Further to our previous newsfeed on this, the Cyprus Securities and Exchange Commission (CySEC) announced the launch of an online platform, which will accommodate the register for Ultimate Beneficial Owners (UBOs) of Trusts.
In a press release on 13 May 2022, CySEC stated that the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) will be accessible to trustees from 17 May 2022 and to all other parties involved from 17 June 2022.
The CyTBOR will allow for quick and easy search for up-to-date information and data on the beneficial owners of express trusts and similar legal arrangements.
Data available will identify the settlor, trustee, protector (if any), the beneficiaries and any other natural persons who exercise ultimate control over the trust through direct or indirect ownership or by other means.
