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What is the fine for failure to register with the UBO Registry?
Following the publication of the Directive on the register of beneficial owners of corporate and other legal entities (R.A.A. 112/2021), Cyprus companies have an obligation to register their ultimate beneficial owners to the public registry.
The registration deadline was originally the 12th of March 2022 but this has been further extended to 31st of July 2022. The anouncement for the extension came out on 01/03/2022.
If a company fails to register by the 12th of March 2022 the corporate or other legal entity and each of its officials shall be subject to a fine of two hundred Euros (€ 200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).
No fine is applicable to an official of a corporate entity if he had exercised due diligence to comply with the directive and the violation is not due to any act or omission or negligence on his part.