Belize vs Anjouan Gaming Licence 2026: Which to Choose

If you’re comparing Belize and Anjouan for an online-gaming licence in 2026, you’re probably comparing them because both get filed under “cheap offshore.” That label is right for one of them and badly wrong for the other. Belize is a genuine substance regime, with a US$500,000 Central Bank deposit and a 25-person staffing floor, which is far heavier than its keyword reputation suggests. Anjouan is the fast, low-cost licence people think Belize is.

We set up both, and we turn away far more Belize enquiries than we accept. The licence itself is sound; it is simply the wrong tool for most of the operators who ask. This is the head-to-head: heavy substance versus fast and light, and how to tell which one you actually need.

Belize and Anjouan at a glance

The comparison below mirrors the numbers we run for every operator weighing these two. Read the first column as “what it costs to prove you belong” and the second as “what it costs to go live.”

Belize: a real regime hiding behind a “cheap” reputation

Belize regulates online gaming through the Gaming Control Board under the Gaming Control Act, and operating without a licence is an offence. So far, so ordinary — except the Board licenses almost nobody. Only around two online-gaming companies currently hold valid certificates, and that scarcity is the whole story. The Board sets a high bar and enforces it rather than rubber-stamping applications.

The bar is three things. First, a Belize company set up as a real local entity; a shelf company parked offshore will not do. Second, at least 25 local employees, which means a genuine payroll, an office and an operational footprint on the ground in Belize. Third, and the one that stops most operators cold, a US$500,000 indemnity deposited with the Central Bank of Belize. The deposit is refundable, but it is real money locked up for as long as you hold the licence. Add the ≈$15,500 application fee and the licence itself is still a small line, because the deposit and the team dominate year one entirely.

What you get in return is worth naming, because it is the reason Belize exists on this list at all. The turnover tax is just 0.75%, capped at $250,000, which is genuinely efficient once you’re processing serious volume. Running fees drop to about $10,000 a year from year two. And the credential itself is heavy: a strictly enforced, rarely issued licence backed by real local substance is a credibility asset with banks and payment partners in a way that a light offshore permit never is. Our full Belize gambling licence guide walks the requirements in detail. In short, Belize’s credibility is paid for with the deposit and the local team.

Anjouan: the licence people think Belize is

Anjouan is the opposite trade. The licence is granted by the Anjouan Betting & Gaming Board (ABGB) under the Computer Gaming Licensing Act, and it is widely used by crypto casinos — though the regulator publishes no crypto-specific rulebook, so the crypto AML programme is the operator’s own. One authorisation covers casino, sportsbook, poker, eSports and crypto, and more than 1,500 operators hold it.

The numbers are what most operators are actually looking for when they land on “Belize.” The fee is €17,828 a year, flat. There is no deposit. There is no employee count. There is no requirement to set foot on the island — no local office, no resident director, no local staff. Gaming revenue is taxed at 0% GGR. And a clean file clears in four to eight weeks, handled remotely end to end. It is one of the fastest lawful routes into regulated online gaming we work with, which is exactly why we file so many of them. The deeper case sits in Anjouan as a viable alternative to Curaçao.

Anjouan has trade-offs too. It is not banked as broadly as the heavier onshore regimes, and it is closed to several major regulated markets you must geo-block cleanly. But for reach across Africa, Asia, Latin America and Eastern Europe, at startup cost and startup speed, it is the stronger of the two.

Verticals, markets and compliance load

On product coverage the two are closer than the cost gap suggests. Both licences support a broad, multi-vertical operation — casino, sportsbook, poker and eSports all sit comfortably under either regime, and both can accommodate crypto play. The practical difference is market habit: Anjouan is widely used by crypto casinos, so payment partners and studios are used to onboarding crypto operators under it. Neither regulator publishes a crypto-specific rulebook, so under both you build the Travel Rule and on-chain screening controls yourself.

Compliance load is where the substance philosophy shows up again. Anjouan expects real AML and KYC (player due diligence, transaction monitoring, responsible-gaming controls, RNG certification and annual reporting), but it does not expect you to prove economic presence. Belize expects all of that plus the presence itself: the 25-strong local team, the Central Bank deposit and a genuine operating footprint that the Board can inspect. Neither regime is a place to cut corners, but only one of them makes maintaining substance a permanent, monthly cost of doing business. On market access the two are identical: neither licence permits you to operate everywhere. You still GEO-block regulated markets you aren’t separately licensed in, plus sanctioned and FATF-listed territories, under either badge.

Cost and speed: not a close race

On raw fees, the two look almost comparable — Belize’s ≈$10,000 annual renewal is actually lower than Anjouan’s €17,828. But that comparison is a trap, because it ignores the $500,000 sitting at the Central Bank and the 25 salaries you’re paying every month. The true cost of going live in Belize runs into the high six figures before the Board even rules; Anjouan’s whole-project year-one cost typically lands well below that, deposit-free. If budget is anywhere near the deciding factor, Anjouan comes out well ahead.

Speed tells the same story from a different angle. Belize can, on paper, issue a licence quickly — but only after due diligence clears, and the real timeline is assembling the deposit, incorporating the company, and hiring and housing 25 people. That is months of committed build. With Anjouan, the four-to-eight-week window covers the whole timeline from start to finish. You are comparing a project with a build phase against a permit you can hold before a Belize team would even be onboarded.

Structure, banking and how to choose

The corporate plumbing is where the philosophies diverge hardest. Belize demands a Belize company with genuine local substance, and the licence is inseparable from the on-the-ground presence. Anjouan needs no local entity at all: the applicant company is set up in Costa Rica, and where a gambling payment agent is used it is incorporated in Cyprus. Both route settlement through an EMI or neobank account rather than a mainstream processor, since Stripe, PayPal and Wise all prohibit gambling — that part is constant across every offshore regime.

So the decision comes down to one question: are you buying substance, or buying speed? Choose Belize if you’re a large, well-capitalised operator who can fund the $500,000 deposit and a 25-person team, and who wants the credibility and the 0.75%-capped tax that come with a rarely issued, strictly enforced licence. Choose Anjouan, as almost everyone else should, if you want a live, multi-vertical, crypto-capable product fast and lean, without locking up half a million dollars to get there.

If you’re not sure which side of that line you’re on, that’s the conversation we have every week. Tell us your scale, your target markets and your budget, and we’ll tell you straight which licence fits — the Belize route through our Belize gambling licence service, or the Anjouan route through our Anjouan gambling licence service. Either way, book a free consultation and we’ll map it to your operation before you spend a dollar.

Iryna H.

Gaming Licensing at Vantegris

Iryna H. is part of the Vantegris team, which prepares and files licence applications across 40+ jurisdictions. This article was reviewed by Vladyslav S. (Compliance & Legal).

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This article is for general informational purposes only and is not legal, tax or financial advice. Consult a qualified professional before acting.