Obligated parties will have time until June 30, 2023 to submit the RTBF 2023

This year 2023 as every year, Costa Rican corporation must submit the Registry of Transparency and Final Beneficiaries (“RTBF”). The deadline established by the 2016 Tax Reform for this compliance obligation is the end of April of each year, but in the past years it has always been extended. For this year, the deadline is June 30, 2023.

Obligated parties subject to this compliance obligation are:

• Legal entities and other legal structures domiciled in Costa Rica (such as the Sociedades Anónimas and the Sociedades de Responsabilidad Limitada). NOTE: The obligation must be met regalrdless of the status as active or inactive of the corporation.
• Third-party resource managers on behalf of their clients.
• Non-profit organizations
• Private Trust NOTE: special rules apply.

The RTBF consists of a declaration that must include names and personal information of all shareholders and final beneficiaries that have direct or indirect control over the entity. Through this compliance requirement, Costa Rican Authorities aim to allow an effective control in the fight against tax fraud, money laundering, and terrorist financing.

The report must be submitted by the legal representative of the legal entity on a dedicated digital platform of the Central Bank of Costa Rica called “Central Directo” and a Costa Rican digital signature is required to complete the process. As an alternative, the legal entity can grant a power of attorney (to be duly notarized) to a third party to submit the report.

At Blue Zone Legal, we can assist you with the preparation and submission of the RTBF 2023 and the necessary support documentation. Send us an email at info@bluezonelegal.com to learn more.