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Suspension of access to the Beneficial Owners register for the general public

Suspension of access to the Beneficial Owners register for the general public

As of November 23, 2022 the access to the Register of Beneficial Owners for the general public is suspended according to the Judgement of the Court of Justice of the European Union (CJEE).

Following the above-mentioned Judgement of the CJEE, Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, as of 30th May 2018, which provides for access to the information on the beneficial ownership of legal entities to any member of the general public, is now invalid as it constitutes a serious interference with the fundamental rights for private life and to the protection of personal data, enshrined in Articles 7 and 8 of the Charter of Fundamental Rights of the European Union.

The relevant information will still be provided to the obliged entities, with the applicable procedure by submitting a declaration confirming that the information on the Beneficial Owners is requested within the context of performing customer due diligence.

Please note, that the obligation of companies and partnerships to submit and update their Beneficial Owners information is not affected and remains valid.

Source: Department of Company Registrar Cyprus

The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.

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