Penalties for Beneficial Owners Register Partially Cancelled
Important news for companies registered in Cyprus: the Parliamentary Committee on Energy, Trade, Industry, and Tourism has decided to partially waive penalties for late submission of beneficial ownership data.
- Waived Penalties: Companies that have not disclosed their beneficial owners in the Register will be exempt from penalties amounting to 14 million euros. Only 600 thousand euros have been paid. Instead, a one-time penalty will now apply to all companies that have not yet provided the data, ranging from 200 to 250 euros per company.
- Future Changes: Parliament also intends to review and reduce penalties for new violations. Currently, the legislation provides for penalties up to 20 thousand euros (200 euros for the first day and 100 euros for each subsequent day). The Committee proposed to cap the maximum penalty at 10 thousand euros, which will be fixed regardless of the number of undisclosed beneficial owners.
Data update process has already begun
From 1 October 2024, companies can confirm and update information in the Register of beneficial owners. It is essential to complete this process by 31 December 2024 to avoid sanctions.
We remind companies that timely updating of data will help minimise financial risks to their business.
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