9.05.2019. Cyprus will launch a register of beneficiaries in 2020

News

The Department of Registrar of Companies and Official Receiver (DRCOR) of Cyprus has confirmed that starting from 2020, the Register of beneficiaries will be available for the certain authorities.

The registry will start the operation on January 1st of the next year and the Cypriot authorities will get legal access to the full list of all real owners of companies on the island. The registry will not be public, and direct access to the necessary information will receive the competent authorities  such as law enforcement officers, MOKAS agents, tax authorities and regulator representatives, as well as representatives of banks, registration agents, registrars and others.

As said by the head of the Cyprus Association of Auditors, Maryos Skandalis:”..the main question is who will have the right to access this information. It is important to protect the owners from illegal interrogation caused by access to personal data. Therefore, if the list of authorized persons with the right of access to the registry is large enough, this will lead to negative consequences.”

In the future, the Department plans to expand the registrar by including trusts and trust funds. The Cypriot Securities and Exchange Commission from March 1, 2020 will be responsible for controlling the registration of this type of enterprise.