Update on Transparency and Ultimate Beneficial Ownership Declaration
Update on Transparency and Ultimate Beneficial Ownership Declaration
In accordance with the resolution issued by the Administrative and Civil Tax Court, through ruling number 2025003672, the precautionary measure that, until now, allowed a special attorney to file the Ultimate Beneficial Ownership (UBO) Declarations on behalf of legal entities and other obligated structures has been annulled.
It is important to verify whether your company meets the requirements to submit the information directly or, if not, to arrange for the appropriate full power of attorney in case this task needs to be delegated.
At BDO, we are available to advise you on complying with this new legal requirement and to assist you throughout the process.
What does this mean for your company?
As a result of this ruling, the UBO declarations may only be filed by:- The legal representative of the company, using a valid digital signature certificate issued by the Central Bank of Costa Rica.
- Please note: this certificate is only available to Costa Rican citizens or foreign nationals holding a valid Immigration Identity Document for Foreigners (DIMEX).
- Exceptionally, a full power of attorney (poder generalísimo) may be granted authorizing a natural person to submit the declaration.
It is important to verify whether your company meets the requirements to submit the information directly or, if not, to arrange for the appropriate full power of attorney in case this task needs to be delegated.
At BDO, we are available to advise you on complying with this new legal requirement and to assist you throughout the process.