In Cyprus, until recently, access to the registry of beneficial owners was open to the public and anyone interested could request to receive data concerning the actual beneficiaries of companies registered in Cyprus by electronic means. The procedure was relatively simple and standard, that is to say, any person applying to the Cypriot Registrar of Companies and paying a relevant administrative fee could obtain such information. This procedure no longer exists.
The Department of Registrar of Companies and Intellectual Property announced on 28th of November 2022 that the access to the Registry of Beneficial Owners for the general public is suspended. This decision was based on the Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of 22nd November 2022.
According to the above judgment, following a relevant preliminary question from a court of a member state, and specifically of Luxembourg, the CJEE ruled that Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, of 30th May 2018, which provides for the right of access of the general public to the information on the beneficial ownership of legal entities to any member, is invalid as 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
The procedure regarding the notification and information of the competent and supervisory authorities will remain as it is, i.e., as provided for in Administrative Act 112/2021, article 12 and in the amending Administrative Act 116/2022.
The relevant information will, also continue to be provided to the obliged entities, with the applicable procedure by submitting additionally a solemn declaration confirming that the information on the Beneficial Owners is requested within the context of performing customer due diligence.
Furthermore, it should be noted that the obligation of companies and partnerships to submit and update their Beneficial Owners’ information is not affected and remains valid.
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