Register of Transparency and Ultimate Beneficiary Owners

BDO would like to remind you of the annual obligation to submit to the Central Bank of Costa Rica, the declaration of the Registry of Transparency and Ultimate Beneficiary Owners (UBO), which has the purpose of complying with international standards and recommendations (OECD - FATF) related to transparency in tax and financial matters.

The Joint Resolution of General Scope for the Registry of Transparency Ultimate Beneficial Owners No. DGT-ICD-R-06-2020 dated March 26, 2020 and its amendments, issued by the General Tax Administration (Dirección General de Tributación) and the Costa Rican Narcotics Institute (Instituto Costarricense Sobre Drogas) establishes the obligation of all required legal entities to file an ordinary declaration every year during the month of April.
 

For the current year 2023, the team in charge will be reviewing the supporting documentation that we have in custody of previous declarations. In case your company has undergone any changes in the shareholding structure or in the declared beneficial owners, please inform us immediately in order to study the modifications and prepare the corresponding information request; if this has not been the case, once the revision of the supporting material has been completed, we will inform you if it is necessary to issue documents with a recent date in order to comply with the due diligence demanded by the law.

We will also be working to update the special powers of attorney required to submit the UBO declaration. We thank you in advance for your cooperation in this process, which will take place prior to the ordinary declaration period.

We remind you that, in the event of non-compliance, the company may be subject to the following penalties:

Pecuniary:

• Fine proportional to 2% of the gross income for the period prior to the infraction.
• Minimum of three base salaries and a maximum of one hundred base salaries.

Administrative:

• Inclusion in the List of non-compliant parties of the General Tax Administration.
• Non-issuance of certificates of corporate status (personerías) or registration of documents by the National Registry.
• Notarial certifications must state that the company is included in the list of non-compliance.

For any doubt regarding the process or any assistance you may require, we remain at your disposal at the following e-mail address: rbf@bdo.cr