To tighten the licensing regulations of Curacao, on the local government, the Netherlands have started to put pressure.
On earth, one of the biggest tax-heaven in Curacao and it’s well-known. The beautiful Caribbean island is the headquarters of more than a few gambling companies. The international gambling companies feel attraction towards curacao overseeing the tax exemptions benefits and their operations across the globe.
Excessive Pressure on Curacao from Netherland Government
In Curacao, thousands of sports betting license issued to online operators, often with minimum oversight. Thus, to tighten its licensing regulations on the local government, the Netherlands has started to pressure.
The Kingdom of Netherlands constituent country is Curacao. On most matters, it has full autonomy, with some significant exceptions. The country’s defense is Netherland’s responsibility, and the Netherlands also provides financial backing. Right now, this is important mainly. The tiny island nation’s economy based on tourism. As the tourism industry is affected heavily by the ongoing pandemic, the island’s economy is going through a financial struggle. To increase financing, the Netherlands has agreed, but only if, by March 2021, specific standards met.
Under the new agreement to oversee licensing decisions, Curacao obligated to form a new independent regulatory committee. At the exact times, the international country that doesn’t accept Curacao issued license will not participate in the Curacao gambling industry. No longer, the global player will be able to join Curacao neither Curacao will get.
Online gambling is illegal, and silently the Dutch government accepting that. But recently, in the Netherlands, the way has paved to acquire full licenses for the operators.
By September 2021, the operators in Curacao have to stop targeting Dutch audiences, which is when the new set of laws supposed to generate their place within the interim regulations in the Netherlands.
Also, regarding the corporate taxes and license fees, the Netherlands have to put an obligation on Curacao. For its lack of taxation, Curacao has chosen by thousands of operators, starting from March 2021. This is a significant change, and it is doubtful that operators in the four-digit margin in next year by this time will run their business on this land.
To Curacao based operators, some of the tax havens of the Caribbean already launched to advertise their service.