Registry of Transparency and Final Beneficiaries (RTBF)

As of September 1st, more than 370 thousand legal persons will be forced to comply with the Registry of Transparency and Final Beneficiaries (RTBF), whose objective is to reduce tax evasion, allow the exchange of tax information between countries that have signed agreements with Costa Rica, and combat the legitimization of capitals and financing for terrorism.

For the first time enforcing the RTBF, the Ministry of Finance and the Costa Rican Institute on Drugs (ICD) have complied with the security guidelines established by the Central Bank of Costa Rica, an entity which possess the function of administrator over the Registry and the function of custodian of the information, although without access to it.

Legal persons, structures, trusts, non-profit organizations, and third-party resource managers, are required to provide information. The legal representative is responsible for making the registration, for this you must have a valid digital signature certificate for natural persons. In the event that the legal representative (designated by law) cannot make the declaration, he may designate a third party before a notary to do so.

For the first stage of registration, as of September 1st, the legal figures that are required to comply are the following:

• Legal persons
• RTBF authorized earnings
• Anonymous Societies
• The President
• Limited Liability Companies
• Managers or Assistant Managers
• Societies registered in Collective Name
• Limited Partnerships
• Branches of Foreign Companies
• The Attorney General
• Individual Limited Liability Companies
• Civil Societies
• Administrators or Managers

The provision of this information will be done in stages, first the declaration must be made by legal persons, according to the last digit of their government-issued ID, as detailed below:

However, as of September 1, 2019, legal persons that prefer to send their declaration beforehand may do so, regardless of the last digit of their government-issued ID, making sure to send it in advance. From 2020 onward, the presentation must be made in the month of April of each year.

The RTBF, also known as the shareholder registry, includes information on the identification and location of the legal person, the amount and value of the total shares it holds, details of the ownership of each of the shares, final beneficiaries, as well as identifying information and location of the legal representative or attorney.

The ones forced to enter their information may enter the transactional portal of the Central Bank of Costa Rica, “Central Directo” (www.centraldirecto.fi.cr), using their digital signature. From there they will make the declaration of their shareholders and final beneficiaries. The RTBF will be available 24 hours a day, 365 days a year.

The data must be updated every year. It is important to note that when a shareholder equals or exceeds 15% of the share control over the total capital of a legal person or legal structure, an extraordinary declaration must be made.

Legal entities that are constituted after the date of fulfillment of the ordinary declaration will present that declaration within 20 business days following the date on which they complete the process of incorporation into the National Registry.