Belize Aspires To Be A Regulated Online Gambling Jurisdiction

Belize is ready to soar to a great heights and follow the path of other Caribbean countries to offer a regulated and licensed environment for online gambling companies. The Regulations of the Gaming Control Act, were adapted from regulations in countries where the online gambling industry was formed and was successful. In October 2004 the regulation of the Gaming and Control Act came into force, and was 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.

Also regulating the online gambling is the Computer Wagering Licensing Act 1995. It defines a computer wagering service. The Belize Computer Wagering Licensing Board established under the Act 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 keep a deposit with the Central Bank of Belize as security for the payment of creditors from online gambling or fines. Licensee must maintain a copy of the daily transactions and the bank account balances of each computer.

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 by the tax advantages. International companies that have an online gaming license and route online gaming activities to or through Belize have 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.

International Business Companies are exempt from most types of taxation, including income, dividend and capital gains taxes under the Belize International Business Company Act of 1990, . In addition, IBCs are exempt from stamp duty on IBC transactions, such as property transfers.