A few days ago we published 10 frequently asked questions about the Registry of Transparency and Final Beneficiaries, also referred to as RTBF in abbreviation, it is an obligation of commercial companies and legal entities with the state to report who are the partners, constituents or active elements or that can exert influence on the decisions and behaviors of legal persons operating in Costa Rica.
Still a relatively new practice, it is an obligation that may go unnoticed by many citizens and residents, exposing themselves to fines and investigations. Clare Facio Legal makes available to her clients our annual obligation submission service as part of our company administration service. If you want to stop worrying about whether your companies meet the RTBF and other requirements, contact us and let’s start working together.
Can a natural person check with the Registry of Transparency and Final Beneficiaries (RTBF) if they appear as part of a legal person or legal structure?
Answer:
The BCCR has enabled the functionality called “Citizen Consultation” so that a natural person can consult before the Registry of Transparency and Final Beneficiaries if they appear as part of a legal person or legal structure, where in the first instance their situation can be known through a basic answer (YES or NO) and if the answer is positive and the interested party wishes to know about the information reported about him, he must have a digital signature card to access the confidential details of the information registered in the system. See link: HERE
Legal Basis:
Article 12 subparagraph c) of the Law to Improve the Fight against Fiscal Fraud, Law No. 9416.
Article 23 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
What is the role of the Central Bank of Costa Rica in the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
The function of the Central Bank of Costa Rica is to safely manage and safeguard the information contained in the Registry of transparency and final beneficiaries, in addition to ensuring that the access to the information by the Ministry of Finance and the Costa Rican Institute on Drugs is carried out as stipulated by law, guaranteeing authenticity, integrity, confidentiality, traceability and computer security, using duly recognized and internationally accepted protocols and standards.
Legal Basis:
Article 8 of the Law to Improve the Fight against Fiscal Fraud, Law No. 9416.
Article 16 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
Will the Central Bank of Costa Rica have access to the information collected in the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
The Central Bank of Costa Rica will develop the information capture tool for the Registry of Transparency and Final Beneficiaries, it must also safely manage and safeguard the information contained in said tool; however, you will not have access to it, since this information is encrypted and the only competent entities to access the system will
consult -prior compliance with the requirements established in article 10 of Law 9416- are the Ministry of Finance and the Costa Rican Institute on Drugs.
Legal Basis:
Articles 9 and 10 of the Law to Improve the Fight against Tax Fraud, Law No. 9416.
What is the use that the Ministry of Finance and the Costa Rican Institute on Drugs will give to the information collected in the Registry of Transparency and Final Beneficiaries (RTBF) system?
Answer:
The use that the Ministry of Finance and the Costa Rican Institute on Drugs will give to the information collected in the RTBF system is to identify the final beneficiary of legal persons and legal structures, as well as use the information available there to fight against legitimization of capital, financing of terrorism, and revealing the true economic capacity of the taxpayers, in accordance with the legitimate causes established by law.
Legal Basis:
Article 9 of the Law to Improve the Fight against Fiscal Fraud, Law No. 9416.
Who establishes the requirements and the procedure by which the required information must be provided to the Central Bank of Costa Rica for the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
The requirements and the procedure by which the required information must be provided to the Central Bank of Costa Rica in the Registry of Transparency and Final Beneficiaries will be established by the General Directorate of Taxation and the Costa Rican Institute on Drugs through a joint resolution.
Legal Basis:
Article 8 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
Joint Resolution of General Scope, No. DGT-ICD-R-06-2020.
What is the deadline established to provide information on the Registry of Transparency and Final Beneficiaries (RTBF) by the regulated entities?
Answer:
Obliged subjects must comply annually with the provision of information to the Registry of
Transparency and Final Beneficiaries, as provided below:
a) In the case of the ordinary declaration in the month of April of each year, for which the information of the last declaration presented may be preloaded, in such a way that it allows the obligor to update the data that have changed or simply confirm that the declaration It has no changes and proceed to its presentation. This declaration must include the information of all the participants, as well as their final beneficiaries.
b) The extraordinary declaration within 20 business days following the registration or assignment of the ID and in the event that this occurs within the month of April, they may have 20 business days or the month of April, depending on the most favorable term for these.
c) Once the statement has been sent, the term for submitting the statement has expired and in case of needing to correct said statement, the corresponding corrective statement must be used, taking into account the requirements established as appropriate in articles 9 and 10 of the current joint resolution. .
Legal Basis:
Article 9 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
Articles 6, 6bis, 9 and 10 of the Joint Resolution of General Scope, No. DGT-ICD-R-06-2020.
What security requirements must be met by those obligated to supply the information to interact with the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
Those responsible for providing information in the RTBF must have a digital signature card for a natural person. Additionally, to guarantee the authenticity, security and integrity of the identifying data of the natural and legal persons that interact with the system, the Central Bank of Costa Rica validates it in real time before the public institutions or other competent authorities that provide this data.
Legal Basis:
Article 8 of the Law to Improve the Fight against Fiscal Fraud, Law No. 9416.
Article 5 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
Article 3 of the Joint Resolution of General Scope, No. DGT-ICD-R-06-2020.
What security requirements must the institutions involved meet when accessing the information stored in the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
Both the Ministry of Finance and the Costa Rican Institute on Drugs must comply with the information security guidelines that guarantee the integrity, reliability, confidentiality, traceability and definition of audit trails in accordance with those used by the Central Bank of Costa Rica. in accordance with internationally accepted information confidentiality standards, compliance with which will be verified by an external audit.
Likewise, they must comply with the requirements established in article 10 of Law 9416 Law to Improve the Fight against Fiscal Fraud.
Legal Basis:
Article 10 of the Law to Improve the Fight against Fiscal Fraud, Law No. 9416.
Article 19 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
What security requirements must notaries meet to interact with the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
The security requirement that notaries must comply with is to have a digital signature card to interact with the RTBF system.
Legal Basis:
Article 25 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
Article 3 of the Joint Resolution of General Scope, No. DGT-ICD-R-06-2020.
Is there a step-by-step guide for filling out the declaration in the Registry of Transparency and Final Beneficiaries (RTBF)?
Answer:
There are several step-by-step guides in the online help (User Manuals) available in Central Directo at the following Web address: HERE
Fountain:
Central Bank of Costa Rica
How can I modify a regular Registry Transparency and Beneficial Ownership (RTBF) statement that has already been submitted but contains errors?
Answer:
You must proceed with a “corrective” declaration according to the conditions stipulated in articles 9 and 10 of the Joint Resolution, as appropriate.
Legal Basis:
Article 24 of the Regulation of the Registry of Transparency and Final Beneficiaries, Decree No. 41040-H.
