Costa Rica strengthens beneficial ownership rules

Costa Rica is implementing stricter Ultimate Beneficiary Owner (UBO) requirements to combat against tax evasion in the country. This new regulation substantially updates the country's tax regulation and procedures code and puts the obligation on companies to disclose their capital and individuals with majority ownership. The UBO requirements apply to legal persons and legal structures domiciled in Costa Rica, and companies will be obliged to disclose to the Transparency and Final Beneficiaries Registry (Registro de Transparencia y Beneficiarios Finales, RTBF) shareholders and ultimate...