You might not even know you have Costa Rican corporation problems.
Especially if your corporation owns property in Costa Rica. Or if you own a corporation and you’re not a citizen or resident.
Above all, you don’t want to lose your assets in CostaRica because you are not up to date with your legal obligations, don’t you?
The Costa Rican government has been able to make everything more difficult for those who own a corporation.
Changes in the laws have made it more difficult for property owners who in the past incorporated their property into an S.A. or some other form of corporation. Those changes oblige property owners to resolve all their Costa Rican corporation problems.
Allow me to make a summary of the Costa Rica corporation problems you might not even be away of:
1. Corporation Tax
Active and inactive corporations have to pay corporation tax or “Impuesto a las Personas Jurídicas” since 2017. This tax can only be paid if you have a bank account in Costa Rica.
2. Digital Signature
Starting September 2019, the Costa Rica Central Bank will require every Costa Rican corporation to list their shareholders publically utilizing a digital signature system. The complete disclosure of all of the final beneficiaries of the shares is mandatory.
The digital signature required for company shareholder registrations may only be obtained and utilized by a Costa Rican Citizen, or a foreigner holding Costa Rica Residency (DIMEX).
The registration must be done each year during April (1st-30th).
3. Income Tax returns
Before, non-active corporations didn’t have to file tax returns. Nonetheless, there is now a mandatory requirement to file a tax return for both active and non-active Costa Rican corporation. The tax authorities want you to declare the assets in order to establish the calculation for the new capital gain tax in the future.
4. Form D-140
It is mandatory for every Costa Rican corporation to file Form D-140 after 30 days of its constitution. This is necessary to register the corporation at the Ministerio de Hacienda for informative purposes and acquire a username and password in order to get access to the ATV. If your corporation that has been constituted years ago hasn’t filed yet, this needs to be done in person.
5. Corporate books
Do you remember where you put the corporate books? Most property owners don’t! Now the need replacement, such a hassle.
Anyway, the books must remain in Costa Rica in order to comply with the registration of shareholders before the Costa Rican Central Bank. Also, it will be handy to keep the books here should you need to grant a POA without you coming down to Costa Rica. It’s like remote controlling your corporation. Courier cost for sending the books to Costa Rica one time is included in the package. Custody of your legal books in Costa Rica is the simplest way for you without asking yourself every year what you did with them.
6. Property tax
For property tax payments you either need to have a Costa Rican bank account or go in person to the Municipality where the property is located.
It is mandatory, every 5 years, for the property owner to declare the value of the property. If not, the municipality will update the value themselves.
In a Nutshell
There are quite a few issues that you need to take care of now, for instance:
- The need for a legal address in Costa Rica
- Custody of legal books
- Digital signature if you’re not a resident in Costa Rica
- Having a resident agent with an up to date legal address is a convenience
- Annual Registration of shareholders at the Central Bank with digital signature
- “Timbre de Educacion y Cultura” annual payment
- Property tax annual payment
- Corporation tax annual payment
- Income tax returns for active and inactive corporations
- Income tax payment (if your property generates income)
Relax, you just found the solution. We have the solution for you, at the cost of only $849/year.
This amount can vary, depending on your own needs. Tay payment services are included in this amount, but the outstanding tax amounts are NOT included.
Are you interested in solving your Costa Rican corporation problems? Then just fill out the form and click the desired package, so we can connect you with the provider. After that, you might be able to sleep well without having to worry about your assets. Our provider uses Kipo for easy and low-cost wiring of the funds.
In conclusion, contact us now before you lose your assets in Costa Rica.