Costa Rican government issues draft resolution requiring disclosure of ultimate beneficial owners

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February 2019

Overview

The Costa Rican Ministry of Finance, the Costa Rican Drugs Institute, and the Costa Rican Central Bank published a draft resolution in November 2018 that requires affected taxpayers to provide certain identification to the Registry of Transparency and Ultimate Beneficial Owners by the close of 2019’s first quarter. Moreover, an informative tax return that discloses the Costa Rican entity’s ultimate beneficial owners (UBOs) must be filed between March and December 2019, depending on the Costa Rican entity’s tax ID number.  The final resolution is expected to be published soon. 

The takeaway

To meet the proposed deadlines, multinational enterprises with entities in Costa Rica should start preparing the required documents in order to comply with the identification rules, including obtaining the digital signature.

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Jose Leiman

Partner, PwC US

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