Confirmation of beneficial owner’s information in UBO registry

Entities registered under the Companies Law, Cap. 113 (including SEs), and Partnerships are required to confirm their Beneficial Owner (BO) or Senior Management Official (SMO) data in the Beneficial Ownership Register (BOR) each year between 1 October and 31 December.

Under the latest amendments (Law No. 141(I)/2024 and Directive ΚΔΠ 423/2024), non-compliance from 1 February 2025 will attract penalties as follows:

• €100 fine for the first day of violation

• €50 for each subsequent day

• Maximum cap: €5,000 for the entity

Important changes include:

• Penalties now apply only to the entity (not automatically to individual officers), though directors may still be liable for fines incurred by the company.

• The deadline for submitting new or amended BO data has been extended to 31 January 2025.

• Confirmation of 2024 data must be completed by 31 March 2025.

• Any initial registration, change, or due diligence activity during the confirmation period (1 October – 31 December) must be finalised before confirming the data.

You must be made online only via the BOR / UBO system: ubo.meci.gov.cy

If you require assistance or clarification with your filings or compliance, feel free to contact our team.

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