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Costa Rica’s Banking Regulations Compliance: A Must-Know for Businesses

As Costa Rica becomes an increasingly popular destination for foreign investors and remote workers alike, understanding financial regulatory compliance in the country has become a crucial aspect of doing business there.

Failure to Comply with Financial Regulations

Failure to comply with financial regulations can result in legal issues or financial penalties, potentially damaging the reputation of your company among local authorities and impacting your operations. To avoid this, it is essential to understand the key responsibilities and deadlines related to corporate compliance in Costa Rica.

Attractive Investment Opportunities

Costa Rica boasts a stable and developed economy, making it an attractive option for those looking to do business in Latin America. In 2019 alone, the country saw over $2.5 billion in foreign direct investment inflows. Prior to the COVID-19 pandemic, foreign investment accounted for 7.8% of gross domestic product, but this figure fell to 3.5% during the global health crisis. To encourage foreigners to return, the Costa Rican government has introduced incentives and reduced investment prerequisites for residency, as well as a new scheme to attract digital nomads and remote workers.

Key Responsibilities and Deadlines

To ensure compliance with financial regulations in Costa Rica, companies must adhere to certain responsibilities and deadlines:

Annual Shareholders Meeting: Hold an annual shareholders meeting within three months of the end of the fiscal year (January 1-December 31), requiring prior notification to all shareholders.
Corporation Tax: Pay annual corporation tax to Costa Rica’s General Directorate of Taxation by January 31.
Income Tax Returns: File annual income tax returns via Form D-101 with the General Directorate of Taxation no later than March 15 following the end of the fiscal year.
Annual Statement Summary: Submit an Annual Statement Summary of Suppliers, Clients, and Specific Expenses via Form D-151 by February 28 of the year following the fiscal year being filed for.
Ultimate Beneficial Owner Declaration: File an Ultimate Beneficial Owner Declaration with Costa Rica’s General Directorate of Taxation by April 30 each year.

Additional Requirements

In addition to these responsibilities, companies must also have a Costa Rican address registered, where official correspondences can be received. A legal representative in Costa Rica is also required, although this does not need to hold any particular credentials. However, if the appointed legal representative is not a Costa Rican citizen or resident, a resident agent must be appointed and they must be a qualified Costa Rican attorney.

Expert Support

At Biz Latin Hub, our team of multilingual corporate support specialists has extensive experience in financial regulatory compliance in Costa Rica. With our portfolio of back-office solutions, including accounting and taxation, company formation, legal services, hiring and PEO, and visa processing, we can provide your business with a single point of contact for entering and doing business in Costa Rica or any other market in Latin America and the Caribbean where we have teams in place.