Costa Rica is included in the list of the most popular jurisdictions for online casino licensing. The main reason is the ability to provide gambling services to residents of any part of the world. But this, of course, is not the only advantage of a Costa Rica gambling license.
Specialists of the Smart Money company have prepared a detailed review with the description of all the requirements for casinos and a list of the necessary documents. If you have not decided yet, in which country you want to receive a permit for the gambling business, it is time to sign up for a consultation with your personal manager from Smart Money.
Costa Rica is a country in the American continent, and Spanish civil law lies at the root of its legislation. In most matters, the jurisdiction holds to a progressive view. Currently, the government is working on the regulation of the gambling market of Costa Rica.
Indeed, at the moment, the country has no legal basis for the online gambling business. However, Costa Rica has already issued permits to more than two hundred companies.
In practice, it looks like this: a casino with the Costa Rica gambling license can provide gambling services to citizens of any other countries, except for Costa Rica itself. Looking ahead, we would like to note that you can protect yourself from the claims of the controlling bodies by simply setting the block on Costa Rican IP addresses.
Taking into consideration the above, the two biggest and obvious advantages of the Costa Rica gambling license, which made it so popular, are:
- The absence of legislation means that no one neither controls nor regulates the business.
- Costa Rica is the only country that does not lay a tax on income from gambling activities. All local companies pay a flat rate.
Only these two items are enough to definitely choose Costa Rica for obtaining a permit. But the jurisdiction also has other positive aspects, and we have to mention them in this article.
Other benefits of the Costa Rica gambling license:
- this jurisdiction is characterised by a stable economic and political situation;
- there are no requirements for the location of servers, so you can store data anywhere in the world;
- in the world stage, Costa Rica is not considered an offshore country, which becomes a bonus when you are working with partners from the EU and the USA;
- a relatively cheap and fast procedure of the gambling business registration;
- there are no operation instructions for online casinos;
- income, which is received outside the jurisdiction (i.e. worldwide), is not subject to tax;
- a bank account can be opened in any country;
- founders of the company can be residents of any country;
- there is no minimum share capital.
You must admit that these are great conditions!
There are also some negative aspects but do not get upset since their number is minimal:
- Firstly, it is the fact that citizens of Costa Rica cannot gamble.
- Secondly, there are difficulties with opening a bank account within the territory of the jurisdiction since the Costa Rican banking system is under the influence of the United States. And the USA, as you know, has a rather negative attitude towards the sponsorship of a gambling business. But then, you have an opportunity to open an account in any other bank in the world.
- The third disadvantage is connected with a geographical background: Costa Rica is too far from us. Most issues have to be resolved by phone or e-mail, and it is not always effective. So it is better to immediately hire a local representative and a legal advisor.
You will have to collect many documents but still less than in other countries:
- An application of a standard pattern.
- Copies of passports, utility bills, a resume, reference letters, and other documents that describe each of the co-founders, shareholders, and top managers.
- A business plan with goals, ways to achieve them, information on the origin of the invested funds, payback plans, and a marketing strategy.
- A copy of the confirmation of registration on the territory of Costa Rica.
- Copies of charter documents, decisions of shareholders on the organisation of the company, and the appointment of the chief executive officer.
In Costa Rica, a permit can only be granted to a company that has a representative office in the jurisdiction. That is, before filing an application, you should buy or rent the office, hire a staff, and ensure the safety of the property and people.
Moreover, it will be necessary to file financial statements once a year. You have to report on how much the company earned for the period from October 1 to September 30.
In general, all these actions are simple, and they can be easily entrusted to a local representative. The main thing is to find a reliable partner who can represent your interests.
We recommend you to find experienced experts who know all the details and nuances of casino licensing. Even if you are not dealing with this issue for the first time, it would still be a good idea to entrust the paperwork and the examination of the legislation of another country to the contractor.
Smart Money can deal with the legalization of your gambling business. We can not only resolve legal issues but also offer high-quality software and games, and the cost of these services is not so high. Also, from us, you can even buy a turnkey online casino.
Contact us right now:
- By e-mail: email@example.com
- In Skype: sm.pay
- Via feedback form.