Costa Rica is the home to a large number of companies that operate online casinos. There are several reasons why the country is a popular destination among gambling operators.
Although the current online gambling scene in Costa Rica is quite confusing, there are some loopholes that allow online casino operators to safely provide their services to players, provided they are not based in Costa Rica.
If you want to learn more about the current legal status of gambling in the country you can continue reading this article or check bestcasinosites for more details. We will also clarify why Costa Rica is a popular destination for numerous gambling operators, some of which you may have heard of.
Current Status of Online Gambling in Costa Rica
Under the Costa Rica Gaming Law, gambling is a legal activity in the country. The law also permits companies based in the country to obtain a gaming license and offer online gambling services. The only condition is that citizens of Costa Rica should not be accepted at such websites as the law does not allow them to participate in online gambling activities.
Even though locals are not permitted to gamble online at casinos that are based in Costa Rica, they can still enjoy various forms of virtual gambling at offshore betting sites. Due to the current lax gambling laws, Costa Rica has become one of the most preferred locations for numerous major online gambling operators.
Several factors contribute to the popularity of the country among companies that offer online gambling services. The telecommunication industry in Costa Rica is well-developed and a large portion of the population is multilingual. In addition to these advantages of Costa Rica, the thing that is most attractive to casino operators is the lack of regulations on online gambling. Since companies are not required to obtain any special licenses to provide online casino and poker services, Costa Rica is often the jurisdiction many choose when they want to enter the international gambling industry, mainly because of the low cost of the licenses.
How Operators Can Offer Online Gambling from Costa Rica?
Compared to other jurisdictions, Costa Rica requires just a few things from operators that want to offer online gambling to international players. This type of business is available to Costa Rican corporations or companies that are registered in the country. Such entities should also register with the local tax authorities and obtain a land use permit and a permit from the Ministry of Health. Lastly, operators are required to obtain a commercial license before they are allowed to offer online gambling services.
Most corporations that are registered in Costa Rica and want to offer online gambling services, apply for a data processing license. This is the equivalent of a gambling license but is much cheaper when compared to licenses issued by other jurisdictions. This is another reason why so many gambling companies choose Costa Rica as the location of their operation.
How to Obtain a Costa Rica Gambling License?
There are several simple steps to go through to obtain a seal of approval from the authorities in Costa Rica, and now we will provide further details on how to obtain a license from this jurisdiction. The first thing to do is to request an Online Legal Gaming Report, which will include the nationality of the beneficiaries, the servers’ location, the market that will be targeted, and the form of gambling activity that will be offered by the operator.
The second step is to either incorporate a gaming company based in Costa Rica or purchase a ready-made Costa Rican gaming company. Once you have completed the incorporation of a local company, you will also need to incorporate an offshore gaming company. This step is required for offshore banking transactions and the operator is obliged to provide the personal details of the legal representatives and beneficiaries of the offshore corporation.
Naturally, the operator will also need to open an offshore bank account once the previous steps have been completed. Once operators have set up their offshore corporations and offshore bank accounts, they can apply for a gambling license via their Costa Rican company. Once the right permits are obtained and the operators have selected several payment solutions, they will be ready to launch their online casino or poker sites.
Since online gambling is not overseen by any local authorities, gambling operators based or registered in Costa Rica are not regulated the same way many offshore operators are. Since such companies are self-regulated, they are not required to pay any gambling-related taxes. This is yet another major reason why so many gambling operators choose Costa Rica for their online operations.