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Costa Rica to Strengthen Ultimate Beneficiaries Registry with New Regulations — Orbitax Tax News & Alerts

Costa Rica's Ministry of Finance has published a draft executive decree that provides new regulations for the ultimate (final) beneficiaries registry (Registro de Transparencia y Beneficiarios Finales), which will replace the existing regulations issued in 2018. The regulations are being replaced in order to strengthen the requirements and improve access to information by the General Directorate of Taxation and other relevant authorities, taking into account recommendations from the OECD and the Financial Action Task Force. The regulations cover the relevant definitions, the persons obligated to provide information and exclusions, the determination of ultimate beneficiaries and the required information for companies, trusts, etc., and other related matters. Specific details on the procedures and deadlines will be established by a joint resolution to be issued within 6 months after the executive decree enters into force. Until issued, the existing resolution issued in March 2020 will continue to apply insofar as it does not contradict what is established in the new regulations.