CYPRUS – UBO Register: Implementation of Final Solution

The Department of the Registrar of Companies and Intellectual Property following its announcement on the subject of „Notice for registration of details of beneficial owners in the Register of Beneficial Owners and imposition of fines” dated 09/01/2023, informs the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023.

The final solution of the electronic system of the UBO will be implemented in its entirety within 2024.

The UBO Register Final Solution will be implemented in 3 (three) consecutive stages, summarised, and illustrated in the following table:

Time period Description Penalties
Stage 1 14 November 2023
–
31 December 2023		 All obligated entities to record or update their respective beneficial ownership information. No monetary penalties will be imposed.
Stage 2 1 January 2024
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29 February 2024		 All obligated entities who haven’t complied with Stage 1, as well as any obligated entities which have had their beneficial ownership information changed, to record or update their respective beneficial ownership information. Penalties for non-compliance apply.
Stage 3 1 March 2024
onwards		 Implementation of the UBO Register Final Solution is completed and the provisions of the relevant legislation enter into full force and effect. Penalties for non-compliance apply.