News and developments
EXPRESS TRUSTS: THE REGISTER FOR BENEFICIARIES
Meaning of BO: as per the AML Law a beneficial owner means any physical person who has the ultimate ownership or control of a legal entity and in relation to trusts includes the following persons:
- the settlor,
- the trustee,
- the protector (if any),
- the beneficiary; or
- any other physical person who exercises control of the trust through director or indirect ownership or other means.
- Name of the trust;
- Country of jurisdiction and date of establishment of the trust;
- Governing law;
- Date of expiration (if any);
- In relation to a similar legal arrangement, the type of such arrangement;
- Information as to the country of domicile or residence of the trustee or other person having an equivalent position and the residential address;
- In the event that the trustee or other person having an equivalent position is placed or resides outside the EU and concludes a business relationship on behalf of the express trust or the similar legal arrangement in the Republic of Cyprus, the date of commencement of the business relationship, the name of the person with whom a business relationship is concluded as well as the agreement governing the business relationship;
- In the event that the trustee or other person having an equivalent position is placed or resides outside the EU and acquires immovable property in the name of the express trust or the similar legal arrangement in the Republic of Cyprus, the registration number and address of immovable property as well as the title of ownership of the immovable property;
- Any other information and/or supporting documents that may be required by CySec.
- Name and surname;
- Father’s name;
- Date of birth;
- Place of birth;
- Nationality(ies);
- Residential address;
- Number, type and country of issuance of the identification document;
- Date of death (if applicable);
- Date on which the natural person has become beneficial owner;
- The nature and extent of the beneficial interests held directly or indirectly by each beneficial owner;
- Role of the said person in the express trust or similar legal arrangement;
- Any other information and/or supporting documents that may be required by CySec.
- under his capacity as trustee of an express trust or other person having an equivalent position to other similar legal arrangement; or
- to the following persons as per Article 61C (12) (a) – (d) of the AML Law:
- to the responsible Supervisory Authority, as defined by Section 59 of the AML Law, Unit, Customs and Excise Department, Tax Department and Police without any limitations;
- to obliged entities* for due diligence purposes and identification of their clients upon payment of respective fee;
- to legal or physical persons that can demonstrate legitimate interest in accessing the registry and proving the same through relevant procedure to be implemented, upon payment of respective fee;
- to legal or physical persons in relation to a trust which holds or owns a controlling interest in a company that is not incorporated in Cyprus upon the written request of the said persons and payment of respective fee;
- Declaration by the obliged entity that the purpose of accessing the register relates solely in the context of conducting due diligence and identification measures for the client;
- Consent by the trustee or other person having an equivalent position for such access;
- Any additional information and/or document that CySec may require.
- Name and surname;
- Month and year of birth;
- Country of residence;
- Nationality;
- Nature and extent of the beneficial interests held directly or indirectly by each beneficial owner.
- The application by the natural or legal person must be submitted to CySec through the System duly justified;
- In the event that CySec decides that legitimate interest exists, CySec informs the trustee or other person having an equivalent position accordingly and shall provide a period of ten (10) days for submitting any written representations;
- CySec after taking into consideration any written representations that may be submitted, notifies its final decision to the applicant and the trustee or other person having an equivalent position.
- The application by the natural or legal person must be submitted to CySec through the System duly justified;
- During the examination of the application for accessing the register, CySec may in its own discretion request from the applicant further information and/or details and/or documents and/or the opinion of any other person or authority.
- The application must be submitted to CySec through the System duly justified;
- During the examination of the application for accessing the register, CySec may in its own discretion request from the applicant further information and/or details and/or documents and/or the opinion of any other person or authority.
- EUR 250 for 1-5 express trusts or similar legal arrangements;
- EUR 400 for 1-10 express trusts or similar legal arrangements;
- EUR 700 for 1-20 express trusts or similar legal arrangements;
- EUR 900 for 1-30 express trusts or similar legal arrangements;
- EUR 1250 for 1-50 express trusts or similar legal arrangements;
- EUR 2000 for 1-100 express trusts or similar legal arrangements;
- EUR 3600 for 1-200 express trusts or similar legal arrangements;
- EUR 4800 for 1-300 express trusts or similar legal arrangements;
- EUR 7000 for 1-500 express trusts or similar legal arrangements;
- EUR 12000 for 1-1000 express trusts or similar legal arrangements.
- EUR 250 for 1-50 express trusts or similar legal arrangements;
- EUR 450 for 1-100 express trusts or similar legal arrangements;
- EUR 800 for 1-200 express trusts or similar legal arrangements;
- EUR 1750 for 1-500 express trusts or similar legal arrangements;
- EUR 3000 for 1-1000 express trusts or similar legal arrangements.
- EUR 500 for 1-5 express trusts or similar legal arrangements;
- EUR 900 for 1-10 express trusts or similar legal arrangements;
- EUR 1600 for 1-20 express trusts or similar legal arrangements;
- EUR 2100 for 1-30 express trusts or similar legal arrangements;
- EUR 3000 for 1-50 express trusts or similar legal arrangements;
- EUR 5000 for 1-100 express trusts or similar legal arrangements.
- EUR 250 for 1-50 express trusts or similar legal arrangements;
- EUR 450 for 1-100 express trusts or similar legal arrangements;
- EUR 800 for 1-200 express trusts or similar legal arrangements;
- EUR 1750 for 1-500 express trusts or similar legal arrangements;
- EUR 3000 for 1-1000 express trusts or similar legal arrangements.