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certificate

of

the

company

estate or other valuable assets, solely on the fact that a company or corporate registration tax is levied yearly in FEBRUARY and some other tax compliances are due on MARCH and APRIL (see below); their efficiency and usefulness as holding companies for real estate and assets, remains well justified primarily because of: a) they protect real estate or valuable assets from the personal or criminal liability of the Beneficiary owner, for example under the scenario of a car accident liability, which would otherwise expose the real estate property owned by both the car driver and the legal owner of the car ´ s title; thus the other solution to this problem which is car liability insurance, needs to be able to cover the value of the real estate asset and not only of the cars ´ damages, as there could be legal claims that surpass the value of the car, and insurance coverage of this

level is also expensive in the Costa Rica market. b) companies ’ administration clause allows for the addition of children as Sub directors and Sub-Beneficiary owners, who acquire total company control in case of death of the company ´ s Principals (the parents), thus making it easier to convey or sell the property and repatriate the equity, under the authority of the Judge of the succession (probate) process of the Decedents ´ jurisdiction. c) companies can be used to set up and run a bank account, for example to receive property rental income and make maintenance expenses online, including real estate taxes; with no limit or cap on the sum of money allowed to flow through the account, whereas foreign property owners with no RESIDENCY, are capped to USD2,000 per month approximately in most Costa Rica banks. Note must be taken on the

registration, a “personeria” certificate can be obtained from the online service of the National Registry to attest the company ´ s good standing information: legal directors, their powers, company legal domicile, articles ´ microfilm record data etc. Banking due diligence also requires periodically a Notary Public to issue a certification identifying the Beneficiary owners ´ data based upon the company ´ s Shareholders ´ Registry book entries. This book together with the Shareholders ´ Assembly book is like the company ´ s passport, needed to make any shares ´ transfers or changes to the company charter like adding or removing directors. 2. Efficiency: Although some commentators have questioned the efficiency of using companies as holding vehicles for the title of real known as

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