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Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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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
The Cyprus Securities and Exchange Commission (“CySec”), issued the Directive that regulates the operation of the Trusts UBO Registry. The Directive was published on 18/06/2021. A concise summary of the new legal framework and the requirements applicable, is provided by the press release of STEP Cyprus in the link below. https://www.step.org/system/files/media/files/2021-06/step-cyprus_press-relea
Company & Corporate Law
Introduction The Fifth Anti-Money Laundering Directive (5AMLD) came into effect on the 10th January 2020 and serves to address new issues that have been exposed since the Fourth Anti-Money Laundering Directive which came into force back in 2017. It is a European Union (EU) legislation with the aim to strengthen the barriers in the battle… Read More
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