There have been several positive legal and tax changes in the past month that are important to expats and Ticos alike. Three warrant special mention: The new rules for online board meetings, the changes to the fines for not filing the RTBF for 2019, and the introduction of TRAVI by Hacienda (the tax department). The acronym stands for tramites virtuales or virtual procedures. [Read more…]
Exclusive to A.M. Costa Rica
Most people with a company and many attorneys who are notaries are unaware most board meetings in Costa Rica can be held online without the need of a physical assembly. This is important news for those needing to make changes to their company, to authorize a special power of attorney or to change board members.
Some companies recently were fined a lot of money for not filing their Law 9416 report (also known as the transparency and final beneficiaries register or RTBF for short). They could have avoided the fines if they had had an online meeting giving someone a special authorization to file the documents with the Central Bank. [Read more…]
On Nov. 22, all annotations over one year old will expire and be purged at the Registro Nacional, Costa Rica’s national registry of properties. This could affect you and your property if for some reason its title is not clear or fully registered.
Here’s a little background. On Nov. 22, 1998, a new notary law was approved and took effect. Before that date all property (real and chattel) annotations would never expire. An annotation is a note on a property’s computer file that indicates a document is pending registration and is defective for some reason. A document can be incomplete for even simple problems, like not enough legal stamps were affixed, taxes could be due, or a number like a cédula (identification number) is incorrect.