Belize Aspires To Be A Regulated Online Gambling Jurisdiction

Published Sunday, June 06, 2010 - Online-Casinos.com

Belize aspires to follow the path of other Caribbean countries and offer a regulated and licensed environment for online gambling companies. The Regulations of the Gaming Control Act, were adapted from parallel regulations in countries where the online gambling industry was established and successful. The Regulations of the Gaming Control Act came into force in October 2004 and were amended in 2006. The Gaming Control Regulations regulate the administration of online casinos defined as any game into which the player enters and takes action by means of telecommunication is online gaming including negotiating or receiving bets and participating in a lottery.
The Computer Wagering Licensing Act, 1995 also regulates online gambling. It defines a computer wagering service. Established under the Act, the Belize Computer Wagering Licensing Board scrutinizes all applications for licenses to provide computer wagering services. The Board needs the prior approval of the Minister of Home Affairs to grant exclusive licenses to an applicant. The applicant must maintain a deposit with the Central Bank of Belize as a security for the payment of creditors arising out of online gaming or  fines. A licensee must maintain a copy of the daily transactions and the bank account balances of each computer.
The tax advantages in Belize attracts the prospective operator who must pay a non-refundable application fee of $5,000 USD then a $10,000 USD license fee is payable upon the granting of the license.
International companies that hold an online gaming license and route online gaming activities to or through Belize are also required to pay an annual routing fee. This fee is 0.75% of the annual gross revenue of business or $250,000,USD whichever amount is greater. A annual fee of US$10,000 is payable upon the renewal of each online gaming license.
Under the Belize International Business Company Act of 1990, International Business Companies are exempt from most types of taxation, including income, dividend and capital gains taxes. In addition, IBCs are exempt from stamp duty on IBC transactions, such as property transfers. 

 

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