Since 2019, all entities and legal structures registered before the Costa Rican Public Registry (with a few exceptions) must file the Registry of Transparency and Ultimate Beneficial Owners (RTUBO), this obligation includes:
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;
5. Trust and equivalents.
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).
For the year 2021 all entities incorporated and/or that obtained a local corporate identification number between January 1st 2020 and March 31st 2021, 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 May 31st, 2021, this period was extended just for the current year to May 31st 2021, maintaining the formal obligation to file this information no later than April 30th each year. With respect to trusts and equivalents, the term to file the information for the first time has been extended to June 30th 2021.
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
Vladimir Blanco
Socio / Partner