Cyprus Register of Beneficial Owners – Imposition of Monetary Fines

On 16 July 2024, the Department of the Registrar of Companies and Intellectual Property announced that in cases of change of officers/partners in a company/cooperative, the responsibility to carry out a relevant investigation as to whether a company/cooperative has declared the beneficial owners in the system of beneficial owner registry lies with new officers/partners of the company/cooperative.

Accordingly, the responsibility of the new officers/partners to comply with all obligations regarding the registration of the beneficial owners’ details at the beneficial owner registry starts from the date of their appointment.

However, if there were fines imposed prior to the date of their appointment as new officers/partners, they have the right to submit a letter of objection to the Department of the Registrar of Companies and Intellectual Property documenting their reason for objection.

Following the examination of the objection, the Department of the Registrar of Companies and Intellectual Property will inform the applicant of its decision by email.

For further information, please contact us via email at info@zambartaslegal.com or telephone at +357 22262108