On 07th of September, Cyprus Securities & Exchange Commission (CySec) pursuant to Article 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021 (AML Law) issued an announcement setting the deadline for the submission of the information on the beneficial owners of Express Trusts and similar legal arrangements in Cyprus Trusts Beneficial Owners Registry (CyTBOR) being the 7th of October, 2022 (Announcement).
A Trust can be a valuable tool for protecting your property especially when the Trust is established in such a favourable jurisdiction as Cyprus. Being extremely flexible, Cyprus International Trust make Cyprus one the best jurisdictions someone may choose to establish a Trust. Consequently, the establishment of Cyprus International Trusts by non-residents is constantly growing.
Based on the announcement of the UK Government, and as per the new Economic Crime (Transparency and Enforcement) Act. 2022 https://www.gov.uk/guidance/register-an-overseas-entity#what-the-register-of-overseas-entities-is overseas entities holding or intending to buy real estate in the UK must register on the Register of Overseas Entities (ROE) which is maintained by the Companies House, the ultimate beneficial owner or managing or director.