On April 23, the Regulation of the Registry of Transparency and Final Beneficiaries were published, which regulates what has been indicated by the Law 9416 to Improve the Fight Against Fiscal Fraud of 2016, which created a “register of shareholders” that will be under the custody of the Central Bank of Costa Rica (BCCR), forcing all legal entities in Costa Rica to disclose their real owners, including their “final beneficiaries”, understood as the individual, who is able to exercise control or a decisive influence over the management or operations of the company or legal structure, directly or indirectly.
Said Regulation, which aims to regulate the mechanisms, operation, access and controls of the aforementioned Registry, establishes that the obligation concerns the legal entities that we know as usual, as well as the third-party resource managers in favor of their clients, non -profit organizations and private trusts, including foreign trusts that execute activities in Costa Rica. Excluded are companies that are listed on a stock market, national or foreign, public trusts; in relation to their depositors, financial entities supervised by SUGEF, and in related to their clients and investors, legal entities supervised by the SUGEVAL or SUPEN.
It is relevant the responsibility given to the legal representative or administrator of the company, who has been established as the person committed to annually complete and submit, as a sworn statement, the report of final beneficiaries, whose information may be complex when the shareholders structure is composed by foreign companies. In the event that it is not possible to provide the information of the final beneficiaries of one of the companies that make up that structure, its administrator will be considered as such.
During next weeks, the way to access a new platform for automatic consultation must be determined, as well as the deadline for presenting the information.
Catalina Moya A.