Tax Exemptions for Employment Income to attract Foreign Talent to Cyprus

Following the landmark ruling by the Court of Justice of the European Union (CJEU), the Department of Registrar of Companies and IP (DRCIP) of the Republic of Cyprus has issued an announcement on 28 November 2022, stating that the general public’s access to the UBO Register is suspended as of 23 November 2022.

Based on the DRCIP’s announcement, the procedure of providing UBO Register-related information on-demand to the competent and supervisory authorities contemplated by Regulation 12 of Regulatory Administrative Act (RAA) 112/2021 and the amending RAA 116/2022 remains unaffected.

The announcement also provides that UBO Register-related information will continue to be provided to obliged entities, by submitting a solemn declaration confirming that the information on the UBO requested forms part of performing compliance (due diligence) procedures.

Lastly, the announcement points out that the obligation of companies (as well as other entities encapsulated by the provisions of the UBO Register legislation on a local and a EU level) to submit and update their beneficial ownership particulars also remains unaffected and still valid.