All Cyprus registered entities required to confirm Beneficial Owners information before year end

The Department of the Registrar of Companies and Intellectual Property (DRCIP) issued a reminder on 16 September to all Cyprus registered entities to confirm the details of their Beneficial Owners (BOs) or Senior Management Officials (SMOs) in the Beneficial Owners Register (BOR) or, if applicable apply due diligence, between 1 October and 31 December 2026.

This annual requirement applies to all companies incorporated or registered under the Cyprus Companies Law, Cap. 113, as well as all European Public Limited Companies (SEs) and Cyprus partnerships, regardless of whether there have been any changes to the information on the BOR.

Any Cyprus registered entity that fails to complete the confirmation of information on the BOR system within the annual confirmation period will be subject to a fine of €100 for the first day of non-compliance, and an additional fine of €50 for each subsequent day of continued violation, up to a maximum total fine of €5,000. The penalties apply regardless of any potential criminal liability or prosecution.

In cases where the initial registration of a Cyprus registered entity, or any change or other action on the BOR system, falls within the confirmation period, the relevant action should be performed first and then the confirmation of the BOs, SMOs or where applicable due diligence must be completed by 31 December of each calendar year.

Where a partnership’s deadline for initial submission, which is 90 days from the date of incorporation or registration, falls within the confirmation period, its BOR information must also be confirmed by 31 December of each calendar year.

Confirmation of BOR information is only required to be performed once during the confirmation period in each calendar year. If a change or any other action occurs after confirmation, no additional confirmation is required in that calendar year.

In June, the Department of Registrar of Companies & Intellectual Property signed an administrative cooperation agreement with the European Anti-Fraud Office (OLAF). Cyprus was the sixth of the 27 EU member states to sign an agreement.

The agreement gives OLAF “secure and effective access” to information held on the Department’s registers, including the Register of Business Entities and the Central Register of Beneficial Owners of companies and other legal entities.

Registrar of Companies and Intellectual Property Irene Mylona Chrysostomou said access to timely and reliable data is essential for investigating complex cases involving fraud, corruption, money laundering and misuse of EU funds.

The agreement, she said, will strengthen OLAF’s work and the capabilities of national authorities operating under the Anti-Fraud Coordination Service (AFCOS). It will also serve to reinforce Cyprus’ domestic system for preventing and combating fraud and underlines its commitment to transparency, accountability and good governance.