Ultimate Beneficial Ownership: Special Report
Costa Rica – UBO filing deadline for 2024 extended
The deadline for filing Ultimate Beneficial Ownership (UBO) declaration in Costa Rica has been extended to the 31st of October 2024.
All forms of legal structures registered or operating in Costa Rica, as well foreign entities with a power of attorney registered in Costa Rica, are required to submit a sworn UBO declaration, on an annual basis.
Declarations are normally required by the end of April; however, the authorities have delayed the deadline filing for 2024, giving entities more time to comply with the requirement.
The risk of non-compliance
Entities who fail to file a UBO declaration may face:
- 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.
- The inability to request certificates of legal standing from the public registry, or register documents.
- Penal sanctions for the main officer of the local company.
