Costa Rica Banks Must Comply with Regulatory Requirements

In a bid to establish a strong presence in Costa Rica’s growing economy, foreign investors and entrepreneurs must adhere to the country’s strict financial regulatory compliance requirements. Failure to do so can result in legal issues, financial penalties, and damage to one’s business reputation.

Country’s Popularity among Foreign Investors

Costa Rica is a popular destination for foreign investors due to its stable economy, high level of English proficiency, and attractive incentives. In 2019, the country received over $2.5 billion in foreign direct investment (FDI) inflows. The government has taken steps to encourage foreigners to return, including offering incentives and reduced investment prerequisites.

Key Responsibilities and Dates for Financial Regulatory Compliance

All companies registered in Costa Rica must comply with various financial regulatory requirements, which include:

Annual Shareholders Meeting: Holding an annual shareholders meeting within three months of the end of the fiscal year
Corporation Tax: Paying corporation tax by January 31 each year
Annual Income Tax Returns: Filing annual income tax returns by March 15
Declaration of Large Clients and Providers: Submitting a declaration of large clients and providers by February 28
Ultimate Beneficial Owner Declaration (UBO): Filing an Ultimate Beneficial Owner Declaration by April 30
Education and Culture Stamp: Paying the “Education and Culture Stamp” by March 31
Annual Report of Operations for Free Trade Zones: Filing an annual report of operations for companies operating in free trade zones

Additional Considerations

Companies must also have:

A Costa Rican address
A legal representative in the country
Comply with various other requirements

Support from Biz Latin Hub

Biz Latin Hub offers expert support to help businesses navigate financial regulatory compliance in Costa Rica. Our team of multilingual corporate support specialists provides a range of back-office solutions, including:

Accounting & Taxation: Expert accounting and taxation services
Company Formation: Assistance with company registration and setup
Legal Services: Professional legal advice and representation
Hiring & PEO: Temporary staffing and employer of record services
Visa Processing: Support with visa applications and residency permits