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2020 Annual update of the Registry of Transparency and Ultimate Beneficial Owners

According to the guidelines set forth in the joint Resolution DGT-ICD-R-006-2020, published on March 30th, 2020, starting September 1st and until September 30th, all entities and legal structures registered before the Costa Rican Public Registry (with a few exceptions) must file the annual update of the Registry of Transparency and Ultimate Beneficial Owners (RTUBO), including:

  1. All entities incorporated under Costa Rican law;

  2. Branches of foreign companies;

  3. Foreign entities with single powers of attorney registered in Costa Rica; and

  4. Entities that have applied for and obtained a Costa Rican corporate ID card number.


Those entities that fail to comply with this obligation will be subject to the payment of a penalty in an amount equal to 2% of the gross income reported by the company in the Income Tax Return of the previous fiscal year, ranging from 3 base salaries (approx. US$2,400) and up to 100 base salaries (approx. US$77,600).

In addition, under said joint resolution all entities incorporated and/or that obtained a local corporate identification number between January 1st and September 30th, 2020, as well all those that need to file an extraordinary declaration due to ownership changes during that same period, must file for the first time or report any ownership changes before the RTUBO by September 30th, 2020.

DV Business Solutions is always up-to-date and ready to provide timely legal and tax advice and assistance to our clients. We are ready to work together and support our clients with the upcoming RTUBO update and filing process. If you have any doubts or questions with respect to these obligations, do not hesitate to contact us.

Daniel Araya

Socio / Partner

daraya@dvbscr.com

Vladimir Blanco

Socio / Partner

vblanco@dvbscr.com


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