Almost 30,000 companies in Cyprus failed to provide data on their ultimate beneficial owners

Almost 30,000 business enterprises in Cyprus have never filed data on their ultimate beneficial owners (UBO) with the Department of Companies Registration and Intellectual Property.

This was announced by the department on Wednesday, April 10.

Recall that the deadline expired on March 31, 2024. According to the Department, of the 202 thousand companies registered on the island, only 163 thousand have filed updated UBOs.

Of the remaining 39 thousand, about 10 thousand were exempted from declaring their UBOs, either because they applied to be removed from the register before the Act was passed or because they are in liquidation.

Thus, about 29 thousand organizations are still out of compliance. The authority reminded that persons associated with non-compliant companies, such as shareholders, directors, administrators, are legally liable and can receive a fine of up to 20 thousand euros.

What information about beneficiaries is entered in the Register?

About persons:

1. Full name, date of birth, citizenship, current place of residence;
2. passport details, country of issue;
3. the size of the share of ownership (direct or indirect);
4. date of entry of data about the natural person in the Register as UBO;
5. the date on which the individual's details were amended or the date on which the individual ceased to be the company's UBO.

About trusts, and foundations:

1. name, registration number (does not apply to trusts outside Cyprus), country of jurisdiction;
2. legal address (not applicable to trusts);
3. nature and amount of the beneficial interest;
4. the date of entry of the legal entity in the Register as a UBO;
5. the date of amendment of the legal entity or the date on which the legal entity ceased to be a UBO of the company.

Liability for failure to provide the information is a fine of €200 and an additional €100 for each day of delay (the maximum fine may reach €20,000). If the company, after receiving the notice, fails to provide information or violates the established deadlines for entering information, or knowingly enters false information into the Register, the company and its officials may be held criminally liable (imprisonment up to 1 year with a fine of up to 100 thousand euros or without a fine).

Previously, only competent and law enforcement authorities such as MOKAS (Money Laundering Unit), the Cyprus Police and the Central Bank had access to the Registry. Currently, any member of the public can obtain information on the name, date of birth, nationality and country of residence of the UBO, as well as the nature and extent of the beneficial interest after submitting a paper application and paying a fee of €3.5. It is planned that in the future any person will be able to view data on the name, surname, date of birth, citizenship, current place of residence of the UBO on the date of application in the public domain.