Ultimate Beneficial Ownership: Special Report
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Costa Rica – Annual UBO filing deadline extension
In Costa Rica, the 2024 deadline for filing annual Ultimate Beneficial Ownership (UBO) declarations has been extended to the 31st of July 2024.
In addition to filing annual declarations, companies in Costa Rica are required report any changes in UBO within 20 days of the change taking effect.
The risk of non-compliance
Non-compliance with UBO requirements has serious consequences, including:
- A fine consisting of 2% of gross income in the year prior to the infraction, with a minimum of three base salaries and a maximum of one hundred base salaries
- Inability to request certificates of legal standing from the public registry, or register documents.
- Penal sanctions for the main officer of the local company, in case of non-compliance.
