UBO Register in the Republic of Cyprus: Implementation of Final Solution
The Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus has announced that the implementation of the Final Solution of the Ultimate Beneficial Ownership (UBO) Register will commence tomorrow, 14 November 2023.
The UBO Register Final Solution will be implemented in 3 (three) consecutive stages, as illustrated in the following table:
| Stage | Time period | Description | Penalties |
| Stage 1 | 14 November 2023 - 31 December 2023 | All obligated entities to record (or update to account for any changes to) their respective beneficial ownership information. | No monetary penalties will be imposed. |
| Stage 2 | 1 January 2024 - 29 February 2024 | All obligated entities who haven’t complied with Stage 1, as well as any obligated entities which have had their beneficial ownership information changed, to record or update their respective beneficial ownership information. | Penalties for non-compliance apply. |
| Stage 3 | 1 March 2024 onwards | Implementation of the UBO Register Final Solution is completed and the provisions of the relevant legislation enter into full force and effect. | Penalties for non-compliance apply. |
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You may further access the official Guidance for the Interim Solution of the Beneficial Ownership Register published by the DRCIP in the English language, which is updated on a frequent basis.
In addition, you may refer to the Frequently Asked Questions (FAQ) of the DRCIP.
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