Costa Rica: Shareholder Registration Begins in September

As of September 1, approximately 370,000 legal entities will be required to comply with the Registry of Transparency and Final Beneficiaries, with the legal documents ending in 0 and 1 being the ones that must do so first.

Wednesday, August 28, 2019

However, as of September 1, 2019, legal entities who prefer it, regardless of the last digit of their identity card, may make their declaration and send it in advance. As of 2020 the presentation must be made in April of each year, informed the Ministry of Finance.

From the statement of the Ministry of Finance:

August 26, 2019. As of September 1, more than 370,000 legal entities will have the obligation to comply with the Registry of Transparency and Final Beneficiaries (RTBF), whose objective is to reduce tax evasion, allow the exchange of tax information with other countries with which Costa Rica has signed agreements and combat money laundering and financing of terrorism.

For the entry into force of the RTBF, the Ministry of Finance and the Costa Rican Drug Institute (ICD) comply with the security guidelines established by the Central Bank of Costa Rica, which has the function of registry administrator and custodian of information, although with no access to it.

Legal persons and structures, trusts, non-profit organizations and third party resource managers are required to provide information. The legal representative is responsible for making the registration, for which he must necessarily have a valid digital signature certificate for natural persons. If the legal representative (appointed by law) is unable to make the declaration, he/she may appoint a third party before a notary to do so.

Read full statement (In Spanish). 

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Since September 1, the process of registration of approximately 370,000 legal persons began. They will have the obligation to comply with the "Registry of Transparency and Final Beneficiaries," and the legal documents ending in 0 and 1 should have done so first.

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