UBO Registry

The UBO (Ultimate Beneficial Owner) Registry in Cyprus is a government-mandated database that records the details of the ultimate beneficial owners of companies and other legal entities registered in the country. This registry is part of Cyprus’s compliance with the 4th and 5th EU Anti-Money Laundering Directives (AMLD), which aim to increase transparency and combat money laundering and terrorist financing. The UBO Registry in Cyprus is maintained by the Department of the Registrar of Companies and Official Receiver.

1. Who is a UBO?:
   • A UBO is a natural person who ultimately owns or controls a legal entity.
   • Ownership or control is typically defined as having 25% or more of shares, voting rights, or other control mechanisms.

2. Who are obliged to submit the information to the UBO Registry?

1. • Each Cyprus legal entity is obliged to register the details of the UBO to the UBO Registry. Example of the legal entities who are obliged to comply under this Law, is all the private and public limited liability companies, all the European Public limited liability companies (SE) and all the registered Partnerships registered with the Cyprus Registrar of Companies.

3.Registration Requirements:

• • Legal entities must submit the details of their UBOs, including:
    • Full name.
    • Date of birth.
    • Nationality.
    • Residential address.
    • Nature and extent of the beneficial interest.

4.Deadlines for Compliance:

• • The initial deadline for UBO data submission was in 2021, but extensions were granted to ensure full compliance by entities.
  • The most relevant recent extension for the obligation of resubmission and confirmation of the required information is on 31^st of December 2024.
  • Failure to comply can result in penalties or fines.

5.Access to the Registry:

• • Initially, access was restricted to regulatory and law enforcement authorities.
  • As of 2022, access has been expanded in accordance with EU directives, though there are provisions to protect sensitive personal data as mentioned below.

6.Public Transparency:

• • The registry allows partial access to the public, while certain information is restricted to safeguard privacy as mentioned below
  • Competent Supervisory Authorities, the FIU, the Customs Department, the Tax Department, the Police, the Treasury of the Republic of Cyprus, Audit Office of the Republic of Cyprus, the Internal Audit Service, Directorate General Growth of Ministry of Finance, the European Commission, the European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO) have fast and unlimited access without the submission of a fee or notifying the Entity;
  •  Obliged entities as defined in the Law (i.e. service providers, lawyers, accountants, financial institutions etc.), in the context of conducting due diligence and identification measures for the client, have access to the name, month and year of birth, nationality and country of residence of the BO as well as to the nature and extent of the beneficial interest held, following payment of a fee.

The main purpose of the UBO Registry is to enhance transparency in corporate ownership, assist in the prevention of money laundering and terrorism financing and help authorities trace illicit financial flows.

The content of this article was accurate at the time of its initial publication. It provides general information on the subject matter and is not intended to serve as legal advice. For advice specific to your situation, we recommend consulting a professional. If you have any questions or require further information, please feel free to contact us at contact@mainpartner.com .