Curacao is Caribbean island and a territory of the Netherlands, which is well known for its beautiful beaches, lovely colonial architecture, and relaxed and laid back lifestyle. It is a popular tourist destination.
What a lot of people do not know is that Curacao is also a major business hub, especially for online businesses. There are a number of online casinos that are based in Curacao, which are attracted by the low taxes, business friendly environment, and political stability.
Curacao is also one of the first countries to regulate online gambling. Curacao regulated gambling in 1993, and the Curacao Gaming License is much sought after by online casinos around the world. It is considered to be one of the most respected jurisdictions for online casinos to be based at.
One of the biggest advantages of starting an online casino in Curacao is that there is no VAT (Value Added Tax) and the corporate income tax rate is just 2%. There is no tax on Bets either, no import duties, and no sales tax.
Online gaming has been a major industry in Curacao since 2002 ever since the government introduced regulations that took away the control of the online gaming industry from the Curacao Gaming Control Board and simplified many of the restrictions on the industry.
Curacao offers just one License type now, which covers all online gaming products, whether it is sports betting, skill games or casino. All online gaming products come under the Curacao Gaming License.
This means that the operator is expected to register their online casino in Curacao. They will need to have a locally based administrator and set up the online casino as an e-Zone company. This will allow them to benefit from the 2% corporate tax, which is as low as it can get.
How Online Casinos are provided with Gaming License in Curacao
As said earlier, since 2002, iGaming or online gaming was separated from the Curacao Gaming Control Board. The Curacao Gaming License is granted by the Governor of the Netherlands Antilles. There is an executive body that supervises the granting of the license and ensures that the integrity of the process is adhered to at all cost called as Curacao iGaming. This body directly supervises all gaming operators in Curaçao and provides them with a detailed and well laid structured procedure so that they can apply with ease for the iGaming IP-license.
What Does It Mean for Players?
It is the sole responsibility of the players to enquire about the gambling laws in Curacao. They have to find out what is permissible and what’s not. All online casinos operating from the island need to impose a strict age restriction – the minimum age requirement for players is 18 years, but this can also depend on the minimum age requirement as per the jurisdiction that is valid in the country that the player resides in.
Curacao iGaming IP-licence
There is just one gaming license in iGaming Curacao which covers all interactive games or online gaming, including the online casino industry. This is a master license called as the Curacao iGaming IP-license. This license applies to the entire e-gaming community based out of the island. What’s more, this license gives a company the right to sublicense third parties as long as they adhere to all conditions as under the master license.
All applicants who are interested in a Curacao gaming license undergo a thorough assessment, and care is taken to make sure that only those companies or individuals who have demonstrated integrity and possess proper financial standing are granted the license.
Curacao takes its reputation as a hub of the online gaming industry very seriously and hence only hands out licenses to those that meet all the standards expected of them. Following the issuance of the license, the licensee will be strictly supervised by the authorities to make sure that they fully comply with the terms of the license.
Licensees are expected to safeguard the interests of the players at all times and undergo compliance audits on a regular basis. Not doing so or failing to adhere to the terms of the license can lead to the imposition of an automatic ban by the concerned authorities at iGaming Curacao.
What are the Pros and Cons of the Curacao Gaming License?
*Curacao has favorable tax laws and a simple licensing procedure. This makes a
*Curacao’s laws on gambling are very simple and easy to understand. You only need one license for any type of gambling operation, whether it’s an online casino, sports betting or poker. One license is all you need to get started.
*It is much easier to get a license in Curacao compared to other jurisdictions. It is certainly much more economical compared to getting a gambling license in Europe or North America, much simpler so that anyone can apply. You don’t need to be a large company with lots of resources or need to employ a highly paid legal team in order to apply. You can be a start-up with low funding and yet apply – as long as you meet all the requirements.
*You will be provided with a label of the licensing from the regulator. This can be carried on your website which certifies its Curacao Gaming licensing status.
*Curacao Gaming License is easy to get, does not cost much and has fewer restrictions or requirements compared to a license obtained from a jurisdiction in North America or Europe. This can be an advantage to many, but others might see this as a disadvantage.
The *Curacao Gaming Commission does not get involved in disputes between players and operators. They maintain a hands-off policy at most times and leave it to the online casinos to resolve any issue with their customers.
*Most of the gaming licenses that are issued by the Curacao Gaming Commission are actually sub-licenses which are issued by a company that holds the master license. So the master license holder is actually responsible for the auditing of the online casinos and makes sure that they are compliant with all terms and conditions of the license.
*One major disadvantage is that a holder of a Curacao Gaming license may not be allowed to operate in certain North American and European countries.
* It is not easy for the holders of a Curacao Gaming license to open a corporate bank account. But this is true for online gaming companies belonging to most jurisdictions, so it is not fair to single out Curacao for this.
==How Curacao Gaming Commission Promotes Responsible Gaming
Curacao is a part of the Caribbean Financial Action Task Force (CFATF), and also an associate member of the Financial Action Task Force (FATF). The Curacao Gaming Commission has taken a conscious effort to promote responsible gaming as a member of these organizations.
The authorities in Curacao are well aware of the poor reputation of many Curacao based online casinos when it comes to player protection and customer support. That is one reason that the government has been working hard to make sure that all gambling related activities on the island, whether online or offline are in full compliance with the regulations imposed by the Caribbean Financial Action Task Force and the Financial Action Task Force.
There are for sure many safe and respectable online casinos based out of Curacao and which possess a Curacao Gaming License, which have been covered by us. Curacao is without question a safe, open and transparent and legitimate place to set up an online casino, but casino owners must work hard to build their reputation among players from around the world.