The Register of Beneficial Ownership for Cyprus Companies
Cyprus like most EU member states, has recently implemented the establishment of the central registry of Ultimate Beneficial Ownership (UBO) in line with the requirements of the latest AML directive. The central registry for Cyprus companies has been introduced on 16 March 2021 by the Registrar of companies allowing for a transitional period of six-months for reporting purposes which was extended due to COVID-19 and the deadline is now 12 March 2022.
Definition of beneficial owner and information to be reported
“Beneficial Owner” is defined as any natural person who ultimately owns or controls a Cyprus company through direct or indirect ownership of a sufficient percentage (defined as 25 percent plus one share) of the shares, voting rights, or ownership interest in that entity, or such control via other means. If no natural person has such qualifying ownership or control, the natural person(s) holding the position of senior managing official(s) has to be reported.
Information to be registered
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name, surname, date of birth, nationality and residential address
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nature and extent of the beneficial interest held by each beneficial owner
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passport number and county of issuance
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date on which the natural person was entered in the register and
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date on which the natural person ceased to be a beneficial owner.
Entities not falling under the obligation to report
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listed companies on a regulated market that is subject to disclosure requirements
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companies that have applied for strike off or whose liquidation has been enacted before the commencement of the directive
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where a company is owned by a foundation only the name of the foundation is registered
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if the beneficial shareholder is a trust the required information is the name; registration number (if any) and country of jurisdiction
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overseas companies and partnerships.
Registers for trusts and other legal bodies will be kept by the applicable supervisory bodies.
Collection, registration, and accessibility to the registry
The Registrar of companies has announced that the collection of information commenced on the 16
th March 2021 and companies are granted a timeframe of six months, to submit all the relevant information to the platform. At present the UBO registry will only be accessible to the competent authorities upon submission of a formal request to the registrar and at a later stage the UBO register will become available to the general public.
Where there is a change of UBO or his/her details, the entity is obliged to file all changes with the Registrar within 14 days. Thereafter, companies will need to confirm annually the validity of the information submitted.
The responsibility for true and accurate submission of the information lies with the entity itself and its officers. Fines and penalties may be imposed to entities and their officers for failure to comply with the directive.
Points to consider
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in order to obtain access to the e-system of beneficial owners each company/partnership must first create a corporate/partnership profile in Ariadne (the government portal).
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all companies should maintain an updated register at all times of UBO(s) at the company’ registered office
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if the UBO of a company is a listed company, trust, foundation other similar arrangements limited information is submitted to the Registrar
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only competent authorities will have access to the registry on the basis of a written request during the transitional period.
How we can help you
Our firm can provide assistance and legal advice for the identification of beneficial owners and support for the ongoing compliance of the company’s statutory and regulatory obligations about obtaining information, maintenance of information and filings.