During the period from 1st October to 31st December of each calendar year, every entity in Cyprus must confirm electronically its beneficial owners.
The Department of Registrar of Companies and Intellectual Property (DRCIP) announced that all entities incorporated or registered in Cyprus must log into the register of ultimate beneficial owners (UBO) between October 1, 2024 and December 31, 2024. They are required to confirm the information of their ultimate beneficial owners or their senior management.
We were writing about the final electronic system in the article last year: Register of beneficial owners
Penalties
In case the information is not confirmed by the 31 December 2024 the organisation and each of its officers will be subject to a financial penalty. It is two hundred euros (€200) on the first day and an additional one hundred euros (€100) for each day the violation continues. The maximum total penalty can reach twenty thousand euros (€20,000).
Inserting changes
In the event that the initial entry or change in the UBO register falls within the period of data confirmation, then this action should be performed first. After that the confirmation of details of the UBOs or senior management shall follow until 31/12 of this year.
Lastly, the confirmation of information should only be done once during the period 1/10 to 31/12 of the current year. If a change occurs after the confirmation of information in the system, then it does not need to be repeated.
IBCCS TAX – we are at your disposal
Please do not hesitate to contact us if you need additional information about reporting.
Please contact us by email on info@ibccs.tax or call our office in Cyprus on +357 222 58 777.
