Costa Rica is a country located in Central America and is ranked as one of the most visited international destinations. Costa Rica is a democratic and peaceful country and it has not had an army since the year 1949. Even though it is small and it covers only 0.03% of the surface of the globe, it shelters 5% of the existing biodiversity in the entire world. One of Costa Rica’s main sources of income is tourism.
The country has famous beaches and also vast rain forests. 26% of the country is composed of conservation and natural protected territory. Tourists from around the globe visit the country to immerse themselves in its natural beauty and heritage.
Costa Rica is also an attractive country for investment and offers great potential for the establishment of important multinational companies, thanks to the outstanding academic level of its population, as well as the high standard of modern services and social and political stability. In recent years, the Government has also promoted the industrialization of the country and Eco-tourism in a bid to move away from the traditional timber production business.
Costa Rica is a fully-fledged member of the World Trade Organization (WTO), providing an opportunity for collaboration with European countries and the USA. Costa Rica is also famous in the gambling industry for its relaxed attitude towards online gambling operators in the region, despite having very little in the way of specific legislation to deal with them. Apart from the attractive price and absence of income taxes, one more important advantage of getting a license in Costa Rica is the possibility of subsequent opening of merchant account and settlement accounts in Europe.
Costa Rica Online Gambling Regulations
Compared with other licenses, the gaming license issued by Costa Rica is considered relaxed in terms of norms and regulations. In this regard, Costa Rica is one of the most attractive jurisdictions in the world for companies that provide virtual gambling services. All these companies operate on the basis of so-called data processing licenses, which are issued by the Local Regulatory Authority or on the basis of a license that provides services in the field of virtual gambling games, which is issued by the National Registry of Costa Rica.
It is permitted for businesses to conduct gambling activities from Costa Rica provided that you obtain a Data processing license with from the local government authorities. National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Costa Rica Gambling Companies. As part of its duties, the Local Regulatory Authority monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of Costa Rica.
Compliance audits are conducted on a regular basis to ensure that the terms of the license are met. Licensees must maintain a complete audit trail for each player making a deposit with an operator, including financial transactions and individual bets. Gaming systems, including back-end software logs, must be made available to third-party auditors. Gaming rules, results of the games, and pay-out are to be made available to Local Regulatory Authority for five years. Only non-residents of Costa Rica who are over 18 years of age are allowed to engage in online gaming. Wagers from residents of Costa Rica or individuals younger than 18 years old must be refused by operators.
Let’s talk more about the benefits by understanding the reasons why obtaining a Costa Rica igaming license may be ideal for you.
How to Start An Online Gambling Business in Costa Rica
When starting a Costa Rica Online Gambling Business, first of all, it’s important to think about one of the most essential procedures, that is company registration and acquisition of the license. Costa Rica Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
The main conditions of license acquisition in Costa Rica that attract owners of online gambling businesses are comparatively low license costs and the absence of income taxes. Licensed Gambling companies in Costa Rica may qualify for tax-exempt status, meaning they do not have to pay any income tax. There is no VAT or other Sales Tax applicable to Costa Rica, there is also no tax or other duties payable on gambling operations.
Costa Rica has political stability, first-rate telecommunications facilities, and a well-established financial services industry. In addition, it maintains an attractive environment for international online gaming companies. Costa Rica Gambling License is recognized by many countries all over the world, so you will have a large potential customer base after getting it.
In order to obtain a Costa Rica Gambling License, the decision to approve the application is at the discretion of the Local Regulatory Authority. Costa Rica issues one Online Gambling license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers.
With this Costa Rica Gambling License, online gaming companies can operate legally. Each applicant undergoes a thorough assessment, ensuring that licenses are only awarded to those applicants who are able to demonstrate such a financial standing and integrity as to preserve the international reputation of Costa Rica as an online gambling hub.
In case something does not correspond to requirements, the Local Regulatory Authority will provide a checklist of necessary improvements. A Costa Rica Gambling License covers all forms of online gambling including Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Horseracing, Bitcoin Casino, Fantasy Sports, Games of Skill, and other gaming-related activities without being required to obtain one license for each individual product. Costa Rica Gambling License enables companies to operate all over the world.
Costa Rica Gambling Requirements
Residence in Costa Rica. Operators wishing to offer their services to gamblers must be residents of Costa Rica and they must obtain the relevant licenses and authorizations from the Costa Rica Gaming Commission. In case the company is a foreign entity, it must appoint a local director, whose domicile is in Costa Rica, to deal with the competent authorities in the country and have the power to conclude contracts on its behalf
Opening of a bank account with one of the banks in Costa Rica where the operator would need to deposit the players’ money. Licensed remote gaming operators will only be allowed to make payments to players through the payment processors that have been approved by the Commission
Requirements regarding the minimum share capital of the company depending on the type of game it offers
A monthly declaration giving details regarding income from games of change as well as the fees due will have to be submitted to the Commission on a standard form
Compliance with the principles regarding the protection of minors as well as with the content of the promotional material used and the locations where they can be displayed
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