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Costa Rica Publishes Resolution on Beneficial Ownership Information Requirements

Costa Rica published Resolution DGT-ICD-R-14-2019 in the 3 April 2019 edition of the Official Gazette. The resolution sets out the beneficial ownership information reporting requirements for legal entities registered in the National Registry. This includes that the legal representative of such entities must submit a declaration of participation and ultimate beneficiaries in the Transparency and Ultimate Beneficiaries Registry, which is available on the Central Bank of Costa Rica website.

Depending on the entity type, the legal representative subject to the requirement may be the president, manager, deputy manager, administrator, etc. A certified proxy may also be appointed. Entities that are listed on a domestic or foreign securities exchange market may be exempted from the requirements but must still register via the Central Bank website.

The declaration must be submitted annually between 1 and 30 April, or within 15 days of incorporation or within 15 days of the date it is found that ownership percentage of a beneficial owner exceeds 15%. However, as part of a transition for the 2019 period, the month in which the declaration must be submitted is as follows, depending on the last digit of the legal entity ID number:

  • 0 and 1 - September 2019
  • 2 and 3 - October 2019
  • 4 and 5 - November 2019
  • 6 and 7 - December 2019
  • 8 and 9 - January 2020

The resolution entered into force on the date it was published. All required information on beneficial owners is included in an annex to the resolution.

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