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UBO Register Of Trusts And Of Similar Legal Arrangements Alert 2, 2021

Cyprus implements Beneficial Ownership Register for trusts and similar legal arrangements

Further to the introduction of the register of Beneficial Owners (BOs) for companies, on the 18 June 2021 Cyprus has introduced a similar register for BOs of Trusts and other similar legal arrangements (the “Trust Register”) to be kept electronically by the Cyprus Securities and Exchanges Commission (CySEC) which is the supervisory authority for the implementation and operation of the Trust Register.

The Trust Register was implemented through CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing (register of beneficial owners of express trusts and similar legal arrangements) (the “Directive”) which provides information and guidance in relation to the registration of express trusts and similar legal arrangements in the Trust Register.

The Directive applies for express trusts which are defined as trusts created expressly by a settlor at his own will. Trusts arising by operation of law as well as trusts for which the settlor shows no clear intention for their creation are not considered to be express trusts.

Registration of an express trust should take place in cases where:

  • The trustee is located or residing in the Republic of Cyprus;
  • The trustee, which is located or residing outside EU, establishes a business relationship or acquires immovable property in Cyprus on behalf of the express trust.

Information to be submitted

The following information must be submitted for registration:

For the trusts and other similar legal arrangements

  • Name, surname and father’s name
  • Date and place of birth
  • Nationality/ies
  • Residential Address
  • Type, number and country of issuance of identification document