Curacao went from licensing over 1,200 online gambling operators to roughly 300 in the span of a year. The LOK reform, rising compliance costs, and a regulator in turmoil pushed the majority out. Most moved to Anjouan. Some chose Nevis. A few upgraded to Malta. The rest simply shut down.
We have handled dozens of these migrations. Here is what the shift actually looks like from the inside, and what operators considering the move should know before they start.
Why Operators Are Leaving Curacao
The old Curacao model worked for twenty years because it was affordable, fast, and had a light regulatory touch. Four master license holders (Cyberluck, Antillephone, Gaming Curacao, and Curacao Interactive Licensing) issued sub-licenses to hundreds of operators. The government collected revenue. Oversight was minimal.
The LOK reform, which entered into force on 24 December 2024, replaced that system entirely. Sub-licenses expired by 31 January 2025. Every operator now needs a direct license from the CGA, Curacao’s new gaming authority.
The New Cost of Doing Business in Curacao
A Curacao B2C license under the LOK costs EUR 47,450 per year (EUR 24,490 to the National Treasury plus EUR 22,960 in supervisory fees). Operators must maintain a physical office on the island and hire local employees: one key employee from day one, scaling to three by year five. Enhanced AML procedures, UBO disclosure, and on-chain transaction monitoring for crypto operations are all mandatory.
For an industry that chose Curacao specifically because it was the low-cost option, these requirements eliminated the core value proposition overnight. The operators who could afford the new regime stayed. Everyone else started looking for the exit.
Governance Problems Made It Worse
Cost alone would have driven departures. But the CGA’s leadership changes, with the full supervisory board resigning in September 2025 and the Finance Minister leaving office in October, added uncertainty on top of already significant operational disruption. Operators who were on the fence about staying found their decision made for them.
The most visible departure was BC.Game, which voluntarily withdrew its Curacao license on 5 December 2024, one day before the regulator was set to rule on its status. The company cited an “increasingly hostile environment” and moved to Anjouan. It was the biggest name to leave, but the pattern behind it was already well established.
Where the Operators Are Going
The migration has not been random. Operators are sorting themselves into three clear paths based on their size, budget, and commercial ambitions.
Anjouan: The Majority Choice
Most operators leaving Curacao have moved to Anjouan. The numbers tell the story: Anjouan grew from a few hundred licensees to nearly 1,500 in roughly two years, with a significant portion of that growth directly attributable to the Curacao exodus.
The appeal is straightforward. License approval takes three to six weeks. Total cost is approximately EUR 17,000, including due diligence and compliance officer fees. No local director is required. Zero tax on gross gaming revenue. For operators who chose Curacao because of cost and speed, Anjouan offers the same proposition with a regulator that is still processing applications on schedule.
The annual savings are substantial. A mid-sized operator switching from a new Curacao LOK license to Anjouan saves roughly EUR 60,000 in the first year alone, before factoring in the costs of maintaining a physical office and local staff in Curacao.
Nevis: The Credibility Upgrade
Operators who want stronger PSP acceptance and banking relationships are choosing Nevis instead. The framework launched in May 2025, the annual fee is around EUR 28,000, and processing takes eight to twelve weeks.
The FATF whitelist status and St. Kitts and Nevis’s 40-year track record in financial services regulation give Nevis a perception advantage that Anjouan does not have. Payment processors and banking partners in Europe, Asia, and Canada look more favourably on a Nevis license. For operators targeting those markets, the higher cost is a commercial investment, not just a regulatory expense.
Malta: The EU Play
A smaller group of well-capitalised operators have used the Curacao disruption as the push they needed to upgrade to Malta. Application fees start at EUR 25,000, processing takes six to nine months, and annual compliance costs exceed EUR 100,000. But a Malta Gaming Authority license opens the EU market and gives operators the strongest possible position with tier-one payment processors and game providers.
This path makes sense for operators with the capital and patience to pursue it. For the majority, it is not realistic.
What the Migration Actually Involves
Switching jurisdictions is not just a licensing exercise. It touches every part of the business.
Banking Remains the Biggest Operational Challenge
Securing new banking and PSP relationships under a different license is the single most time-consuming part of any migration. Payment processors evaluate each jurisdiction differently, and switching from Curacao (with its current reputational issues) to a newer jurisdiction requires rebuilding commercial trust from scratch.
Operators who plan ahead and begin PSP conversations before their Curacao license lapses have a smoother transition. Those who wait until the last moment often face gaps in payment processing that directly affect revenue.
Technical and Legal Realities
From July 2025, the CGA clarified that Curacao-registered companies cannot use licenses from other jurisdictions for legal operations. Operators must relocate their corporate entities, not just their licenses. That means new company registrations, updated contracts with game providers, revised terms and conditions for players, and potentially new domain configurations.
Curacao’s 1931 bankruptcy law adds another complication. BC.Game faced bankruptcy proceedings initiated by the SBGOK Foundation, with USD 2.5 million in player claims. Operators with unresolved disputes in Curacao may find those issues follow them regardless of where they re-license.
Patterns From Operators Who Have Already Switched
After handling dozens of these transitions, a few patterns are clear.
The operators who migrated early, in late 2024 and early 2025, had the smoothest experience. They had time to choose jurisdictions carefully, negotiate PSP relationships, and manage the technical transition without pressure. The ones leaving now face a more crowded field and less patience from commercial partners tired of Curacao-related disruptions.
The most common mistake is underestimating the banking transition. Operators focus on the license itself (which is the easiest part) and assume payment processing will follow automatically. It does not. Budget at least four to eight weeks for PSP onboarding after your new license is issued.
Should You Move Now or Wait
If you hold a fully granted Curacao green seal license and your business is stable, there is no urgent reason to leave. The license is valid and the framework, despite its problems, is operational.
If you are on a provisional license with no final decision, waiting is the riskier option. Every month of uncertainty affects your commercial relationships and your ability to negotiate from a position of strength. The operators who left early chose where to go. The ones who leave last will take whatever is available.
With nearly 30 years in the business, we have guided operators through jurisdictional transitions of every kind. We’d recommend starting with our jurisdiction comparison tool to see the numbers side by side, but the real answer depends on your target markets, your PSP requirements, and your growth plans. We work with both Anjouan and Nevis and can give you a direct assessment of which path fits. Talk to our team and we will map out the transition step by step.