Register of Ultimate Beneficial Owners (UBOs) of companies in Cyprus

March 4, 2021 Uncategorized

Cyprus plans to launch the Register of Ultimate Beneficial Owners (UBOs) in the coming months which will identify the Ultimate Beneficial Owners (UBOs) of companies in Cyprus

Cypriot Companies must register in the Register of Ultimate Beneficial Owners (UBOs) in Cyprus from March 16

The register of Ultimate Beneficial Owners (UBOs) in Cyprus is a prerequisite of the European Union regulations deriving from the 5th European Directive (EU 2018/843, 30 May 2018) which harmonize and strengthen the existing framework for preventing and combating money laundering activities terrorist and financing.

The Cypriot companies are initially expected to be given six months to submit relevant details into the system of the register of Ultimate Beneficial Owners (UBOs).

In the first phase, the register of Ultimate Beneficial Owners (UBOs) in Cyprus will serve as a database, which can be accessed by government authorities upon request.

Our views in regards to the register of Ultimate Beneficial Owners (UBOs) in Cyprus

1. It is estimated that searching for the Ultimate Beneficial Owners (UBOs) of Cypriot registered companies at this time may be difficult considering that several Cypriot companies have built chain structures linked to low tax jurisdictions.

2. The wider final system of the Ultimate Beneficial Owners (UBOs) in Cyprus, with different levels and access, will be available much later.

3. Presumably Cyprus Companies that

  • can demonstrate an economic reason for their stay in Cyprus,
  • having fully-fledged offices and part-time or full-time staff in Cyprus,

will not have much reason to worry.

Cyprus companies are urged to take into account the new developments by acting proactively.

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