{"id":4335,"date":"2022-05-16T13:00:56","date_gmt":"2022-05-16T10:00:56","guid":{"rendered":"https:\/\/fzmayuxbif.wpdns.site\/?p=4335"},"modified":"2023-08-02T13:01:27","modified_gmt":"2023-08-02T10:01:27","slug":"commencement-of-the-cyprus-beneficial-ownership-register-of-express-trusts-and-similar-legal-arrangements-the-cytbor","status":"publish","type":"post","link":"https:\/\/www.kyprianou.com\/ru\/commencement-of-the-cyprus-beneficial-ownership-register-of-express-trusts-and-similar-legal-arrangements-the-cytbor\/","title":{"rendered":"Commencement of the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (the \u2018CyTBOR\u2019)"},"content":{"rendered":"

On Friday, 13th<\/sup>\u00a0of May 2022, the Cyprus Securities and Exchange Commission (the \u201cCySEC\u201d) with a press release and an announcement issued on its website the commencement of the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (the \u201cCyTBOR\u201d), which will be operational as of the 17th<\/sup>\u00a0of May 2022.<\/p>\n

The commencement of the CyTBOR derives from the Directive (Regulatory Administrative Act 257\/2021<\/a>), which provides information and guidance regarding the registration of express trusts and similar legal arrangements in CySEC\u2019s Beneficial Ownership Register. Regarding the provisions of the Directive, we have issued back in July 2021 a press release and is accessible in this\u00a0link<\/a>.<\/p>\n

Trustees of express trusts or persons holding an equivalent position in a similar legal arrangement, subject to the provisions of section 61C(5)(b)(i) and section 61C(5)(b)(ii) of the AML\/CFT Law, who are expected to provide the below information, as set out in paragraphs 5(3), (4), (5) and (6) of the Directive:<\/p>\n

The information provided for registration in the Register on the Express Trust or similar legal arrangement shall include the following:<\/p>\n

(a)\u00a0\u00a0\u00a0 name,<\/p>\n

(b)\u00a0\u00a0\u00a0 country and date of incorporation and\/or establishment,<\/p>\n

(c)\u00a0 \u00a0 applicable law,<\/p>\n

(d)\u00a0\u00a0\u00a0 termination date (if any),<\/p>\n

(e)\u00a0\u00a0\u00a0 with regard to a similar legal arrangement, the type of such arrangement,<\/p>\n

(f)\u00a0 \u00a0 information on the country of establishment or residence of the trustee or other equivalent person as well as their residential address,<\/p>\n

(g)\u00a0 \u00a0where a trustee or other equivalent person is established or resides outside the European Union and establishes a business relationship in the name of the Express Trust or similar legal arrangement in the Republic, the date of commencement of the business relationship, the name of the person with whom the business relationship is established together with the letter of agreement which governs the business relationship,<\/p>\n

(h)\u00a0 \u00a0where a trustee or other equivalent person is established or resides outside the European Union and acquires immovable property in the name of the Express Trust or similar legal arrangement in the Republic, the registration number and address of the immovable property together with title deeds of the immovable property,<\/p>\n

(i)\u00a0 any other information and\/or supporting documents which are deemed necessary by the Commission for identification purposes.<\/p>\n

The information provided to the Commission for registration in the Register on the beneficial owners of an Express Trust or similar legal arrangement, in the case of the persons set out in paragraphs (b) and (c) in the definition of \u00abbeneficial owner\u00bb in section (1) of Article 2 of the Law, shall include the following:<\/p>\n

(a)\u00a0\u00a0\u00a0 full name,<\/p>\n

(b)\u00a0\u00a0\u00a0 father\u2019s name,<\/p>\n

(c)\u00a0\u00a0\u00a0\u00a0 date of birth,<\/p>\n

(d)\u00a0\u00a0\u00a0 place of birth,<\/p>\n

(e)\u00a0\u00a0\u00a0 nationality or nationalities,<\/p>\n

(f)\u00a0\u00a0\u00a0\u00a0\u00a0 residential address,<\/p>\n

(g)\u00a0\u00a0\u00a0 number, type and country of issuance of identification document,<\/p>\n

(h)\u00a0\u00a0\u00a0 year of death, where applicable,<\/p>\n

(i)\u00a0\u00a0\u00a0\u00a0\u00a0 date on which the natural person became a beneficial owner,<\/p>\n

(j)\u00a0\u00a0\u00a0\u00a0\u00a0 the nature and extent of the rights, which are directly or indirectly held by each beneficial owner,<\/p>\n

(k)\u00a0\u00a0\u00a0 his\/her role in the Express Trust or similar legal arrangement,<\/p>\n

(l)\u00a0 any other information and\/or supporting documents which are deemed necessary by the Commission for identification purposes of the beneficial owner as arises from paragraphs (b) and (c) in the definition of \u00abbeneficial owner\u00bb in section (1) of Article 2 of the Law.<\/p>\n

In the case of a beneficiary of a legal arrangement or legal entity not yet determined pursuant to the provisions of paragraph (b)(iv) in the definition of \u00abbeneficial owner\u00bb in section (1) of Article 2 of the Law, the following information shall be provided regarding each category of beneficiaries:<\/p>\n

(a)\u00a0\u00a0\u00a0 description of the class of beneficiaries and its members,<\/p>\n

(b)\u00a0\u00a0\u00a0 the nature and extent of the interest of each class of beneficiaries.<\/p>\n

The information provided for registration in the Register, whereby the settlor, trustee, protector, beneficiaries or, in case the persons being beneficiaries of the Express Trust have not yet been determined and the category of persons for the benefit of which the Express Trust has been mainly established or operates is a legal person or legal persons, shall include the following:<\/p>\n

(a)\u00a0\u00a0\u00a0 the name of the legal person,<\/p>\n

(b)\u00a0\u00a0\u00a0 the type of the legal person,<\/p>\n

(c)\u00a0\u00a0\u00a0\u00a0 its registration number,<\/p>\n

(d)\u00a0\u00a0\u00a0 its country and date of incorporation,<\/p>\n

(e)\u00a0\u00a0\u00a0 the address of its registered office,<\/p>\n

(f)\u00a0\u00a0\u00a0\u00a0\u00a0 its role in the Express Trust or similar legal arrangement,<\/p>\n

(g)\u00a0\u00a0\u00a0 the information referred to in sub-paragraph (4) on the beneficial owners of the legal person,<\/p>\n

(h)\u00a0\u00a0\u00a0 any other information or supporting documents which are deemed necessary by the Commission for identification purposes of the beneficial owners.<\/p>\n

As per the provisions of the Directive, a Trustee in an Express Trust or Other equivalent person established or residing in the Republic shall, within fifteen (15) days from appointment, submit to the CyTBOR, an application for registration in the Register providing the above-mentioned information.<\/p>\n

Subject to the provisions of paragraph 6 of the Directive, Trustees of existing express Trusts or persons holding an equivalent position in a similar legal arrangement, where expected to provide the above-mentioned information within 6 months from the enforcement of the Directive (i.e. by the end of December 2021). Since the CyTBOR was not publicly available, CySEC has clarified with its announcement on the 13th<\/sup>\u00a0of May 2022, that the Trustees of existing express Trusts or persons holding an equivalent position in a similar legal arrangement are expected to provide the soonest, the information set out in paragraphs 5(3), (4), (5) and (6) of the Directive.<\/p>\n

The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact\u00a0Stephanos Ayiomamitis<\/a>, Senior Associate at Tel: 25 363685 or via email at\u00a0stephanos.ayiomamitis@kyprianou.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday, 13th\u00a0of May 2022, the Cyprus Securities and Exchange Commission (the \u201cCySEC\u201d) with a press release and an announcement issued on its website the commencement of the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (the \u201cCyTBOR\u201d), which will be operational as of the 17th\u00a0of May 2022. The commencement of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_analysis_target_kw":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[305],"tags":[],"location":[25],"expertises":[],"key_contact":[],"class_list":["post-4335","post","type-post","status-publish","format-standard","hentry","category-press-releases","location-cyprus"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/posts\/4335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/comments?post=4335"}],"version-history":[{"count":0,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/posts\/4335\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/media?parent=4335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/categories?post=4335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/tags?post=4335"},{"taxonomy":"location","embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/location?post=4335"},{"taxonomy":"expertises","embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/expertises?post=4335"},{"taxonomy":"key_contact","embeddable":true,"href":"https:\/\/www.kyprianou.com\/ru\/wp-json\/wp\/v2\/key_contact?post=4335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}