The government of Costa Rica changed yesterday the declaration deadlines for the Transparency and Beneficial Ownership Registry (TBOR) for 2020 as follows:
– Does who submitted the 2019 declaration in the TBOR system will not have to submit the 2020 declaration, since the TBOR system will automatically and for this only time, upload said declaration as the one for 2020. Furthermore, those subjects who have not submitted the 2019 declaration, must submit it for the same rule to apply to them. So, when the 2019 declaration is submitted it will automatically include the 2020 period as well.
– Entities that have to make extraordinary declarations or make corrections after the declaration period 2019 (September 2019 to April 2020) and before the annual declaration of April 2021, for this only time, will present said changes in the annual declaration that is due to be filed in April 2021.
– Entities that are assigned an ID number in the National Registry, either by registration or by request for assignment, between January 1st, 2020 and March 31st, 2021, must not file their first declaration within the 20 following business days and instead, for this one time, they will present it in the month of April 2021.
Additionally, the rules have been changed so that the ordinary declaration that must be filed each year in the month of April will be automatically uploaded based on the last filed declaration. This allows the declarant to review if it requires changes or simply confirm the data and file the declaration.
On the other hand, an extraordinary declaration must be filed when any of the owners of the shares equals or exceeds fifteen percent (15%) of the total shares or quotas, or there are variations in the final beneficiaries by other means of control, for which an extraordinary declaration must be presented within the following 15 business days, counted from the entry in the official book or register.