We are proud to help our clients achieve their dreams of owning a business in Costa Rica. Our team of specialized professionals will help you every step of the way, including keeping you informed on the market landscape even after your transaction.
New Regulations for Costa Rican Corporations
At RE/MAX Pura Vida, we recognize the value of keeping you informed about developments that may influence your business operations in Costa Rica. According to Law 9416, there have been significant advancements in the Transparency and Beneficial Ownership Declaration procedure for Costa Rican businesses. We want to make sure you are aware of these changes and how they may affect you.
Previously, Costa Rican corporations were required to file an annual Registration of Transparency and Beneficial Ownership (RTBF) with the Central Bank of Costa Rica (BCCR). This method entailed declaring the shareholder composition, providing information about shareholders, and determining their percentage of ownership. Foreign business owners here in Costa Rica often employed a Special Power of Attorney granted by proxy letter, which was then notarized and submitted to the BCCR for authorization, providing access to the system.
However, new legislation went into effect on February 13th, 2024, which changed the declaration method. One significant change is the elimination of utilizing Special Powers of Attorney for this purpose. Instead, a company-granted Full Power of Attorney is necessary.
What does this mean for you, a Costa Rican corporation owner?
First and foremost, if you have been utilizing Special Powers of Attorney for the Transparency and Beneficial Ownership Declaration, you must switch to Full Powers of Attorney. This modified document must be registered with the National Registry in accordance with the current laws. Please keep in mind that there may be additional fees, such as the government-imposed stamp duty.
We recognize that managing regulatory changes can be difficult, but we are here to help you every step of the way. Whether you need help updating your legal paperwork, understanding the new regulations, or simply answering questions, our team at RE/MAX Pura Vida is ready to help and can refer you to a trusted legal team as well.
Finally, remaining in compliance with regulatory changes is critical for the efficient operation of your organization. By complying with the new criteria for Transparency and Beneficial Ownership Declaration, you ensure that your company remains in good standing and avoids potential penalties.
If you have any concerns or require additional support, please do not hesitate to contact us. Your success is our first priority, and we are devoted to providing you with the assistance you require.