Shareholder Registration Postponed

Because of doubts that have arisen in the business sector, in Costa Rica it was reported that the start of shareholder registration was postponed six months and will enter into force on September 1 of this year.

Monday, February 25, 2019

The aim of this process is to facilitate compliance with the obligation that companies must inform the Treasury on the composition of its share capital, as well as the identification of final beneficiaries, under the provisions of the Law to Improve the Fight against Tax Fraud, a statement from the Central Bank of Costa Rica (BCCR).

From the BCCR statement:

February 22, 2019. With the aim of facilitating compliance with the obligation of companies to provide the structure of their share capital, as well as the identification of final beneficiaries, according to the Law to Improve the Fight against Fiscal Fraud, and in response to the request of many of them, the Ministry of Finance and the Costa Rican Institute on Drugs (ICD) established September as the starting month for legal persons to submit the requested records to the Central Bank of Costa Rica (BCCR).

This was communicated today by representatives of the three entities and the Union of Chambers (UCCAEP), who said that having this information is essential for Costa Rica to avoid the risk of being included in a list of non-cooperating countries.

Read full statement.

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More on this topic

Moratorium on Shareholder Registration

January 2020

In Costa Rica, the Legislative Assembly approved in first debate a bill to avoid fines for errors in the declaration of the shareholders' registry for two months.

In its first debate, the file 21,758 Law of Moratorium for the Application of Sanctions corresponding to the ordinary declaration of the 2019 period, related to the transparency and final beneficiaries’ registry, provided for in the Law to Improve the Fight against Tax Fraud, was approved. The initiative gives an extension for shareholders of corporations to submit their lists, before applying sanctions, reported the Legislative Assembly.

Shareholders Registry: Projecting Backlogs in Costa Rica

September 2019

Businessmen ask for an immediate extension in the application of any fines, as many representatives of companies have not yet managed their digital signature and at this time, there is no capacity installed in the authorized posts.

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.

Costa Rica: Rules for Shareholders´Registration

May 2018

Although the Central Bank has not yet defined the date on which companies must present information, the new regulation on transparency and final beneficiaries registration has already been published.

The regulation was published at the end of April in the official newspaper La Gaceta, and details which entities are obliged to provide information regarding the substantive and final beneficiary interests, established in the Law to Improve the Fight Against Tax Fraud.

Costa Rica: Shareholder Registry Approved

December 2016

With the legislative endorsement of the law against tax fraud the Ministry of Finance will be able to have access to the list of shareholders of corporations, and the people behind other legal entities.

The bill which was approved in second debate by the Legislature stipulates: an obligation to accept as a method of payment, in addition to cash, credit cards and debit cards; an obligation to be up to date with tax payments before making contracts or applying for permits, concessions or authorizations with any state institution; the introduction of penalties for tax advisers engaged in illegal maneuvers to evade or reduce the amount to be paid by taxpayers; and strengthening of the processes of judicial collection.

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