UBO Register Compliance in Cyprus – Fines, Deadlines, and Legal Obligations

Cyprus companies are required by law to maintain and update information about their ultimate beneficial owners (UBOs). The UBO register in Cyprus is a key part of the government’s transparency framework, helping authorities prevent money laundering and promote corporate accountability. Failure to comply with these obligations can lead to serious financial penalties and administrative complications. Trustank Corporate Services ensures every client meets these requirements accurately and on time.

What Is the UBO Register

The Ultimate Beneficial Owner (UBO) register records the natural persons who ultimately own or control a company. In Cyprus, this system is maintained electronically by the Department of Registrar of Companies and Intellectual Property. The register was introduced under the Prevention and Suppression of Money Laundering Activities Law and is aligned with European Union directives.

Who Must Register

All companies and other legal entities incorporated in Cyprus must record their beneficial owners on the electronic UBO register. The information must be entered within 90 days from incorporation and kept up to date at all times.

Penalties for Non-Compliance

Failure to comply with UBO obligations can result in significant penalties. Under the Registrar’s current framework, a company that does not file or update its UBO information may face an initial fine of €200, followed by €100 per day for as long as the non-compliance continues, up to a maximum of €20,000.

Recent guidance indicates that amendments have refined this system, setting  initial fine of €100 and daily penalties of €50 per day with a maximum of €5,000, depending on the circumstances of each case. The responsibility primarily lies with the company, though directors and officers may be required to ensure payment or take corrective action.

Thousands of Cyprus companies have already faced administrative warnings or fines for delayed UBO submissions, showing how strictly the law is being applied.

Recent Deadlines and Extensions

The Registrar of Companies has extended the deadline for updating UBO information several times to help companies adapt to the system. The current deadline for confirming UBO details for 2024 has been extended to 31 March 2025, while new companies must continue to file their UBO details within 30 days of incorporation. After these dates, fines apply automatically.

Access to the UBO Register

The UBO register is not publicly accessible. Only competent authorities such as the Tax Department, Police, and Anti-Money Laundering Unit (MOKAS) can view the information. This ensures privacy for beneficial owners while maintaining transparency for law enforcement purposes.

Why Compliance Matters

Keeping UBO data up to date is not just a legal formality. It proves that your company operates transparently and lawfully within the European Union framework. Non-compliance can lead to financial penalties, frozen bank accounts, or delays in transactions involving government authorities or financial institutions.

How Trustank Corporate Services Helps

As a Licensed Administrative Service Provider regulated by the Cyprus Bar Association, Trustank Corporate Services assists clients with all UBO obligations.

Our team:

Registers new companies’ UBO information with the Registrar.

Monitors deadlines and updates in real time.

Prepares and submits amendments when ownership changes occur.

Advises clients on compliance to avoid penalties and maintain good standing.

Avoid Fines and Stay Fully Compliant

Every company in Cyprus must treat the UBO register as a core part of its corporate compliance. Trustank Corporate Services ensures that your UBO data is filed accurately, updated on time, and maintained according to legal standards.

Contact our team to safeguard your company from unnecessary fines and keep your corporate record clean.