Following up on previous communications, the term to file the Ordinary Statement with the Registry of Transparency and Ultimate Beneficial Owners of the Costa Rican Central Bank for the period 2019, will expire on March 31. All those entities that fail to comply by this date will be subject to hefty fines and other penalties that will have a direct impact in their operation.

As provided by the applicable regulations, this mandatory requirement that must be complied with on an annual basis must be fulfilled again by all obligated entities in April.

In filing the 2019 Ordinary Statement as well as the one for 2020, while declaring foreign entities, please take into consideration the following:

• A foreign legal entity with a local Corporate ID number without capital stock registered in Costa Rica, can complete the filing by selecting the option “No tiene capital social registrado en Costa Rica”.
• A foreign legal entity with zero capital, could complete the registry by selecting the option “Other Participations” and describe the detail and the information of the participations on the text box.
• A foreign legal entity with non-nominal capital, could complete the registry as capital zero.

Dentons Muñoz remains at the forefront of regulatory developments in this field and its implementation by the competent authorities. For further assistance in complying with the obligations applicable to your case, please feel free to contact us at your convenience.