Ultimate Beneficial Owner (UBO) register to be introduced in Cyprus from 2021

With the constant strengthening of AML regulation and enhancing transparency around the globe, the Cyprus Council of Ministers on 16/12/2020, have resolved to appoint the Registrar of Companies (RoC) as the competent authority to maintain a centralized register of beneficial owners (“UBO”) of companies and other legal entities; and an intermediate (temporary) platform has been developed for this purpose.

The RoC gave notice on 21/12/2020, that collection of UBO data will commence on 18/01/2021, and must be fully complied with by 19/07/2021. 

However, it is stressed that access to the platform/register is only available to competent authorities, upon request, so the register is not available to the public. This is advised to be the case until the end of 2021, at the earliest.

Nonetheless, it is important to note that all legal persons and legal arrangements have a duty to comply with the provisions of the new legislation.

We will share more detailed information regarding the requirements, compliance obligations and potential exceptions to the obligation to register the UBOs in due course, once there are available clarifications by the regulator.

IBCCS TAX can help

If you or your Cyprus entity is in any way affected by the entry into force of the UBO Register, please contact us at your earliest opportunity.