5. WINNINGS TAXATION
Upon payment of winnings to the beneficiary, 20% of the amount of winnings exceeding five
thousand (5,000) euros is immediately withheld, in accordance with the provisions of the Law
on Taxation of Winnings from Gambling of OPAP SA and the State Lottery of 2012 (Law
191(I)2012) and the provisions of para. 7.3 of this Guide.
Re: Lottery Dream
Posted: Fri Sep 05, 2025 11:33 am
by Ams
WHL wrote: ↑Thu Sep 04, 2025 1:45 pm
Anyone whilst in cyprus can play the opap games, doesn't matter if you live here or not providing they are 18 years old.
Years ago i won 2500e on protto, i didnt pay any tax
From the opap site,
5. WINNINGS TAXATION
Upon payment of winnings to the beneficiary, 20% of the amount of winnings exceeding five
thousand (5,000) euros is immediately withheld, in accordance with the provisions of the Law
on Taxation of Winnings from Gambling of OPAP SA and the State Lottery of 2012 (Law
191(I)2012) and the provisions of para. 7.3 of this Guide.
Thanks WHL.
Well done on the 2500e. The most I've won so far (relatively new player) is 25e, also on Proto which I only buy as an extra to Joker, but I live in hope...
