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Directive for the Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements
Legal Update: 23/06/2021
The Cyprus Securities and Exchange Commission (“CySec”), being the competent independent authority for maintaining and operating the Trusts UBO Registry as required by the transposition of the 5th Anti – Money Laundering Directive (“5AMLD”) announced on 18/06/2021, the issuance of its Directive for the prevention and suppression of money laundering and terrorist financing (beneficial ownership register of express trusts and similar legal arrangements).
The Directive provides information and guidance regarding the registration of express trusts and similar legal arrangements in CySEC’s Beneficial Ownership Register.
The Directive and Regulations are applicable as from the date of publication in the Official Government Gazette, being the 18th June 2021.
It is advised that all professionals who administer, manage Cyprus International Trusts and are appointed as trustees to proceed with all necessary actions to begin submitting the required information as per the 5AMLD with the Registry.
The basic information to be submitted for registration of a trust is:
• The name of the trust
• Jurisdiction of incorporation and /or establishment
• Governing law
• Date of termination (if any)
• Information on the residency of the trustee (or other equivalent person) and residential address
• In the case where a trustee (or other equivalent person) is established or resides outside the European Union and enters into a business relationship on behalf of an express trust or other similar legal arrangement in the Republic, the date of commencement of the business relationship, the name of the person with which the business relationship has been established, and the agreement governing the business relationship
• In case where a trustee (or other equivalent person) is established or resides outside the European Union and acquires real estate on behalf and in the name of an express trust or other similar legal arrangement in the Republic, the registration number and address of the property as well as the title deed of the property and
• any other information and / or supporting documents deemed necessary by CySec for identification purposes.
The basic information to be submitted for registration of the ultimate beneficial owner (“UBO”) of the trust is:
• the name and surname of the UBO, including father’s name
• Date and place of birth
• Nationality (or nationalities)
• Residential address
• The number, type and country of issuance of the UBOs identification document
• Date of death, where applicable
• The date on which the UBO acquired beneficial ownership
• The nature and extent of the rights directly held or indirectly by each UBO
• The UBOs role in the trust or similar legal arrangement
• Any other information and / or supporting documents deemed necessary by CySec for the purpose of identifying beneficiaries depending on the category of beneficial ownership as defined in the relevant sections of the applicable AML law.
Our team of experts is ready to assist and guide you will all matters pertaining to the obligations arising out of this new development.
Dated 23rd June 2021