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Costa Rica

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Costa Rica Provides Further Relief from 2020 Beneficial Ownership Declaration Requirements due to COVID-19

Costa Rica has published Resolution DGT-ICD-R-19-2020 of 13 August 2020, which provides relief from the beneficial ownership declaration requirements for 2020 due to the COVID-19 pandemic.

The deadline for the annual declaration had previously been extended from April 2020 to September 2020 by a resolution issued in March 2020. With the latest resolution, declarations submitted for 2019 will automatically be considered by the system as valid declarations for 2020. As such, the next annual beneficial ownership declaration will be required in April 2021. However, persons that were required to submit a declaration for 2019 but have not, must still submit the declaration for it to automatically apply for 2020.

It is also provided that the standard declaration deadline of 20 business days after formation for newly formed legal persons does not apply for legal persons that are formed between 1 January 2020 and 31 March 2021. Declarations for these legal persons will be due in April 2021.

Lastly, for legal entities that need to make an extraordinary declaration or make corrections before April 2021, this may also be made in the ordinary annual declaration in April 2021. Under standard requirements, extraordinary declarations are normally required within 15 days of a 15% or greater change in ownership.

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