Cyprus Suspends Access to the Beneficial Owner Register for the General Public

According to the announcement made by the Department of Registrar of Companies and Intellectual Property on 28 November 2022, access to the Register of Beneficial Owners for the general public is suspended as of the 23rd of November 2022 following the Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22, 2022.

Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, of 30th May 2018, provides for access to the information on the beneficial ownership of legal entities to any member of the general public has been declared invalid by The Judgement of the CJEE, since it constitutes a serious interference with the fundamental rights of respect for private life and to the protection of personal data, enshrined in Articles 7 and 8 respectively, of the Charter of Fundamental Rights of the European Union.

The competent and supervisory authorities and the Unit as referred in article 12 of Directive R.A.A. 112/2021 and amending Directive R.A.A. 116/2022, as well as the obliged entities performing customer due diligence, will continue to have access to the  Beneficial Owner Register with the applicable procedure. 

The obligation to submit, and update Beneficial Owners’ information remains valid.

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