The deadline to submit the annual declaration for the Transparency and Final Beneficiaries Register (RTBF) is fast approaching. This requirement, part of Costa Rica’s ongoing efforts to increase financial transparency, must be fulfilled during April 2025.
In this article, we’ll walk you through what the RTBF is, recent changes to the process, who is required to file, and the potential consequences of non-compliance.
What Is the RTBF?
The Transparency and Final Beneficiaries Register (RTBF) is a platform managed by the Central Bank of Costa Rica. All legal entities must use it to disclose their ultimate beneficial owners—the individuals who ultimately control or benefit from the company. This is a key measure used to combat money laundering, tax evasion, and other financial crimes.
When Is the Deadline?
After a series of regulatory reforms in 2024, the filing timeline was temporarily adjusted. However, for the 2025 fiscal period, the regular schedule resumes:
Deadline: April 1–30, 2025
Requirement: Annual submission of the ordinary declaration
Key Updates for 2025
Reforms to the RTBF regulation and new administrative resolutions issued in 2024 brought important changes:
1. Legal Representation Requirements
Currently, only the company’s legal representative can submit the declaration. In limited cases, a general power of attorney holder is allowed.
However, for the 2025 declaration, submission via special powers of attorney is still permitted, thanks to a precautionary legal measure that remains in effect. This may change in the future, so staying informed is crucial.
2. Documentation and Due Diligence
New requirements have strengthened the need for supporting documentation and beneficial ownership verification. If your company has had changes in ownership or control, these must be reported and updated accordingly.
At Across Borders Legal, we conduct a thorough review of each client’s filing history. Even if your company has not had any changes, we will inform you if updated documentation is needed to comply with the revised rules.
What If You Don’t File?
Failing to submit the RTBF declaration can result in serious consequences, including:
Financial Penalties
- A fine of 2% of the company’s gross income from the previous fiscal year
- Minimum penalty: Three base salaries
- Maximum penalty: One hundred base salaries
Administrative Sanctions
- Inclusion in the non-compliance list of the Tax Authority
- Inability to obtain legal entity certifications
- Restrictions on registering documents with the National Registry
- Notarial certifications will include a non-compliance warning
How Can We Help?
At Across Borders Legal, we’re here to guide you through the process with clarity and confidence. Our legal team takes care of:
- Reviewing whether your company needs to update its information
- Managing the correct and timely filing of the RTBF
- Ensuring full compliance with current regulations
info@acrossborderslegal.com
www.acrossborderslegal.com
WhatsApp: +506 8688 2030 | +506 8880 8736
Don’t wait until the last minute. Stay compliant, avoid penalties, and let us handle the legal side—so you can stay focused on your goals.
