The Registrar of Companies announced that the implementation of the Final Solution of the UBO Registry in Cyprus will take place in October 2023.  Following the implementation of the Final Solution, a period of one (1) month will be given for confirmation and completion of the information submitted in the current UBO registry system (of the intermediate solution).  At the expiration of this (1) month period, monetary charges and fines will be applied automatically.  Companies that fail to provide details of their UBOs, may face monetary charges of up to €20.000 and/or criminal proceedings against them due to non-compliance. 

The Cyprus Companies UBO Register

Every company or other legal entity incorporated or registered in Cyprus should submit and maintain adequate information on its ultimate beneficial owners through the government online portal maintained by the Registrar of Companies.

The information to be submitted includes the name and ID or passport of the Ultimate Beneficial Owner(s) and information related to the nature and extent of the beneficial interest in the relevant legal entity.

Ultimate Beneficial Owner

Ultimate Beneficial Owner is defined as any natural person who owns or controls the company or other legal entity, through direct or indirect ownership. The main indication of control is the shareholding of over 25% in the relevant legal entity.

Exceptions Overseas Companies, Companies which filed an application to be struck off the Registry of Companies before March 12, 2021, or where their liquidation has begun prior to March 12, 2021 are exempted from the obligation to submit information to the Register. 

Should you wish to find out more, contact our team at info@paraschou.com.cy.