On 13/05/2022, CySEC has announced the launching of its online platform, namely ‘CyTBOR’, which shall contain up-to-date information and data about the Express Trusts and Similar Legal Arrangements, and, their Beneficial Owners. It is reminded that the CyTBOR has been created by CySEC pursuant to article 61C(4)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended (the “AML/CFT Law”) and the relevant CySEC’s Directive on the Register of Beneficial Owners of Express Trusts and Similar Arrangements, which set out its function and rules.

The CyTBOR shall be accessible to trustees of Express Trusts or persons holding an equivalent position in a Similar Legal Arrangement as of 17/05/2022, and all involved parties as of 17/06/2022. It shall include information related to the Express Trust or the Similar Legal Arrangement itself, and information related to their Beneficial Owners (i.e. the settlors, trustees, protectors (if any), beneficiaries, and any other natural person exercising final control over the trust through direct or indirect ownership, or by other means).

It is noted that existing and new Express Trusts or Similar Legal Arrangements must be registered to the CyTBOR, if:

• (i) the trustee of an Express Trust or the person holding an equivalent position in a Similar Legal Arrangement is established or residing in the Republic, or
• (ii) the trustee of an Express Trust or the person holding an equivalent position in a Similar Legal Arrangement, who is established or resides outside the European Union, enters into a business relationship or acquires immovable property in the name of express trust or similar legal arrangement in the Republic.

It is noted that certain Express Trusts and Similar Legal Arrangements may be exempted from the CyTBOR under section 61C(5)(c) of the AML/CFT Law.

The timeframe for registration and submission of relevant information to the CyTBOR is as follows:

• (i) Existing Express Trusts and Similar Legal Arrangements: the soonest.
• (ii) New Express Trusts and Similar legal arrangements:
• 1. a. If the trustee of the Express Trust or the person holding equivalent position in a Similar Legal Arrangement is established and resides in the Republic of Cyprus: within 15 days from his appointment.
  2. b. If the trustee of the Express Trust or the person holding equivalent position in a Similar Legal Arrangement is established and resides outside the Republic of Cyprus and enters into a business relationship or acquires immovable property in the name of an Express Trust or a Similar Legal Arrangement in the Republic: within 15 days from the date of forming the business relationship or acquisition of the real estate, as applicable.

The data submitted to the CyTBOR are not publicly available. Access to beneficial ownership information on CyTBOR is regulated by section 61C(12) of the AML/CFT Law and is granted ONLY to the following entities:

1. Competent Supervisory Authorities, the Unit for Combating Money Laundering (MOKAS), the Customs Department, the Tax Department and the Police, without any restrictions and free of charge.
2. Obliged Entities, in the context of conducting due diligence and identification measures for their clients, subject to payment of applicable fee.
3. Any natural or legal person who, following written request to CySEC, demonstrates a legitimate interest, subject to payment of applicable fee.
4. Any natural or legal person who submits a written request to CySEC relating to an express trust or similar legal arrangement which he holds or has under his control, controlling participation in a company or other legal entity, either direct or indirect, with the exception of participation in a company or other legal entity referred to in paragraph (1) of Article 61A and in paragraph (1) of Article 61B or established in a Member State other than the Republic, subject to payment of applicable fee.