Update 2024 - Register of Transparency and Ultimate Beneficiary Owners
Update 2024 - Register of Transparency and Ultimate Beneficiary Owners
Non-Profit Organizations, Solidarity Associations, Mutuals and Cooperatives must comply with the Register of Transparency and Ultimate Beneficiary Owners declaration.
In follow up to the Register of Transparency and Ultimate Beneficiary Owners (UBO) process and in order to keep you informed of the provisions governing this obligation, we inform you that recently the General Tax Administration (Dirección General de Tributación) and the Costa Rican Narcotics Institute (Instituto Costarricense Sobre Drogas) issued a draft of a new Joint Resolution of General Scope of the UBO (the “Draft”).
The Draft provides that Non-Profit Organizations, Solidarity Associations, Mutuals and Cooperatives must comply with the first UBO declaration in October, 2024, submitting the following information:
Note: In the case of non-profit organizations, information about donors must also be included. Therefore, you must have the donation amount and the general data of the donor, as long as the donation is equal to or greater than one base salary (approximately $680 dollars).
Additionally, it is established that in all cases, the declaration must be filed through the legal representative, for which they must have a digital signature, or otherwise it will be allowed to be filed through a full attorney-in-fact.
It is important to clarify that the Draft is in the revision stage, therefore the provisions will be in force until it is formally issued and published in La Gaceta.
Our team will endeavor to keep you informed, we remain at your disposal at the following e-mail address: rbf@bdo.cr for any inquiries.
The Draft provides that Non-Profit Organizations, Solidarity Associations, Mutuals and Cooperatives must comply with the first UBO declaration in October, 2024, submitting the following information:
- Data to identify the organization.
- Purpose and objectives of its activities.
- Data to identify the control structure (whether Board of Directors, Directors or Administrative Council).
- Detail of income and expenses (to be uploaded to the system as a file).
Note: In the case of non-profit organizations, information about donors must also be included. Therefore, you must have the donation amount and the general data of the donor, as long as the donation is equal to or greater than one base salary (approximately $680 dollars).
Additionally, it is established that in all cases, the declaration must be filed through the legal representative, for which they must have a digital signature, or otherwise it will be allowed to be filed through a full attorney-in-fact.
It is important to clarify that the Draft is in the revision stage, therefore the provisions will be in force until it is formally issued and published in La Gaceta.
Our team will endeavor to keep you informed, we remain at your disposal at the following e-mail address: rbf@bdo.cr for any inquiries.