New Regulation Alert: Changes in the Transparency and Ultimate Beneficiary Registry in Costa Rica

Stay informed about the latest regulatory updates with our latest blog post! Learn about the new Regulation of the Transparency and Ultimate Beneficiary Registry in Costa Rica, and how it affects legal entities, trusts, and non-profit organizations. Read on to understand your obligations and responsibilities under this updated regulatory framework. #LegalUpdates #CostaRica #Regulation

Daniel Duartes

3/15/20242 min leer

We inform you that in Addendum No. 50, Decree No. 44390-H was published, which establishes the Regulation of the Transparency and Ultimate Beneficiary Registry. This decree has been developed with the aim of updating the existing regulatory framework in accordance with the experience gained through the different stages of implementation of the Transparency and Ultimate Beneficiary Registry (RTBF), thus integrating the various existing norms.

Let's remember that the obligated subjects to provide information are:

a) Legal entities registered in the National Registry, as well as all those assigned a legal entity identification number by the National Registry. b) Private trusts, which own or manage assets or rights, including foreign trusts that conduct activities in Costa Rica and/or have a legal identification number assigned by the National Registry. c) Third-party resource managers. d) Non-profit organizations and their branches, foreign subsidiaries of international non-profit organizations. e) Within the institutional decentralized public sector, state-owned public companies, non-state-owned public companies, and non-state-owned public entities must submit the declaration through the RTBF system, as long as they have private legal entities or individuals as participants in the share capital.

For the purposes of the RTBF declaration, the obligated subject that does not have a legal entity identification number must carry out the corresponding procedures before the National Registry for the registration or assignment of it.

The responsible parties for providing information are:

The responsible party for providing information is the natural person designated by law to act on behalf of the obligated subject, namely:

a) For legal entities, the legal representative. b) For trusts, the trustee or the person with a similar function. c) For third-party resource managers, the legal representative, or the person exercising powers of representation with administrative powers. d) For non-profit organizations, whoever exercises the powers of representation.

For these purposes, the responsible party for providing information must have a valid digital signature certificate for natural persons.

In exceptional cases, duly justified, the legal representative or similar may grant a general power of attorney for the submission of the declaration to the RTBF. Through a Joint Resolution of General Scope, the procedure and conditions for registering a proxy will be established.

Obligated subjects will be considered non-compliant if they:

a) Do not provide annual information. b) Have pending periods of information provision. c) Maintain, within their chain of legal structures, obligated subjects that have not provided information, according to Article 8 of this regulation.

It is important to mention that this regulation takes effect from its publication date, and from this date onwards, the General Directorate of Taxation and the Costa Rican Drug Institute will make the necessary adjustments to the Joint Resolution of General Scope, established in Article 15 of this Regulation, with the Joint Resolution of General Scope DGT-ICD-R-06-2020, published at 08:05 on March 20, 2020, remaining valid insofar as it does not contradict what is established in this regulation.

Thank you very much, and we remain at your disposal.