Beneficial Ownership Register in Cyprus: UBO Filing Rules

What Is the Cyprus Beneficial Ownership Register?

The ultimate beneficial owner (UBO) is an individual who owns or controls a company or its assets and derives benefits from its operations. Unlike formal directors listed in public records,  a UBO may be concealed from view in public records due to complex multi-layered holding structures and other ownership schemes. The beneficial owner register in Cyprus is to ensure that the real individuals behind companies are identified and traced.

Cyprus and EU AML Requirements for UBO

At the EU level, the Fourth and Fifth Anti-Money Laundering Directives require the Member States to create central registers for beneficial owners and to ensure that the information maintained is accurate and up to date.  Cyprus implemented these obligations in 2021 by creating the Central Register of UBOs. Also, the new EU AML Regulation, adopted in 2024, will come into force in July 2027. It sets out a harmonized EU-wide arrangement for beneficial ownership, establishing a number of requirements. 

Which Entities Must Register Beneficial Owners?

In-scope entities under Cyprus law

Most types of businesses in Cyprus must declare their real owners in the Beneficial Owners Register. This includes companies incorporated according to the Companies Law, European public limited liability companies, and partnerships.

Exempted entities and special cases

Some businesses are exempt:

• Companies listed on regulated markets that are already subject to EU or equivalent international transparency rules;

• Overseas branches.

Filing Obligations in the UBO Registry of Cyprus

How to file UBO details online

Every filing is only possible digitally through the government’s Cy Login portal. Companies or their officers/partners log in to the electronic system and enter the necessary data. No paper forms or fees apply - the process is entirely digital.

What information must be submitted?

For each natural person, the following details must be provided:

• Full name, date of birth, nationality, and residential address.

• Identification document type, number, and issuing country.

• The nature and extent of the beneficial interest (percentage of shares, voting rights, or other means of control).

• The date on which the individual became (or ceased to be) a beneficial owner, as well as any subsequent changes.

For legal entities acting as beneficial owners, a slightly different set of information is required, depending on the type of entity. Generally, this includes:

• The entity’s name, registration number, and jurisdiction.

• For listed companies, additional details about the regulated market on which they are listed and provided.

• The percentage of ownership or voting rights it holds in the Cyprus entity, as well as other information.

Deadlines for submission and updates

The first filing must take place within a period of 90 days from the time of incorporation of the company. Any subsequent changes in beneficial ownership have to be filed within 45 days. Annually, from October 1 to December 31, entities must ensure the system has current and updated information on their ultimate beneficial owner (UBO).

Penalties for Non-Compliance

Fines for late or missing UBO filings

Every infringement regarding the timely submission or updating of information about the beneficial ownership is subject to a financial penalty. As per Cypriot law, entities incur a fine of €100 for every infringement and €50 for every day that the breach continues, not going beyond a maximum of €5,000. 

Responsibility of the company manager

Even if a company is liable, its directors and managers may also be held accountable when there is a refusal, neglect, or omission in complying with filing obligations. In such cases, the directors and managers may be jointly and severally liable with the company for the fines imposed.

Why Compliance With the UBO Register Matters

UBO Register brings in more than just legal obligation - it works for transparency and risk mitigation in terms of money laundering, terrorist financing, and concealed ownership structures. By ensuring beneficial ownership compliance in Cyprus, the system brings to light the real owners or controllers of a company. Cyprus acts in line with the EU framework, thereby enhancing its international reputation as a consolidated and reliable business hub.