M. Target Group would like to inform that Cyprus has recently proceeded with the full transposition of the 4th European Directive (EU 2015/849) into domestic law and initiated the implementation of the Ultimate Beneficial Owner (UBO) Register of companies and other legal entities in Cyprus.
On 16 December 2020, the Council of Ministers of Cyprus has resolved to:
- appoint the Registrar of Companies (RoC) and Official Receiver of the Ministry of Energy, Trade, and Industry, as the competent authority for the maintenance of the central Register of UBO of companies and other legal entities, and
- authorize the RoC and Official Receiver, to collect information about the UBOs of companies and other legal entities through the intermediate system solution that has been developed.
The collection of UBO data will commence on 16/03/2021. 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.
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.
Please feel free to contact us for any further information or clarifications.