Final Beneficiary Declaration

by | Apr 9, 2021 | Announcements, Articles, GLC Abogados, Immigration Division

Final Beneficiary Declaration

Dear Client,
Greetings from GLC Abogados.
We would hereby like to extend a respectful reminder in regards to the Final Beneficiary Declaration, which requires that as of September 2019, every representative of a Costa Rica company must carry out the process of Updating the Registry of Final Beneficiaries.

Performing this registration with the Central Bank of Costa Rica is of significance to keep the company in a state of compliance, avoid penalties and be able to carry out commercial activities.

¿What is the final beneficiary report?

The final beneficiary registration is a requirement established by the Law to Improve the Fight against Tax Fraud and by the Transparency and Final Beneficiary Registry Regulations. It consists of informing the Authorities who is/are the partner(s) of a company.
This procedure applies to every commercial company – in any of its manifestations – branches or their representatives, and individual companies with limited liability.

¿When shall we do it?

This procedure should be reviewed and updated annually every April, before the thirty-first day of this month.

¿How to do it?

The representative must obtain a digital signature, as the registration will be through an online platform. In case of not being able to do it (by not having a Costa Rican residence or citizenship), the requirement can be resolved by granting power in favor of a member of our staff.