Registry of Transparency and Final Beneficiaries 2020 update

Per Resolution N° DGT-ICD-R-06-2020 published March 30, 2020, all corporations will now have until September 2020 to comply with the yearly RTFB.

But this is not the only change to the mandatory requirement, please keep reading:

Ordinary declaration (yearly):

The obliged corporations will have 6 additional months to comply with the 2020 period (April to September 2020).
This requirement will now be due in the month of April of each year.
The new registry must include all changes made to the corporation since the last declaration (if any).

Extra-ordinary declaration:

An additional declaration must be filed within the first 15 business days whenever there is a change of shares/stocks, or a partner surpasses 15% of participation, or there is a change or a beneficiary is added.
In case of having periods pending, the corporation must file all previous declarations until reaching the current period.

What happens if I do not comply?

Fines for non-compliance start at $2,500 USD.
No movements can be made on assets of non-compliant corporations. Thus, you will not be able to move, transfer, donate, sell, or dispose of the assets until the RTFB is updated.
If your corporation needs to issue a lien or encumbrance, this will only be registered if you are compliant with the RTFB.
The same will happen whenever you need to remove liens or encumbrances, as this will not be eliminated from the Registry records unless the RTFB is up to date.

*Additional measures are expected by other governmental agencies and branches.