As of November 23, 2022, the Department of Registrar of Companies and Intellectual Property of Cyprus announced that, following the Court of Justice of the European Union (CJEU) verdict in cases C-37/20 and C-601/20, public accessibility to the Register of Beneficial Owners is terminated.
In the judgement of the CJEE, Directive (E.U.) 2018/843 of the European Parliament and Council of May 30 2018, Article 1, point 15(c), which gives the general public access to the beneficial ownership information of legal entities, is deemed to be illegal since it violates Articles 7 and 8 of the European Union Charter of Fundamental Rights, protecting private life and personal data.
Whether or not Directive R.A.A. 112/2021 and the amending Directive R.A.A. 116/2022 are referred in article 12, the supervisory and relevant authorities will continue to collect the necessary data.
Furthermore, the relevant data will be provided to the obliged entities, with the appropriate procedure of submitting a profound declaration confirming that beneficial ownership information is required for customer due diligence.
The obligation of partnerships and corporations to submit and update their Beneficial Owner’s information remains in effect and is not affected.
