Costa Rican Company Responsibilities: Understanding the RTBF

In this article, we will be talking about Costa Rican company responsibilities, specifically the Registry of Transparency and Final Beneficiaries (RTBF).

One of the first things taught by a parent to their child or children is that in life, we all have responsibilities and that we need to be diligent in complying with these responsibilities.

Well, for Costa Rican companies, it’s the same situation. The companies have certain responsibilities to be covered yearly. One of the most important responsibilities is the registry of transparency and final beneficiaries. Hereafter, we’ll know it as RTBF for its initials in Spanish.

What Is the RTBF?

The RTBF is a computerized system designed and developed by the Costa Rica Central Bank to allow a tracking system of members of the company to pursue possible tax felonies made through a company. It’s important to note that all the information gathered is confidential and will not be used if not required to pursue a felony.

The RTBF declaration is made through a system known as Central Directo that works as the only platform allowed to gather information regarding this declaration. The RTBF can only be done through this webpage and using a specific digital certificate known as firma digital, or digital signature.

The digital signature is only issued to Costa Ricans or foreigners naturalized Costa Rican. This tool works as an instrument to attribute authenticity to the document designed by the owner of the signature. Why this? Because it can only be issued to the owner of the signature. With this special signature, the owner may perform multiple digital procedures, one of them the RTBF.

It will always be assumed that the owner of the signature signed the document knowing its extent. It is very important to safeguard the digital signature.

When Is the RTBF Declaration?

This declaration will take place yearly in a period defined by the Ministry of Finance and the Central Bank. The exact period is not known beforehand and is not preestablished by the institutions and certain rulings are issued every year to guarantee that the information submitted is accurate.

For 2024, the period indicated for this year will be from July 1st to July 31st to present the declarations.

This period is not final and may suffer some modifications, but in principle and at the date of issuance of this video, it’s safe to take place between the dates stated above. The Ministry of Finance and the Central Bank have changed some rules regarding the nature of the power of attorney that must be issued for us to be able to make the presentation of the declaration.

This changed from a special power of attorney that is the one that was used last year to the general power of attorney. Some institutions like the Costa Rican Bar Association have raised their concerns regarding the nature of the power of attorney wanted by the Ministry of Finance and the Central Bank. It’s stating that the special power of attorney is sufficient for this process.

Another concern is that the digital signature is only issued to Costa Ricans. So, if you’re a foreigner, you will need a tico to manage the process. Currently, we’re waiting for the final rulings from the institutions for the current period.

At Quatro Legal, we offer to you the service of maintenance packages that consists in a series of packages that cover service if you are an owner of a company, an owner of a real estate, or a package if you have both conditions, and multiple other services covered by our compliance department.

One of these packages covers the RTBF. Through this one, we’ll let you know when the period of the declaration will be that year, and once the declaration period is met, we’ll take care of the entire process for you. Please get in touch to learn more.

Looking for legal counsel in Costa Rica you can trust? Get in touch today.

Disclaimer: The information provided in this blog post is for general informational purposes only and is not intended to constitute legal advice. While we strive to ensure the accuracy and timeliness of the content, laws and regulations are subject to change. For the most accurate and up-to-date information, please contact our office directly. Some images may be AI generated.