Cyprus: We will reveal your beneficiaries

According to the 4th and 5th Directives on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing (AML) adopted by the European Union, the participating countries are obliged to implement the provisions of these acts in their legislation, as well as to ensure that companies, trusts, foundations and other legal entities disclose their beneficial owners to a specially authorized body. On December 16, 2020, the Council of Ministers of the Republic of Cyprus appointed the Registrar of Companies of Cyprus as such a body.

Recently, the Registrar reported that Cypriot companies and service providers are required to provide relevant information within 6 months from January 18, 2021, that is, no later than June 19, 2021.

Initially, the register will be maintained on a temporary platform, and only authorized state bodies will have access to it. Approximately, a permanent platform for maintaining the register will be prepared no earlier than the end of 2021, after which the information in the register can become publicly available in accordance with the provisions of the 5th AML Directive of the EU.

As for trusts, they are provided for maintaining a separate register, the data from which will be closed and provided only to authorize bodies.

Link to source: https://www.companies.gov.cy/