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Extension of submission to the Register of Beneficial Owners until March 31 2024

We would like to remind you that during the period from 1st of December to 31st of December of each calendar year, all legal entities must confirm electronically their beneficial owners as per the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)2007, enacted by the House of Representatives on 23/2/2021.

According to the new EU directives, it is obligatory for all Cyprus companies to complete the UBO Registry. In order to do so, every Cyprus company or legal entity should  first obtain access to the Governmental Portal of the Republic of Cyprus known as “Ariadni” and then to the Beneficial Owner Registry through the  link .

All Companies and other legal entities that have already submitted the beneficial ownership information through the 'Interim Solution' but did not confirm this information by 31 December 2023, will be able to do so during the extension period granted by the Registrar of Companies referred to as the 'Final Solution' which is up to and including the 31st  of March 2024, without any financial penalty.

Also, for newly incorporated companies, not no later than the first thirty days (30) from the date of their incorporation, they have to file electronically to the UBO Registry, all the information in respect of each of their beneficial owners.

In case of changes in the structure of the company’s UBO, an entity and its officers must, within fourteen (14) days from the change,  update the UBO register to reflect the new information regarding the new UBO or the change on the details of an existing UBO.

In the event of failure to comply with the above the corporate or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€ 200) initially and a further fine will apply of one hundred Euros (€ 100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).

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