In March 2022, Law No. 1113, Law to reform the Notarial Law and the Commercial Code of the Republic of Nicaragua was published, establishing with the force of law, the following obligations:
- Any act or contract in which the ownership of real estate is transferred is subject to the work of prevention, detection and reporting by notaries, so we will require to our clients for additional documentation to prove, among other things, the origin of the funds and the shareholding composition, in the case of companies.
- The law also establishes that every time a company requires the services of a lawyer and/or notary, it must provide the corresponding Certificate of Final Beneficiary. Therefore, if you have not processed it, we suggest you contact your A&A lawyer as soon as possible.
- In the same sense, the reforms to the Code of Commerce establish that every time a company requests licenses, permits or participate in tenders before government institutions or municipalities, the certificate of the final beneficiary will be required.
Finally, it is necessary to take into consideration that the term to declare the final beneficiary expires on April 18, 2022 and that if it is not done, the fines range from US$ 500.00 to US$ 1,500.00.