CySEC Announces the Launch of CyTBOR Platform

The Cyprus Securities and Exchange Commission (CySEC) wishes to inform the public that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR), will be accessible to trustees as of 17/05/2022 and all involved parties as of 17/06/2022.

"CyTBOR" facilitates easy and immediate searches for up-to-date information and data about the bebenfical owners of Express Trusts and Similar Legal Arrangements. For this reason, it is now possible to directly search and identify 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.

The Chairman of CySEC, Dr. George Theocharides said:"this is a very important project both for the Cyprus Securities and Exchange Commission and our country, helping to provide full transparency and compliance for all supervised entities, ensuring the credibility of the market."

According to Dr. Theocharides, in addition to CySEC, all supervisory authorities, such as the Customs Department, the Taxation Department, MOKAS and the Police, will have unhindered access to the Register within the framework of their responsibilities.

Furthermore, it is possible to provide timely information on the beneficial owners of express trusts and similar legal arrangements to the respective competent authorities of the other Member States of the European Union. Additionally, as part of due diligence and identification measures of their clients, all liable entities will also have access to the Register.