Registration Requirements

The register of beneficial owners of express trusts and similar legal arrangements is kept by the Cyprus Securities and Exchange Commission ("CySEC"). Unlike the Register of Companies, the Trust Register is not open to the public and “legitimate interest” must be proven to have access thereto. Importantly, a Cyprus company held by a Trust (Cyprus or foreign) will disclose in the Companies’ Register, as ultimate beneficial shareholder, the name of the Trust, its jurisdiction and the beneficial interest held only. No information on the settlor and beneficiaries is released, the person inquiring must then have reference to the Trust Register and demonstrate “legitimate interest”.

The Trust Register is kept electronically by CySEC and any express trust or similar legal arrangement must be registered therein provided that: (a) its trustee is located or residing in the Republic of Cyprus, or, (b) its trustee, which is located or residing outside the EU, establishes a business relationship or acquires immovable property on behalf of the express trust in the Republic of Cyprus.

Access

CySEC can provide access of the Trust Register to the following:

1. Cyprus Securities and Exchange Commission, the Cyprus Tax Department, the Cyprus Customs Department and the Cyprus Police with no restrictions;
2. Any liable entity, in the context of due diligence and identification measures for their client;
3. Any natural or legal person who can demonstrate a legitimate interest. This will be subject to acceptance by the Cyprus Securities and Exchange Commission; and
4. Any natural or legal person who has a controlling interest in a company or other legal entity, inter alia, either directly or indirectly, indirect ownership, or through shares in the bearer or through control by other means. This will be subject to acceptance by the Cyprus Securities and Exchange Commission.

If access is granted, any natural or legal person will have access to the name, month and year of birth, the country of residence and the nationality of the people involved in the trust and the type and extent of rights they hold in the trust.