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New obligations for Inactive Corporations 2021

The Costa Rican Tax Administration “Ministerio de Hacienda” has implemented new decrees to control the legitimization of capital and to root out illicit financial gains throughout corporations in Costa Rica.

On January 22, 2021, a new resolution (DGT-R-02-2021) that modifies the previous resolution (DGT-R-075-2019) was announced.
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Estate Planning in Costa Rica – Testamento

“Da tua dum tua sunt, post mortem tunc tua non sunt”.
(Give that which is yours while it is yours; after death, it is not yours).

Executing a testamentary disposition or a will, in Costa Rica called “testamento”,can be one of the most reliable alternatives in estate planning.

The “testamento” is the legal instrument, executed in accordance to formalities established by CR Law, that allows a person, testator, to determine how his or her assets will be managed and distributed at the time of death as well as to appoint the executor of his estate.

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2020 Property Taxes are due March 31st

Property owners must pay Property Tax (Impuestos Bienes Inmuebles) and garbage collection fee (recolección basura) to the Municipal Government where the property is located.

Amount: The property tax is 0.25% of the registered value of the property, which is either the purchase price paid or the value assigned by the Tax Office.

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2020 Municipal Elections

mayor santa cruzEvidence of Costa Rica´s solid Democracy

Last Sunday, February 2nd, 2020 local government elections were held in Costa Rica. Such local administrative units are known as Municipalities. The mayor of a total of eighty-two Municipalities as well as other political positions within them was elected by direct voting of citizens living in each territorial subdivision known as ¨Cantones¨.

This was the fifth election process since a legal reform launched in 1998 which granted more responsibility and direct control over territorial, political, and administrative matters to local governments. The process was a success.

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Property Tax & Garbage Collection

Luxury Beachfront Home in Tamarindo - Front view

Due: March 31stof each year.

Property owners must pay Property Tax (Impuestos Bienes Inmuebles) and garbage collection fee (recolección basura) to the Municipal Government where the property is located.

Amount: The property tax is 0.25% of the registered value of the property, which is either the purchase price paid or the value assigned by the Tax Office.

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Luxury Tax 2020

Luxury Beachfront Home in Tamarindo - Fountain

Due: January 15 of each year.

The Luxury Tax (Solidarity Tax for the Strengthening of Housing Programs) only applies to houses, condos, or apartments over a certain construction value (133,148,400.00 colones for 2020, approx. US $237,765K – this amount is adjusted each year).

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It’s annual Tax Time

Like in other global markets, Costa Rica also has its share of annual taxes. This article will be discussing the annual taxes due for anyone who is an owner of real estate or has a Costa Rican corporation. Not all taxes are applicable to everyone. We will discuss each type below.

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Important: Mandatory Shareholders Registry

BCCR

Mandatory Shareholders Registry with the Central Bank of Costa Rica

As you know, with the approval of law #9416 and its regulations, you must proceed with the mandatory disclosure for corporations and legal entities, submitting the requested records to the Central Bank of Costa Rica (BCCR). Scheduled of submission deadlines for the corporations for this first submission:

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New law about capital gain tax starting in 2 weeks called Ley de Fortalecimiento de las Finanzas Públicas.

It will be in effect by July 1st and has raised several concern and misinterpretations. In reality it is pretty simple because you can choose to pay either 15% of the gain or 2.25% from the actual sales price. You do not need to rush and update your property value at the Municipality before July 1st. PD Attorneys provided a simple explanation.

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2019 Annual Corporate and Real Estate Property Taxes

taxes costa ricaPROPERTY TAXES & GARBAGE COLLECTION FEE

As a real property and/or CR corporation owner, you should be aware of taxes that need to be paid annually. Those who do not pay may be subject to fines and judicial collection procedures

PROPERTY TAXES & GARBAGE COLLECTION FEE (Due date: March 31st,  2019)

Real property owners must pay the Impuestos Bienes Inmuebles(Property Tax) and recolección basura(garbage collection fee) to the Municipalidad(Municipal Government) where the real property is located.
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