SGV expands process of identification of holders of securities accounts
Costa Rica
16 noviembre 2018

The General Superintendence of Securities (SGV) has made modifications to the Agreement on the Identification of Securities Account Holders. The modifications were published November 13 in the Official Gazette. The regulations allow for the use of the Tax Identification Numbers (TINs) as a means of identification. The agreement is already in force.

The new norm stipulates that the tax identification number will be sufficient to identify non-resident foreign individuals without passports, or foreign diplomats. The same applies in the identification of a foreign legal person, to which both the tax identification number and the unique identity document of the country or equivalent will be added as an identification document.

These changes come as part of the process of aligning with the Common Reporting Standard (CRS) of the OECD, with which Costa Rica is seeking formal membership by 2020.

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