New CGA requirements: change of control only with regulatory approval

Curaçao Gaming Authority (CGA), the gambling regulator of Curaçao, published new rules on change of control among licensed operators in June 2025. The document “Guidelines for Notifying Change of Control (License Holders)” states that from now on, any changes in the ownership structure or management of a licensee will require prior approval from the regulator and compliance with a clear procedure. These innovations are aimed at increasing market transparency and reliability, as well as bringing regulation closer to international standards.

Prior approval for change of control

From now on, no change of ownership or control of a licensee may take place without the prior approval of the CGA. The regulator requires that its registers contain only current and approved information about owners. The conclusion of an agreement on the transfer of a share or the appointment of a new director is only possible after obtaining official approval from the CGA. Any attempt to complete the transaction without permission will be considered a violation of the license conditions.

Restrictions for applications under review

It is important to note that these rules apply only to existing licensees. Companies whose license applications are still under review cannot change their UBOs or other controlling persons until the process is complete. The CGA states that any such changes by applicants with pending applications will not be considered. Therefore, if the need to replace beneficiaries arises during the licensing process, you will either have to wait for a decision on the current application or submit a new one with an updated list of owners. This makes it impossible to circumvent the verification process.

Documents and procedure via the CGA portal

A licensee planning a change of ownership must officially notify the CGA and submit a specific set of documents. First, corporate materials are prepared: a draft share transfer agreement, an updated (certified) register of shareholders, and a new organizational structure of the company.

In addition, personal data must be submitted for each new ultimate beneficial owner (UBO) or other qualified shareholder for a background check. A questionnaire, a copy of the passport, proof of address, a certificate of no criminal record, and documents on the source of investment funds are uploaded via the CGA electronic portal. All these documents must be up to date (not older than 6 months) and duly certified. This provides CGA with a complete dossier for conducting due diligence.

After uploading the documents, the licensee opens a special request (ticket) in the CGA system, indicating their intention to change the ownership structure, operator name, and license number. Based on this request, the finance department issues an invoice for the fee in accordance with the official tariff.

Financial requirements and payment of fees

The CGA will only start looking at the request after the invoice is paid. The fee is €150 for each new UBO or qualified participant. If the new beneficiary is a publicly traded company, there’s a one-time payment of €2,551. Once the payment is received, the CGA does a full check on the new investors to make sure they’re trustworthy. Only after this check has been successfully completed will the regulator grant written permission to complete the transaction.

Change of platform or business model: new application required

If the change of ownership is accompanied by a change in the company’s business profile (e.g., business plan or gaming platform), CGA requires a new license application to be submitted. In the event of such a radical change in the company’s activities, along with a change in UBO, the company must effectively reapply for a license. This ensures that even in the event of significant transformations, the operator will meet the criteria of the new law (LOK).

Transparency and reliability: why the market needs these changes

Stronger control over changes in ownership is intended to make the market more transparent and secure. Previously, such changes sometimes took place without proper supervision. Now, the CGA carefully checks each new investor, analyzing their reputation and financial condition. This reduces the risk of unscrupulous owners, money laundering, or other threats to players.

For companies, the new rules mean that M&A deals need to be planned more carefully. Operators preparing for a merger or acquisition will have to allow time for regulatory approval and document preparation. The process may take longer, but the deal will be more reliable: the approved transaction is guaranteed to be legitimate, and the new owners are verified. This increases trust and makes the market more attractive to reputable investors.

Thus, the requirement for prior approval of ownership changes demonstrates the CGA’s commitment to international standards and enhances confidence in the jurisdiction of Curaçao. A more transparent ownership structure and stricter supervision will make regulation more predictable, which will ultimately contribute to the stable development of the industry.