Cyprus UBO Register Guide (2025)
Verifying the ultimate beneficial owner (UBO) of a Cyprus company is rarely straightforward.
Cyprus is a popular jurisdiction for holding and investment structures, but its corporate transparency regime has long been criticised for loopholes, nominee practices, and slow registry processes. For financial crime professionals, relying on a single source of truth is risky.
Effective UBO verification in Cyprus requires a multi-layered approach. Comparing customer disclosures against registry filings, scrutinising shareholder documents, and cross-checking the official UBO Register.
Each source has its own limitations, from processing delays and Greek-only filings to incomplete nominee disclosures. Recent legislative changes, including reduced penalties for non-compliance, have further weakened incentives for accuracy.
This guide breaks down the practical challenges of verifying UBOs in Cyprus, the tools available to compliance teams, and why cross-border registry verification solutions are essential for cutting through complex corporate structures.
Information needed in UBO verification
According to the Financial Action Task Force (FATF), UBO verification requires a “multi-pronged” approach comprising several primary sources:
Customer Self-Disclosures: During onboarding, customers disclose their beneficial owners in KYC packs.
UBO Registry Information: Cypriot companies are required to submit beneficial ownership information to the UBO Register, which is separate from the Company Register.
Registry Shareholder Information: Official company filings, meaning Shareholder Certificates, Annual Accounts, and Memorandums and Articles of Association.
Takeaway: Compliance professionals must compare the customer’s claims with the public record.
Accessing the Cyprus UBO Register
The Cyprus beneficial ownership register ceased public access on January 3, 2023, following a ruling by the European Court. Access is limited to “obliged entities” and government bodies. In practice, this means only Cypriot entities obliged to know their customer can access it.
A Step-by-Step Guide to Searching the Cyprus Beneficial Ownership Register
If your firm qualifies as an Obliged Entity under Section 2A of the AML Law, you must declare it in the BO Register:
Step 1: Login
Access the BO Register via Cy Login.
Use your Cy Login credentials and tick “Obliged Entity (Υπόχρεη οντότητα)”.
Step 2: Select your category
Choose the applicable type from the official list, e.g.:
Credit institution.
Financial institution.
Auditor, accountant, or tax advisor.
Independent legal professional (acting in financial/real estate transactions).
Corporate service provider.
Estate agent.
Gambling services provider.
Casino.
Crypto Asset Service Provider.
Entities supervised by CySEC.
Art dealers/intermediaries (transactions ≥ €10,000).
Free-port art storage/trading intermediaries (transactions ≥ €10,000).
Step 3: Submit the request
Click “Next” to send your application.
The Registrar will contact you by email (uboobligedentity@meci.gov.cy) with a solemn declaration to sign and return.
Step 4: Registrar review
You’ll receive approval, rejection, or a request for further information by email.
If you selected “obliged entity” by mistake, email the Registrar immediately to cancel your request.
If you originally registered as a “natural/legal person” but also require obliged-entity access, send an email with the solemn declaration and a signed explanatory letter.
Step 5: Once approved
You gain access to:
E-search (lookup multiple entities by name or number; €3.50 fee per entity).
Submit information to the BO register (only if you are an officer of the entity).
Request exemptions from disclosure.
Request access to minors’ data.
Payment: Each search requires a fee (€3.50 per entity).
What UBO Data is Available in Cyprus?
Obliged entities can access:
Name.
Month and year of birth.
Nationality and country of residence of the BO.
Nature and extent of the beneficial interest held.
Cost: €3.50 per request.
Is the UBO Register Accurate?
The Cyprus UBO Register doesn’t verify the information provided, unlike the Danish UBO registry. It’s an archivist, not a historian.
Moreover, Cyprus’s recent reforms in December 2024 suggest that the country is marginally rolling back its commitments to UBO transparency:
The financial penalties were halved
Liability shifted to the legal entity, not company officers.
All financial penalties from April 2024 were revoked
The filing deadlines were extended.
Takeaway: Non-Cypriot entities cannot access the Cyprus UBO information. Financial crime professionals cannot solely rely on the UBO Register. With such small penalties for non-compliance, criminals might exploit the self-disclosure system in bad faith.
Accessing Shareholder Information in Cyprus
The Registrar of Companies discloses shareholder information through company filings that can be requested, purchased and downloaded via the e-filing system. This includes:
Annual Return (€10): Every annual return contains a shareholder register and is available as part of an instant bulk download of other company filings. Available in English.
Certificate of Shareholders (€20): This outlines the names, addresses and share classes of shareholders. It must be specifically requested via the e-filing system. It’s available in Greek.
Memorandum and Articles of Association (€20): This outlines the company’s structure, rules and purpose. This must also be specifically requested via the e-filing system.
Processing Time: Certificates of Shareholders and Articles of Association must be obtained physically from the Registry, scanned, and emailed to the requester. It can take up to 12 days.
Expedited: You can pay for expedited processing (€20 extra).
Access: Users need to register for an account with the Registry.
The Problems with Shareholder Information in Cyprus
Long Processing Times: Registry officials must obtain, scan and email certain documents. In short, long processing times, sometimes up to 12 days.
Greek Language Documents: Most certified company filings are in Greek, not English, which means compliance professionals must translate them.
Use of Nominee Shareholders: Many beneficial owners use nominee shareholders to obscure the ownership of their companies. There is no legal requirement to list the nominee’s status.
A Brief Note on Corporate Service Providers in Cyprus
Corporate Service Providers (CSPs) providing nominee services are deeply embedded in the Cypriot economy.
Role: They act as nominee directors, secretaries and shareholders of foreign-owned companies.
Transparency: They are under no legal obligation to list their status as nominee shareholders in company filings.
Red Flags: While most are offering legal services, some are involved in professional tax evasion and money laundering. Be sure to conduct due diligence on them.
Takeaway: Financial crime professionals must verify UBOs using a “multi-pronged approach”, per the Financial Action Task Force (FATF), comprising several “independent and reliable” sources. This is particularly important for Cypriot companies, many of which have complex corporate structures spanning multiple jurisdictions.
Complex Corporate Structures Require A Cross-Border Solution
Many Cypriot companies use complex corporate structures to obscure their true ownership.
Nominee shareholders and directors, corporate service providers, and shell companies which are linked across multiple jurisdictions.
Such opaque corporate ownership structures require a cross-border UBO verification solution.
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