Moratorium of 2 Months to Waive the Fine for Failing the Complience of the Declaration of Ultimate Beneficiary Ownership
This past Wednesday January 29th 2020, the costarrican Congress approved a moratorium of 2 months to waive the fine for those who fail to file the Declaration of Ultimate Beneficiary Ownership (UBO) for period 2019.
Additionally, it was also agreed that if the Declaration of Ultimate Beneficiary Ownership is not filed within those 2 months, from the third month onwards a sanction of 50% will apply. In case you fail to file such declaration after the abovementioned third month, the total sanction previously established will apply.
Finally, it is important to state that the approval of this moratorium does not exempt the companies of complying with filing of the Declaration of Ultimate Beneficiary Ownership (UBO) for the period 2019.
Gonzalo Gutiérrez Acevedo is a Licensed Attorney at Law and Public Notary. He completed two Master’s Degrees at ULACIT in Tributary Law and Corporate Law in 1996. Obtained a specialization in Modern Contracts at the University of Castilla y de la Mancha in Spain.