According to the newest announcement by the Registrar of Companies in Cyprus, from 01 June 2022, the general public, as well as obliged entities, can have access to information regarding the Beneficial Owners Register of companies and other legal entities.
Until now, only competent and law enforcement entities such as MOKAS (Unit for Combating Money Laundering), Cyprus Police, the Central Bank etc. had access to the Register.
To obtain beneficial owner information, interested parties must submit a written application to the Department, together with a fixed fee of €3.50 per company or other legal entity. It is worth noting that the application must include the name and the registration number of the company, as well as an e-mail address for response purposes.
What is important, the Registrar of Companies has not previously announced when the UBO Registry would be open to the public. This information came unexpectedly just a few days in advance.
Penalties
The responsibility for the submission of information lies with the company and its directors. It is highlighted that fines and will be imposed to companies and their directors that do not comply with their obligation to submit their UBO data. Read more about the penalties in our previous article.
Reporting obligations
Please refer to our article from April 2021 in which we have listed all the information about the reporting obligation.
