Non-compliance with UBO reporting – penalties announced

12 March 2022 is the last date when companies or other legal entities incorporated before 12 March 2021 in Cyprus should report data about their Beneficial Owners. According to the Circular issued on 25 January 2022 by the Registrar of Companies – in case of a non-compliance with any of the obligations – the company or any other legal entity and its officials are subject to a pecuniary charge of two hundred euros (EUR 200) and a further pecuniary charge of one hundred euros (EUR 100) for each day of continuation of the violation with a maximum total charge of twenty thousand euros (EUR 20,000).

Data that needs to be disclosed:

  • Name, surname, date of birth, nationality and residential address;
  • Nature and extent of the beneficial interest held directly or indirectly by each UBO, including through percentage of shares, voting rights, or the nature and extent of the significant influence or control with other means exercised by each controlling person;
  • ID details for Cypriot nationals and passport details for foreigners;
  • Date on which the person was entered in the register as UBO;
  • Date on changes in the particulars of the person or the date on which the person ceased to be a beneficial owner.

The responsibility for the true and correct submission of the information regarding the beneficial owner(s) rests with the company or other legal entity itself and its officers. Company’s Directors are personally responsible for disclosing this information.

For the interim solution data provided to the ROC will be accessible only by Competent Supervisory Authorities, the FIU, the Customs Department, the Tax Department and the Police, upon written letter to the Registrar.

Please refer to our article from April 2021 in which we have listed all the information about the reporting obligation.