Who remembers the register of beneficiaries in Cyprus?
23 January, 2025
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As we know, many years ago, in the wake of deoffshorization, we dealt with registers of beneficiaries being the subject of a lot of talks and controversies. However, registers still successfully operate in many countries, such as Cyprus, where the new register has been launched in 2021.
One of its functioning principles is to regularly confirm the relevance of information about beneficiary and prompt data updating in case of changes.
Previously, we reported on fines for failure to provide information about beneficial owners of companies in Cyprus (link)
Why are we reminding you about it?
Recently our Client, a Cypriot company, faced the situation set below.
Every year we update data about beneficial owners of our clients’ Cypriot companies.
In the process, we found out that the Client had independently made several changes concerning owners in the company structure, but due to full-scale invasion and certain circumstances, it failed to notify the lawyers in time.
Interlegal law team successfully updated the full chain of changes in beneficiaries, having provided to the Register all explanations and internal documentation of the company upon changing beneficiaries.
Interlegal law team led the project: junior lawyer Daria Bubnova and associate attorney Alyona Remenyak managed by partner Irina Voyevodina.
Let us be polite and update data in the register of beneficiaries in due time! Interlegal Corporate and Taxes law team will be happy to provide legal advice upon any issues related to updating data about beneficiaries. Please do not hesitate to contact Interlegal associate attorney Alyona Remenyak.