Cyprus House of Representatives Reduces Penalties for Late Submission of Ultimate Beneficial Owner Declaration

On 21 November 2024, the House of Parliament passed a law amendment significantly reducing the fines for corporate entities that fail to declare their ultimate beneficial owners (UBOs) on time.

According to the amended law, the maximum daily fine for non-compliance is reduced from €100 to €30, and the maximum annual fine for non-compliant company officers from €20,000 to €5,000.

The Registrar of Companies can seek a court injunction to compel a non-compliant officer to file the necessary data. These fines will now be imposed by a court, and officers can appeal against them.

The government has also pledged to forgive any fines issued to non-compliant companies so far this year.

Previously, those who were not consistent with their obligations were subject to a fine of €200 on the first day and €100 per each following day of non-compliance with a maximum penalty of €20,000 for the company and its officers regardless of the criminal responsibility or prosecution. 

If you require assistance updating and/or registering beneficial owner details with the Beneficial Owner Register please contact us via email at info@zambartaslegal.com or telephone at 00357 22 262 108.