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Costa Rica: Update concerning ultimate beneficiary register

Costa Rica: Update on ultimate beneficiary register

The national legislature in January 2020 approved a moratorium concerning the penalties that can be imposed for non-compliance with the rules to file declarations with the ultimate beneficiary registry.

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The national legislature in January 2020 approved a moratorium concerning the penalties that can be imposed for non-compliance with the rules to file declarations with the ultimate beneficiary registry.

The final legislative language, however, establishes that the moratorium does not provide an exemption from filing the ultimate beneficiary registry declaration for 2019. During the first two months of the moratorium (extension), no penalties will be applied. However, if reporting is not made in the third month, then a penalty of 50% will be imposed.

The measures have been signed by the president, and will be effective following publication in the official gazette.


Read a January 2020 report (Spanish and English) [PDF 54 KB] prepared by the KPMG member firm in Costa Rica

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