The new UBO disclosure law applies to legal persons and legal structures domiciled in Costa Rica, substantially amending the Tax Regulation and Procedures Code and putting the obligation on companies to disclose their capital and individuals with majority ownership.
Companies are now obligated to provide a registry of shareholders and ultimate beneficiaries that have substantive ownership (15-25%) of share capital.
Personal information of shareholders and ultimate beneficiaries must be collected and disclosed such as, identity number, contact information, passports, capital, type of shares and number of shares. This information must then be submitted through a secure online platform with the Central Bank of Costa Rica (BCCR). The UBO reporting is to be completed on an annual basis.
Documents must be translated into Spanish and a digital signature is required which is only available to Costa Rican locals and foreigners domiciled in the country. Anyone abroad needs to grant power of attorney to a local person to file the UBO information on their behalf.
Implementation of the new regulation is currently expected to begin in September 2019 and complete in January 2020.
