By Diana Granados, GM Attorneys at Law

New Power of Attorney Requirements for RTBF Filings 

For companies operating in Costa Rica, regulatory compliance is less about complexity and more about precision.

A recent regulatory update on October 2025, has modified the formal requirements for granting the Power of Attorney (POA) used to file the Annual Transparency and Final Beneficiaries Declaration (RTBF), a mandatory obligation for all Costa Rican legal entities before Central Bank of Costa Rica (BCCR).

This change is particularly relevant for companies with foreign shareholders, holding structures, and real estate investment vehicles, where Powers of Attorney are commonly relied upon to complete annual compliance filings efficiently.

What Has Changed

Under the updated criteria, the Power of Attorney required to file the RTBF can no longer be granted through corporate books.

The POA must now be formally executed before a Costa Rican Notary Public or before a Costa Rican Consul, if granted outside Costa Rica by the corporate legal representative.

If this formal requirement is not met, the RTBF filing cannot be submitted, even when all beneficial ownership information is otherwise complete. Additionally, failure to comply with this requirement may result in monetary penalties, fines, and others.

Required Structure of the Power of Attorney

The POA must be granted as a Full Power of Attorney (Poder Generalísimo) under Article 1253 of the Costa Rican Civil Code, and its purpose must be expressly limited to RTBF compliance.

Specifically, the Power of Attorney must grant full judicial and extrajudicial representation, without limitation of amount; be used exclusively for RTBF filings through the Central Directo platform of the Central Bank of Costa Rica; and authorize the representative to submit and download initial, ordinary, and extraordinary RTBF declarations, update or rectify information when required, and ensure ongoing compliance under Law No. 9416.

The Power of Attorney may not be sub-delegated and remains valid indefinitely unless expressly revoked or any new law or government disposition.

Why This Matters

This update reinforces the formal validity of RTBF filings and ensures that declarations are submitted by duly empowered representatives.

Entities that continue relying on Powers of Attorney granted under prior structures may encounter obstacles during the mandatory April filing period, particularly if corrective action is required on short notice.

A Preventive, Orderly Approach

Reviewing—and, where necessary, updating—the Power of Attorney ahead of time allows companies to move through the RTBF filing period with clarity and confidence.

At GM Attorneys, we regularly assist clients in reviewing existing Powers of Attorney, coordinating compliant execution before a notary or consul, and confirming that the structure aligns with current regulatory requirements.If you would like support reviewing your current Power of Attorney or preparing the required documentation, please do not hesitate to contact us at info@gmattorneyscr.com.