We remind you that by September 30, 2023 all companies and other legal entities registered with the Department of the Registrar of Companies and Intellectual Property of Cyprus, will have to register in the electronic system of the Register of Beneficial Beneficiaries to avoid the imposition of penalties.
After October 1st 2023, and for a period of one month, the relevant department will undertake the processing of the data collected from all entities in order to complete the process. During the period of the 1 month, requests for information release exemptions and due diligence reasons should also be filed within this period.
At the end of the one (1) month period, the automatic imposition of the penalties on entities that have not complied will begin. Regardless of the criminal liability or prosecution of any person, in the event of failure to comply, the company or other legal entity and each of its representatives are subject to a penalty of two hundred euros (€200) and a further fine of one hundred euros (€100) for each day of continued violation with a maximum total charge of twenty thousand euros (€20,000). * It is highlighted that a representative of a company or other legal entity will not be subject to a financial burden if he/ she had shown due diligence to comply with the provisions of Law 188(I)/2007 and the Directive K.D.P. 112/2021 as amended and the violation is not due to any act or omission or negligence on his part.
You can visit the Register of Beneficial Owners section for more information