Register of Beneficial Owners – the final electronic system

The Department of the Registrar of Companies and Intellectual Property in Cyprus announced the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023.

The final solution of the electronic system of the Register of Beneficial Beneficiaries is replacing the so-called “interim solution” that had been operating since March 12, 2021.

The implementation is divided into three phases:

  • The first phase: 14/11/2023-31/12/2023 – when all companies and partnerships are required to inform/re-register their Beneficial Owners in the ‘Final Solution’, even if they have already done so in the interim solution system. No financial penalties will be imposed during this period.
  • The second phase: 1/1/2024-29/2/2024 – requires those companies and partnerships that did not inform/re-register their Beneficial Owners in the “Final Solution” during the previous phase to do so. At this stage financial charges will be imposed.
  • During the third phase: 1/3/2024 and thereafter, the provisions of Directive K.D.P. 112/2021 as amended will enter into force.

Therefore, the final solution of the electronic system of the UBO shall be implemented in its entirety within 2024.


Re-submission of the data

In practice, the implementation of the final solutions means the re-submission (or an amendment, if  applicable) of the data of the UBOs in the new portal: Only entities which are registered and verified at the Government Gateway Portal – Ariadni, can log in to the new portal.

We would like to assure all our clients that we will repeat the process and insert the data accordingly, even if it was already done in the system of the interim solution.

We are hoping that the Register of UBOs will improve soon, with a more user-friendly layout and tools. For now, it does not offer an option to extract any document or file with the information inserted into the system. Such a tool would be useful for companies’ owners who want to present and confirm beneficial ownership with institutions, such as banks.


In the event of failure to comply with the obligation to enter the details, the corporate or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation – with a maximum charge of twenty thousand Euros (€20,000).


Background of the implementation of the Register of Beneficial Owners

It is important to remind that in early 2021, the Cyprus government transposed the 5th Anti-Money Laundering EU Directive into Cyprus legislation. According to the legislation, companies and other legal entities incorporated in the Republic of Cyprus have an obligation to register their beneficial owners in a national centralized register and proceed with the reporting requirements.

No public access to the Register

Only the competent and supervisory authorities will have immediate access to accurate and up-to-date information. Among these authorities we have: the Unit for Combating Money Laundering Offences (MOKAS), the Customs Department, the Tax Department, the Police, the European Commission, the European Anti-Fraud Office (OLAF), the European Public Prosecutor’s Office. Thanks to the new portal, from now on the data is fully given electronically. Previously the request was made via email to the Department of the Registrar of Companies.

Access to the Register of Beneficial Owners for the public was suspended.  This is the result of last year’s Judgement of the Court of Justice of the European Union (CJEE). We are writing about it in the article:

As per Judgement, general public access to the information submitted in the UBO Registry is invalid as it constitutes a serious interference with the fundamental rights of respect for private life and to the protection of personal data (Articles 7 and 8, Charter of Fundamental Rights of the European Union).


IBCCS TAX – we are at your disposal

Please do not hesitate to contact us if you need additional information about reporting. We are here to assist you and find the best solution.

For further enquiries, please contact us by email on [email protected] or call our office in Cyprus on +357 222 58 777.