Home NewsCyprus News: Extension For Submitting Data To The Beneficial Owners Registry And Refund Of Fees Paid

Cyprus News: Extension For Submitting Data To The Beneficial Owners Registry And Refund Of Fees Paid

Date: January 10, 2025

In the context of the review of the practical implementation of the legislation and taking into account the high financial charges, the size of companies in the Republic of Cyprus, which are mostly Small and Medium Enterprises, the high percentage of compliance achieved, as well as the compensatory measures included in the aforementioned amendment to the Law, the executive branch, in consultation with the House of Representatives, decided to grant an additional extension of the prescribed time for submitting information on beneficial owners for all cases of Companies and Other Legal Entities, until 31 January 2025.

In order to implement the above decision, the Registrar of Companies and Intellectual Property issued on 16/12/2024 an amendment 423/2024. At the same time, the referred directive also provides for an extension of the expected processing time of the data confirmation procedure for the year 2024 until 31 March 2025.

It is emphasized that from February 1, 2025, non-compliance with the submission of beneficial owner information will result in the imposition of administrative and other sanctions, in accordance with the provisions of Law 188(I)/2007 on the Prevention and Combating of Money Laundering, as amended and voted by the House of Representatives.

Following the above arrangements, the Registrar of Companies and Intellectual Property proceeds to revoke the financial charges imposed from 01/04/2024 and refund the relevant amounts paid.

The refund of the amounts will be carried out as follows:

  1. For online payments made via JCC, the amount will be refunded directly to the card with which the payment was made, without any further action on the part of the affected person.
  2. For payments made to the Treasury of the Department of the Registrar of Companies and Intellectual Property, the amount will be refunded to the applicant’s Bank Account upon presentation to the Department’s treasury of the KE1 form, accompanied by the authorization form for payments from FIMAS and a photocopy of the payment receipt, as well as the International Bank Account Number (IBAN) to be credited, as described in the relevant authorization form.