Costa Rica’s Tax Authority amends resolution on Common Reporting Standard due diligence and reporting requirements for financial institutions

Financial institutions must keep the records proving their due diligence to identify reportable accounts and any other information that supports the Common Reporting Standard (CRS) report for a minimum of five years beginning on the day after the end of the reportable period.

If the financial account remains open, financial institutions must keep the records as long as the account is subject to reporting.