If you own or manage a legal entity in Costa Rica, it’s crucial to be aware of the upcoming deadline for the Transparency and Final Beneficiaries Registry (RTBF). The annual declaration must be submitted between April 1 and April 30, 2025. This requirement applies to corporations, trusts, non-profits, and other legal entities registered in the country
What is the RTBF?
The RTBF is an initiative by the Central Bank of Costa Rica aimed at enhancing transparency and preventing financial crimes such as money laundering and tax evasion. It mandates that legal entities disclose information about their ultimate beneficial owners (UBOs)—the individuals who ultimately own or control the entity
Who Must File?
The legal representative of the entity is responsible for submitting the declaration. The only way to file it is with a Costa Rica digital signature card online. If you don’t have one or can’t get one because you don’t have residency then you will need to hire somebody locally to do the filing for you. In the past the company would grant a limited Special Power of Attorney to do the filings and upload that to the system. The government however took the position that those Powers of Attorney were only valid for one single filing and voided all Power of Attorneys in the system. This forces the company to hold shareholder meetings or appear before local Notaries to issue new Powers of Attorney to do the filing. The government has also challenged the use of Special Powers of Attorney demanding that it must be a General Power of Attorney. This issue is on hold since it is being challenged by the Costa Rica Bar Association.
Filing Requirements
The RTBF declaration must be submitted electronically through the Central Bank’s platform. The information required includes:
- Full name of the beneficial owner
- Date of birth
- Nationality
- Country of residence
- Percentage of ownership or control
For entities incorporated after April 30, 2025, an extraordinary declaration must be filed within 20 business days of incorporation.
