Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Company & Corporate Law
Following the publication of the Directive on the register of beneficial owners of corporate and other legal entities (R.A.A. 112/2021), Cyprus companies have an obligation to register their ultimate beneficial owners to the public registry. The registration deadline was originally the 12th of March 2022 but this has been further extended to 31st of July 2022…. Read More
A Trust is a private agreement between two or more individuals with which a person transfers his assets to another person who undertakes to hold them and manage them for the benefit of others. So we have four players: The assets (the Trust Property) which can be any asset like immovable property, shares, cash etc…. Read More
Company & Corporate Law
According to the provisions of new Cyprus legislation adopted in 2021 concerning money laundering, all Cypriot companies are obliged to register the details of their beneficial owners in an electronic register set up by the Registrar of Cyprus ("the Register"). The Register will be publicly accessible from January 1, 2023 while for the time being… Read More
Company & Corporate Law
The release of the information added on the UBO Registry in Cyprus is divided to two phases: Phase 1. During the first 12-month reporting period, i.e., starting from 12.03.2021 to 12.03.2022, only Cyprus competent supervisory authorities such as the Financial Intelligence Unit (FIU) of Cyprus, the Customs Department, the Tax Department and the Police… Read More
Company & Corporate Law
What is the annual return? The Annual Return (also known as form HE32) is a statutory document that Cyprus companies must submit to the Company Registrar each year as provided for in section 118 of the Companies Law. The annual return is like a photograph of the state of affairs of a company which needs… Read More
Banking & Finance
Legal Update: 23/06/2021 The Cyprus Securities and Exchange Commission (“CySec”), being the competent independent authority for maintaining and operating the Trusts UBO Registry as required by the transposition of the 5th Anti – Money Laundering Directive (“5AMLD”) announced on 18/06/2021, the issuance of its Directive for the prevention and suppression of money laundering and… Read More
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