Cyprus Ultimate Beneficial Owners Register becomes accessible to the general public
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As of today, June 1st, 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry in Cyprus has allowed access to the general public on the Register of Ultimate Beneficial Owners (UBOs) of Cyprus companies.
Background On 16 March 2021 the Cyprus Parliament approved the directive that made the register of UBOs of companies and other legal entities accessible to the general public in accordance with the provisions of the 5th AML Directive regarding the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007 to 2019. Until today, only the competent and prosecuting authorities had access to the said register. As of June 1st, 2022, the access to the Cyprus UBO Register has been allowed to the general public.
Who is allowed access to the Cyprus UBO Register Any individual interested in obtaining information regarding the ultimate beneficial owner (UBO) of a Cyprus company has the right of access.
How access is obtained Access requires the submission of a written application and the payment of a nominal fee.
What information is accessible The Cyprus UBO Register maintains information for any individual person holding (directly or indirectly) more than 25% of the share capital of a company or otherwise maintaining control of the Cyprus company. Information will include the name of the individual, month and year of birth, citizenship, country of residence, and nature and extent of the beneficial interest held.
What information is available Every Cyprus company which was established or registered before 12th March 2021 is obliged by 31 July 2022 to electronically submit to the Registrar of Companies the required information for its beneficial owners. Furthermore, every company or legal entity which was established or registered after 12 March 2021 is obliged to electronically submit to the Registrar of Companies the required information for its beneficial owners within 30 days from its establishment or registration date.
