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GBO’s package, last update 20malta gambling license price  In Malta you must pay the annual Malta gaming license cost and the license compliance price

Obtaining a casino license in Malta is a complex process that involves several steps. Receiving an MGA permit is not an easy task, and in order to get a license, an applicant has to pass audits with strict Malta Gaming license requirements, and to also pay a high Malta casino license price. Last update 8. S. For a class 1, 2 or 3 license the annual fixed MGA fee is €25,000 and for a class 4 license €10,000. If a licensee has multiple classes of licenses (1, 2 or 3) the. Type 3: €40,000 - Includes poker rooms and peer-to-peer (P2P) gaming like poker, bingo, and betting exchanges. The Malta Gaming Authority is an online casinos regulator that has been on the market from 2001. Pro. The price varies depending on the license type and the gaming practices’ scope. Malta has been offering online gambling licenses for over 16 years. Class 3 – a licence to advertise gaming in or from Malta (suitable for online poker rooms and peer-to-peer gaming) Class 4 – a licence to host and manage remote gaming operations (this is essentially a B2B gaming licence) And licenses these products: Advertising lotteries. €5000. According to ResearchAndMarkets. Type 4: €40,000 - Applies to controlled skill games where players can win prize money. While Malta is a heavyweight in the European iGaming market, combining a Malta gambling license with an Anjouan license can open doors to a wide range of global markets. Malta Gaming License; Malta Key Functions; Malta VS Curacao; Why Malta is best jurisdiction; Kahnawake. What we do ; Newsroom; Contacts +372 698-21-75 TALLINN. 5 percent (the tax rate drops the more that the online gambling business earns) Deposit: None. he Maltese online gambling license is one of the most sought after in the world. Isle of Man Gambling License. Malta Gaming Authority provides two types of licenses (B2B and B2C) for a period of five years. The license cost is high compared to some other jurisdictions and the process is complex. 1. Malta online gambling license and company registration . com. But it comes at a price. We expect it to become equally popular worldwide. Betfair International Plc is licensed and regulated by the Malta Gaming Authority. Anjouan table prices explanations. RN/141/2019 • Push Gaming Malta Limited MGA/B2B/779/2020 • Evolution NetEnt Malta Limited MGA/CRP/109/2004 • LNW Gaming Malta Limited MGA/B2B/112/2004 • Microgaming Europe Limited MGA/B2B/139/2007. In comparison to other countries, the AAMS gambling license is extremely valuable. The Curacao gaming license is known for its affordability and efficiency, allowing operators to offer a variety of online gambling services under one license. Depending on many factors you can get it for EUR 20,000 – EUR 32,000 flat fee. Under the Malta law, holders of gambling licenses are permitted to offer both online and land-based gambling, such as. Our Work Annual Reports & Audited Financial Statements Regulatory Framework Partnerships Publications Consultations Guidance Notes News. Malta’s licensing and regulatory framework was revised in 2018 with the introduction of the Gaming Act 2018. Malta Gaming License Process If necessary documentation and information is provided to the Malta Gaming Authority, the entire process of getting a gaming license in Malta takes between 12 weeks and 16 weeks. Those expenses cover all types of iGaming and allow partnerships with sub-license owners. Average ticket price in the NFL by team 2022. VOs who would like to embark on a project where the main aim is to undertake activities alternative to gambling can apply for the CSR Programme. A statement released by the MGA explains that the suspension of Genesis Global’s license is in effect as of January 16, 2023. Gambling license in EU member state Get a consultation ⏩Call ☎️+1(888)-647-05-40 e-mail: office@eternitylaw. 5 million and so on. The MGA permits the use of crypto within. Cost of a gaming license in Malta: The cost of a gaming license in Malta varies based on the type of license sought and the size of the operation. WhatsApp us: +972504938469, email us: [email protected]. Some corporate service providers will try and sell a Costa Rica Gaming License with a hefty price tag,. Our Work Annual Reports & Audited Financial Statements Regulatory Framework Partnerships Publications Consultations Guidance Notes News. Malta offers some of the best gambling sites in the world. Tbilisi. In 2023, the Isle of Man provided 85 companies with a gaming license. Malta. The Gaming License Fees Regulations (SL 583. The Curacao income tax is just 2% and is not subject to VAT or corporate profit tax. Just pay the annual fee and focus on your business. In 2023, the Mediterranean island was. Malta Gambling License Price. I would call the Malta gambling license a tier 1 license meaning it has very high standards regarding the protection of players’ interests. L. Class 3 – a licence to advertise gaming in or from Malta (suitable for poker rooms and peer-to-peer gaming) Class 4 – a licence to host and manage remote gaming operations (this is essentially a B2B gaming licence) Horse racing and spread betting are the two types of. Share it: Today, leading gamble operators consider Africa as a jurisdiction for expansion of their activities. The Malta Gaming Authority, or MGA, was set up in 2001; it aimed to regulate various gaming industry sectors falling under its authority. The Malta gaming license is a perfect. The B2C license is applicable to any entity that is offering, providing, or. With that said, here’s a basic look at online gambling license costs to give you a general idea of the level of expense you could face: Using Maltas’s €36,000 10-year license (type 1, 2 or 3 B2C license) as an example, the cost of this MGA license is broken down as follows:Malta Gaming License Malta online gaming license Malta gaming license cost Malta gambling license price Get a consultation ☎️ +1(888)-647-05-40 ️ office@eternitylaw. Author: GBO Specialist. The issuance of the license typically takes around 2-3 weeks. Open navigation. Malta. Antigua and Barbuda. The compliance Malta gaming license price depends on its category: for the Type No. Applicants can file only after receiving or requesting an operating permit. C. Malta gaming license Issued by the Malta Gaming Authority (MGA), for a period of 10 years. Given the worldwide recognition, Maltese iGaming businesses operating under. com. The fee for getting (and renewing) a Curacao license is €21,900 per year + 6% sales tax. Those with a cross-license agreement with the British administration can apply for a gaming license in the UK. Corporate structure: Curacao Company. License types. According to ResearchAndMarkets. When searching for casinos to play at, players look out for regulators like the Malta Gaming Authority, UK Gambling Commission, and the Alderney Gambling Control Commission. minimum 40,000 EUR. It is one of the most affordable in the established. Suitable for operators who earn a commission from promoting games. Type 4: €40,000 - Applies to controlled skill games where players can win prize money. slots; poker; roulettes; lotteries, etc. The yearly bill ends up being €17,900 + 6% sales tax. Depending on the conditions of the applicant, the. The annual Malta gaming license cost ranges from EUR 10. Price of documents for bookmaking office is 0,5% from income, and the cost of licenses of III and IV categories is 5% from income. Malta Gaming License; Malta Key Functions; Malta VS Curacao; Why Malta is best jurisdiction; Kahnawake. Malta Gaming Authority online gambling license facts: Date started issuing licenses: 2004. The applicable Malta gaming licence costs, including taxes and licence fees are found under the Gaming Licence Fees Regulations (Subsidiary Legislation 438. The local gambling license cost is £5,000 (€5,600). Malta Gaming License Cost. July 20, 2023 iGaming, License . And not only that, it’s also where you can find the largest jackpots of all time. 03), which may be found on the Authority’s website. Expert opinion: why is the Malta Casino License so Popular. Class 3 License: This category suits operators offering peer-to-peer. About america; Willingness LinkedIn; WhatsApp: +972504938469; Contact: [email protected]New Curacao Gaming License Cost in 2022 – Best price guarantee; LOK – new regulation Authority in Curacao; Bank accounts to Curacao gaming company;. 4055 Free Slots. 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Renowned throughout the world, a platform operating under the supervision of the Malta Gaming Authority will find many doors opened to them…This license is issued by the Malta Gaming Authority – the gaming authority of Malta, which is a member state of the European Union (EU). + 6% Sales Tax. Read here more details about Malta. License type 3 is for peer-to-peer games, betting. Previously, those wishing to offer casino, betting and eSports would have to apply for several different licenses. l. com, the current estimates state that the gambling market as a whole is growing at an annual rate of almost 6% and is expected to be worth over $565. 12, adopted under that law. Approximate license costs – Starts at €36,000+ (cost. How much does a Malta gaming license cost? The cost of Malta gambling license may vary and change according to your plans about your business and a variety of other factors involved but on average, it will be within the range of €25 000 – 36 000. , N 45, area N 7. We are able to issue new Curacao sub. Address: Units 2/4 and 2/5 Waterport Place, Gibraltar. The Netherlands Regulator Kansspelautoriteit is estimating that approximately 90 licenses shall be granted. These encompass: Class 1 License: Encompassing games of chance such as casino games and lotteries where operators shoulder the responsibility of managing the risk. The journey through the. The Malta Online Gaming License can be quite expensive and its price can increase as the number of license holders also increase. 000. Player Hub Licensee Register Lodge a Complaint Safer Gambling Self-Barring Unauthorised URLs. In 2020, there were 19 million active players in. The rise in popularity of esports is forcing bookmakers to quickly adapt or fall behind. Due to its EU member status and low tax rates, betting companies flocked to put servers on the island and host online. Type 4 – Minimum €40,000. 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Over 500 gaming businesses with a knowledge cutoff of 2021 are based in Malta and employ. 04 - Gaming Definitions Regulations. 583. 3. However, the allure of these advantages is accompanied by a notable investment. S. Curacao is reorganizing its gambling industry and is ready to issue new licenses to operators in November 2023. We can help you obtain your Malta Gaming License. According to the latest Gaming Act, however, the issued licences are divided into two categories. Loyal price development, quick and informative results. The Malta Gaming Authority sets minimum requirements for paid-up authorized capital for candidates applying for a gambling license in Malta, ranging from €40,000 to €100,000, depending on the company’s intended activities (casino operators, sports betting, poker, software vendors, etc. In Curaçao, for example, business owners must provide these documents to prove their credibility: – Original Utility Bill (not older than 3 months) – Copy of passport. 7 billion) online gambling industry, becoming to internet casinos something like what tax rules. Getting a gambling license is a must if you vote for a risk-free business and long-term profits. Malta Gaming Authority License. the price for issuing a Material supply Certificate — €1,000; the cost of a Key Function (personal digital code) — €50. Licensee Hub Applications Compliance Enforcement Register Licensee Register Recognition. In Malta you must pay the annual Malta gaming license cost and the license compliance price. Nowadays, the Gaming Authority is responsible for regulating. Malta online gambling license price is dependent on the class of license (B2B or B2C) and if it is B2C, then on the license types for services that are being offered. Malta: The price to obtain a Malta gaming license there might range from €5,000 to €30,000, depending on the kind of license needed and the services that must be provided. In Malta there are two different kinds of Maltese Online Gaming Licenses available, a B2C license or a B2B license. License renewal costs €1,500. Advantages of license gambling business on Malta: fast registration; receiving the status of EU international company; increase of brand prestige due to highly reputable jurisdiction; licensing of any kind of game (sports bets, online casino, lotteries, poker rooms, etc. Renowned throughout the world, a platform operating under the management off the Maltas Gaming Authority will find many doors opened to them. Commercial bingo halls. How Long Does It Take to Get an Online Gambling License? Comparatively speaking to Curacao, Malta and the UK typically have greater license acquisition expenses. 000 (excluding VAT), payable upon obtaining a license EU representatives are competent for a license of Italy, and shops can register in any country any entrepreneur working in the EU countries (and Liechtenstein, Iceland, Norway) is an applicant for an online casino license JackpotCity Casino Review. All Enforcement Actions taken by the Malta Gaming Authority in accordance with the Gaming Act (Cap. com The Maltese online gambling license is one of the most sought after in the world. In Malta, the iGaming companies setting up their operations are subject to a number of administrative fees, payable to the MGA. A license fee is €25,000; a request for application processing costs €2,300. The Act consolidated all previous laws and regulations and provided for an overhaul in theMalta. 583. money_gate. 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The statistic displays the number of online gambling licenses in Malta from 2014 to 2017, by class. In the present day, the Malta Gaming Authority is one of the most common official regulators of both land-based and online casino gambling services. Gaming tax is only 5 percent of revenues; there is also a compliance contribution (between 0. Malta. But of course, this does come at a price. Malta is one of the most desirable and profitable online gambling jurisdictions in Europe. We can help you obtain your online gaming license, WhatsApp us: +972504938469, email us: info@gbo-il. Buy Malta gaming license with the help of Smart Money experts | A turnkey casino | Unique HTML5-games development & 24/7 technical supportA Remote Gaming License is initially granted for a period of five years and can be renewed for subsequent five-year periods. The Ajouan gaming license cost is around 17,000 EUR, which includes the Annual Anjouan Gaming License fees covering initial setup fees and the required ISP service for compliance backups. The basic license costs around €17,500 up-front, plus a sliding rate based on revenue which can top out at €750,000. 25% if the profits do not exceed €3 million and 1% for profits up to €4. 20%, the casino will on average pay out . To find out more about the Malta Gaming Authority license and some relevant casino sites, check out this CasinosHunter overview! ⚡️ NEW $40,000,000 JACKPOT 💰 Get 150 FS for $10 👉 Spin Casino. comThe next step is to prepare and submit an application for a iGaming license to the Malta Gaming Authority (MGA) and the United Kingdom Gambling Commission (UKGC), which are the regulatory authorities responsible for overseeing iGaming activities in Malta and the UK. Operators looking to obtain an online gaming licence in Malta are required to undergo a rigorous application process in the course of which applicants are required to submit detailed information and documentation relating to their proposed operations for review and scrutiny by the Malta. By Type. Tbilisi. Swifty currently holds licenses spanning several global. The latter consists of 4 types of licenses, covering all forms of online casino games and sports betting. The new rules of gambling business taxation in Malta have become effective since January 1. Since March 2020, the Curaçao Gaming Control Board (GCB) has been tasked with the licensing for and supervision of the online gaming sector on behalf of the Minister of Finance. How to Get a Malta Gaming Authority Licence. With high application costs and gaming tax, it tends to be geared more towards big-name operators. com. retail and online sports betting, fantasy sports (DFS) CPA ( vendor minor ) license - $350 - Revenue share ( vendor major ) - $1,200 & charges for background checks. eSports. S. How does the Curacao gaming license compare to Malta?. For traditional lottery-type games: EUR 180 000. Taxes: From 0. After a casino licence in Malta is approved, an operator has to transfer the annual payment: €25,000 for permits of the first, second, and third types; €10,000 for certificates of the fourth type. The gold standard of casino regulation, the license gives the holder an instant reputation boost and lets people know they mean business. For more info, contact us at +356 21499030/1 or via email at csrp@rgf. These fees can range anywhere between €5,000 with a. The commission analyses a business plan, the. As a leader in the industry and a trendsetter to watch, the Malta Gaming Authority is the first to leap in awarding licensing to gaming regulators. WhatsApp us: +972504938469, email us: info@gbo-il. Information relating to the Compliance Contribution fee can be found in the Gaming Licence Fees Regulations (S. Note: Cost (from/to) Curacao: 18,000 – 38,000 EUR: Malta: Depending on the license class: 35,000 – 65,000 EUR: Kahnawake: No. The first one is B2B or B2B Critical Gaming. 07 of the Laws of Malta. As it is shown on the picture below. The domain name can be easily accessed on the top of each web browser. We know they are. €5000. com, Joss turns his attention primarily to regulated sports betting markets. More information. Malta Gaming License. These vary greatly in style, theme, and exclusivity. Malta, the EU’s smallest member state, is home to one of the world’s greatest gambling booms since Las Vegas in the 1960s. Mohéli Forex License: The go-to for world-class Forex enthusiasts and fintech innovators. 000. Malta is an island country in Europe that grants online casino licenses with low taxes. RN/141/2019 • Lazinco Technologies Limited RN/137/2019 • Swintt Malta Ltd MGA/B2B/745/2019 • Push Gaming Malta Limited MGA/B2B/779/2020. New Curacao Gaming License. Registration for payment of VAT. Any changes made or other intended divergences from the original remote gaming license application must be submitted to. Class 3 – a licence to advertise gaming in or from Malta (suitable for poker. Costa Rica Gambling License. Banking needs: To receive payment from their merchant account outside of the EU – SWIFT EURO. Malta’s licensing and regulatory framework was revised in 2018 with the introduction of the Gaming Act 2018. The Anjouan Gaming License is gaining popularity among gaming operators as an alternative to the Curacao license. The permits were canceled over the failure to pay their license fees. October 23, 2023 Share it: Malta, a Mediterranean treasure famed for its scenic beauty and historical charm, has emerged in recent years as a bustling center for the iGaming. Those expenses cover all types of iGaming and allow partnerships with sub-license owners. The payments range from a few thousand euros for a modest B2B license to several hundred thousand euros for a comprehensive B2C license. On successful completion of a Malta gaming license application process, the applicant, now a Licensee, is granted a ten (10) year Licence. Stage №1. The UK Gambling Commission accepts licensing applications for both online and land-based casinos. The paperwork is immense. The Kahnawake gaming license offers operators a flexible, cost-efficient, and straight forward setup process with a whole host of benefits. Validity and Verification of Malta Gambling Licenses. Those who want to receive a Malta gambling license also have to cope with this organisation, which is one of the most experienced in the world. MGA betting sites are a great way to play the sports you love at low prices. This means you can work out how much you could win on average. Fixed Annual Licence Fee (B2B) Licence Fee for providers supplying solely Type 4 gaming supplies. Malta Gaming License – Type 1. ru; en; Obtain Malta gambling license. Licence Fees on Annual Revenue. Subsequently, the MGA granted the gaming licence in July 2022, valid for 10 years. Moreover, this license is the strongest international license which has an affordable price at the same time (opposite to Gibraltar, Isle of Man, Alderney licenses). 438. Source:. This website mrvegas. The Mill Adventure is licensed and regulated by the Malta Gaming Authority (MGA), under licence no. Similar to other onshore authorizations, the Malta gaming license price is costlier compared to οffshore authorizations. L. Julians, Malta, is an easy 20-minute drive or a 45-minute bus ride from the international airport. The VAT rate is 20%, but online gambling is exempt from VAT on income, which also means it is not recoverable on expenses. Within the context of gaming licence costs, whilst the gaming tax collected by the Malta Gaming Authority is fixed at the rate of 5% of the gaming revenue for all gaming licences, the licence fees and, where due, compliance contributions, vary from one category of licence to another and depend on the gaming activities undertaken. 25%. These fees are determined by the operator’s annual income and license category. In fact, the top six biggest casino wins ever were all on Vegas slots. Unique opportunity to purchase company with Malta Gaming License. On the gambling market, the Malta Gaming Authority (MGA) and the Agenzia Dogane e Monopolio di Stato (AAMS) are two well-known license names. The. Game Types; Licence Number Game Type Approved Service Providers Approved Vertical Approved; MGA/CRP/314/2015: Type 1 Gaming Services • Evolution NetEnt Malta Limited MGA/CRP/109/2004 • Playtech P. B2C - Gaming Service Licence: Service (B2C) - A licence to provide a service for the purposes of engaging with end consumers: Licensed: Game Types; Licence Number. Its amount depends on the type of gambling activities that you will offer on your website. The price includes two domains and one validator. Initial Annual Gaming Licence fee – Gaming Supply Licence (B2B) Non-refundable Fixed Annual Licence Fee €25,000 Non-refundable Fixed Annual Licence Fee (Back-Office) €10,000 Following the initial year, the licence fee is calculated as per the following guidelines: Annual Gaming Licence fee Fixed annual licence fees – Gaming Service. The Kahnawake license is a step up price-wise compared to Curacao. 583. Registration of End-of-Series Vehicles. The fastest growing sport and sports market in Malta in terms of betting volume is esports. Mario Galea, the former Malta Gaming Authority chief executive who worked as a consultant on the process, said that B2C operators will be expected to pay a licence application fee of around €4,000, followed by a licence fee of around €12,000 per year and a €250 regulatory fee per month per URL. After the reform, B2B licenses are needed for game developers and other software providers. Malta is an EU Member State and its license is considered one of the most reputable and well-respected licenses in the world. 25% of the operator’s turnover. For B2B service providers, the cost will be £85,000. Player Hub Licensee. Comparing online gambling licenses isn’t just about the price. The Sandbox Framework is taking on the challenge of allowing crypto operators receive an official license, further allowing them to operate in a number of markets. License cost. money_gate. Here is the secret of the popularity of Malta among the owners of gambling clubs: it has excellent tax legislation,. Malta Gambling License Price 4,7/5 1541 votes. In terms of the licences available in Malta, a gaming licence is available from the Malta Gaming Authority (MGA) for business-to-consumer (B2C) gaming operators; while a separate licence is available for business-to-business (B2B) (critical) gaming suppliers such as games resellers, aggregators and games suppliers. The MGA license is sought after by most gambling operators. For example, for online casinos, the license fee can range from 47,940 euros to 190,000 euros per year. Upgaming, a leading iGaming solutions provider, has published its latest guide, "How to get Malta Gaming (MGA) License in 2023. Malta: Malta Online Gaming Licence Application (Video) 30 April 2021. Cost of License Renewal: From £5,000 to £50,000, depending on the type of license purchased. Malta Gaming License company for sale Buy Casino License in Malta ☎️ +1 (888)-647-05-40 office@eternitylaw. Licence Fees. Type: Fee: Application fee for any of the 4 types of B2C license. The Mill Adventure is Certified to operate in. Online gaming has been growing into one of the hottest areas into which investors can start to move substantial funds from the overheated markets, and immediately start to see substantial profits with tremendous. S. Contact with WhatsApp us: +972504938469, email us:. Malta: number of gambling licenses 2016-2021, by type; Malta: employees of the Malta Gaming Authority (MGA) in 2021, by category;Established in 2001 the Malta Gaming Authority (MGA) formerly the Lottery Gaming Authority (LGA) is the Malta control board, set up to regulate most forms of gambling in the state. Cost of License Renewal: From £5,000 to £50,000, depending on the type of license purchased. After obtaining a permit, operators are required to pay £35,000 (€39,000) every year. In particular, the Application Fee in Malta is €2,330 and the Licence Fee equals €8,500. Besides the introduction of a B2B licence, which is proposed to come into effect 1 July 2023, the updates are proposed to come into effect on 1 January 2023. As a result of such amendments, the number of key function roles required to be appointed by licensed operators has decreased, since certain roles have been merged. +995706070360. 7. Order a call +372 698-21-75 TALLINN +38 044 299-49-34 KYIV +420 226-211-349 PRAGUE +447418358682 LONDON. In addition to the Compliance Contribution, Gaming Tax is also due in terms of the Gaming Tax Regulations at the rate of 5%. We offer full corporates package that includes license, company, bank account and more,. There are about 80 online casinos with gambling licenses issued by the Malta Gaming Authority. However, it can be challenging to find suitable MGA gambling sites. Class 1 is a remote gaming licence suitable for casino-style games and online lotteries. For this reason, our team has analyzed the most frequently asked questions about the Malta online gambling license to present you top FAQs. The required share capital for each class of license is as follows: Class 1: €100,000. 12) (the “Regulations”), as issued under the Gaming Act, Chapter 583 of the Laws of Malta. GamingMalta Fund Regulations (SL 583. or more experienced operator needs to operate their online gambling license with a Curacao sub-license. First thing first, visit an online casino’s website you are verifying to find out what its domain name says. But it comes at a price. Currently, Malta offers a Gaming Service license which refers to a B2C license for offering gaming services, and a Critical. The Gaming regime applied by the MGA is both technology- and game-neutral, therefore encompassing any. is illegal. 2023. Value-added tax (VAT) rates in Malta are 18% and 35%, respectively. Since 2018, the MGA has been working towards extending its gaming license to include cryptocurrency. Gaming Authorisations Regulations (SL 583. Type 1: €100,000 - Covers RNG-based casino games, online lotteries, and virtual sports games. 01 of the Laws of Malta) regulate land-based casino gaming in Malta. Licensee Hub Applications Compliance Enforcement Register Licensee Register Recognition Notice Register. Rumbling across the global stage, a platform operating under the vigilant oversight of the Malta Gaming Authority will find plenty of opportunities waiting for them. This anticipated regulatory shift, labeled “unavoidable” by Finance Minister Javier Silvania, resembles Malta’s gaming license model after our analysis. The gaming license in the EU state Get a consultation ⏩ Call ☎️+38 (094)712-03-54 e-mail: office@eternitylaw. Class 3 is a licence to advertise gaming in or from Malta. The amount of the license fee varies depending on the type of gambling activities authorized under the license. It’s like a private club where you’ve to pay to play. The MGA has stringent licensing requirements and only issues licenses to operators who can demonstrate. In addition to the licensing application fee, annual fees are required. Our experts will help you to obtain a license. +356. Company. for a reported fee of €6 million, entering the Italian online gambling market. The Malta Gaming Authority (MGA/Authority) is the regulatory body responsible for the governance and supervision of all gaming activities in and from Malta. 1 to 1. For LegalSportsReport. The UK Gambling Commission accepts licensing applications for both online and land-based casinos. The amount can vary from €500-€5,000 (inc of VAT) according to a decision taken by the board.