CIFA reminds its members about the Cyprus Beneficial Ownership Register

On 15 October 2021, the Cyprus Investment Funds Association (CIFA) reminded the industry about the Registrar of Companies directive on the operation of the Central Registry of Real Beneficiary Companies and other Legal Entities (UBO Register). Among other things, it stipulates that all companies that have been set up or registered based on the Companies Law as well as European public limited liability companies (SE) and partnerships have an obligation to register their beneficial owners in the UBO Register before the deadline expires in March 2022.

The registration of the data must be processed electronically through the interim solution system (ISS) created by the Registry which came into force on 16 March 2021.

While the ISS is in place, expected to be until 22 March 2022, no fines will be imposed by the Registrar of Companies on defaulting companies and partnerships. In this respect, all parties involved are prompted to proceed as soon as possible and definitely before 22 March 2022, to submit the data to the UBO Register.

The official announcement (in Greek) can be found here.

Our previous blog posts on this matter can be found here and here.