As of Tuesday, 16 March 2021, the Register of Beneficial Owners of Cyprus companies and other legal entities (Register) has come into force, in accordance with Directive 112/2021 amending the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007-2021.
The responsible authority for collecting the necessary information and maintaining the Register is the Registrar of Companies and Official Receiver.
The information to be submitted includes the name, date of birth, nationality, identification document number and country of residence of any natural person who holds (directly or indirectly) 25% plus one share or an ownership interest or voting rights of more than 25% in any Cyprus company or other legal entity. The nature and extent of the beneficial interest held and date of entry in the Register are also reported.
Cyprus supervisory authorities including the CBC, the CySEC and the ICPAC as well as MOKAS, the Customs Department, the Tax Department and the Police shall have unlimited and unrestricted access to the information submitted to the Register, whereas within 6 (six) months from 16 March 2021 limited information such as name, month and year of birth, nationality, country of residence and nature and extent of the beneficial interest, will be accessible to the general public.
Please note that any changes to the information or status of your beneficial ownership must be communicated to Royal Pine & Associates within 15 (fifteen) days from the date of change.
Do not hesitate to contact Royal Pine & Associates if you have any concerns deriving from the above or require any clarifications.
The author of the article is Zoe Christodoulou.
Zoe is the Risk & Compliance Officer at Royal Pine & Associates. She is a qualified lawyer with experience in the financial industry and holds the Advanced Certificate of CySEC.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render legal advice.
Comments