The beneficial ownership register (the BO Register) in Cyprus is a database held by the Department of Registrar of Companies and Intellectual Property (the Registrar) which contains information about the individuals who ultimately own or control companies registered in the country.
Companies incorporated after 13 March 2021, must submit their ultimate beneficial owners’ details within 30 days from the date of their incorporation. The information must be updated every year, and companies are required to provide any changes to the information within 14 days of the change taking place.
Who is deemed to be an ultimate beneficial owner (the UBO)?
The UBO in a Cypriot company, is deemed to be any natural person who ultimately owns (or controls) through direct, or indirect shareholding of 25% plus one share or ownership interest more than 25% held by natural person (or corporate entity under the control of a natural person).
In certain cases, where no natural person can be identified, then any natural person who holds the position of senior managing official.
What information is recorded in the UBO register?
The information contained in the BO Register includes the name, date of birth, nationality and country of residence of the UBO, as well as the nature and extent of their beneficial ownership in the company.
Who can access the UBO register?
Cypriot Competent and Law Enforcement Authorities, such as the Financial Intelligence Unit, the Customs Department, the Tax Department the Police etc.
Obliged Entities within the meaning of Article 2A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (L. 188(I)(/2007), as amended, which includes Law firms, Accounting Firms, Administrative Service Providers etc.
It is noted, that the Obliged Entities, to be allowed access to the BO Register, are required to submit a “Solemn Declaration” to the Registrar, confirming their reason of access to the BO Register for a particular entity is for the purposes of their Customer Due Diligence.
Lastly, following a judgment of the European Court of Justice dated 22 November 2022, the Registrar has suspended the access to the BO Register by the general public.
Visit Petros Kiteos LLC for more information.