Register of Ultimate Beneficial Owners for Cyprus Companies and Other Legal Entities
On 18 February 2021, the Cypriot Parliament transposed the 5th Anti-Money Laundering EU Directive into domestic legislation, signifying the introduction of a central registry for ultimate beneficial owners of companies and other legal entities.
All parties involved are obliged to register by March 12th,2022 submitting any essential requirements.
Required information to be filed:
1. For companies:
Should any individual hold directly or indirectly 25% and a share (taking into consideration other various parameters), the following information need to be disclosed with the central register:
● Name & Surname
● Date of Birth, Nationality, Current Residential Address
● Nature and extent of the beneficial interest held directly or indirectly (i.e voting rights, percentage of shares)
● Number of Identification Document including the type of document (i.e identity card or passport) and its country of issuance
● Date on which the individual was registered as a beneficial owner
● Date on which amendments regarding the specific ownership occurred or the individual ceased to be an ultimate beneficial owner
2. For Trusts and Foundations:
Should the beneficial owner be identified as a Trust, Foundation or other similar legal entities, the information to be disclosed is as follows:
● Name of Trust / Foundation and its registration number (if any)
● Nature and extent of the beneficial interest held directly or indirectly
● Country of jurisdiction and Business address (only applicable for a Foundation)
● Date on which the Trust / Foundation / other legal entities became a beneficial owner
● Date on which changes occurred
● Date on which the aforementioned ceased to be beneficial owners
Access to information submitted to the UBO Register
● Unrestricted access, without any prior notification to the Registrar of Companies, is granted only to Competent Supervisory Authorities, the Financial Intelligence Unit (FIU), the Customs Department, the Tax Department and the Police during the probation period till March 12th 2022.
● Once the probation period has come to an end, online access shall be granted to:
A. Cyprus Competent Supervisory Authorities
B. Obliged entities that require to conduct due diligence (restricted access with the payment of an indicative fee)
C. All members of the general public (restricted access with the payment of an indicative fee)
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