Beneficiary registration and fines im Cyprus
The Cyprus Registrar of Companies and Intellectual Property Department is reminding all companies, European public limited liability companies, cooperatives, and their officers/partners that they must register their beneficial owners’ data and information in the Registry by September 30, 2023.
After September 30, companies will be given an additional one-month grace period to confirm the information entered into the system.
Following this period, companies that fail to meet the registration requirements for beneficiaries will automatically incur penalties: the first penalty will be 200 Euros, with subsequent daily fines of 100 Euros for each day of non-compliance. The maximum cumulative penalty amount can reach 20,000 Euros.