Cyprus Beneficial Owner data due by 31 July 2022
In 2021, the Cyprus competent authorities announced the establishment of the central register of the beneficial owners (BOs) of companies and other legal entities, to the extent that they are registered with the Department of Companies and Intellectual Property, in an effort to comply with the European Union Directive against money laundering and terrorist financing.
As of 1 June 2022, the general public can access the central register of the BOs as well as receive information through a written request for a flat fee of €3.50 per company.
Clients are reminded that they have until 31 July 2022 to submit their BOs data on the system.
The responsibility for the true and accurate submission of the BO information lies with the entity itself and any of its officers. Fines and penalties may be imposed on entities and their officers that do not comply with the disclosure requirements of the regime. Penalties will be imposed once the final platform is launched on or from 31 July 2022.
Please contact the Harneys Cyprus legal team if you require any assistance with regards to the Cyprus BO register.