News & Insights

CYPRUS CORPORATE | COMPLIANCE UPDATE

2026 Beneficial Ownership Confirmation Period Opens on 1 October

The Department of Registrar of Companies and Intellectual Property (“DRCIP”) has announced the annual confirmation period for information recorded in the Beneficial Ownership Register (“BOR”) for 2026.

From 1 October 2026 until 31 December 2026, all companies incorporated or registered under the Companies Law, Cap. 113, European Public Limited Companies (SEs) and partnerships are required to access the BOR system and proceed with the annual confirmation of the details of their Beneficial Owners (“BOs”), Senior Management Officials (“SMOs”) or due diligence, as applicable.

What is required?

During the confirmation period, relevant entities must complete the applicable confirmation process in the BOR system. As part of that process, the information recorded in respect of the BOs or SMOs should be verified as correct and up to date.

Where the information concerning the BOs or SMOs is not correct or up to date, the necessary changes should first be made in the BOR system and the confirmation should then be completed.

The DRCIP has clarified that where an initial registration, change or other relevant action concerning BOs, SMOs or due diligence takes place during the confirmation period, the relevant action must be completed first, followed by the annual confirmation by 31 December 2026.

Newly incorporated or registered entities

The DRCIP has also clarified the position for entities whose deadline for initial submission falls within the annual confirmation period.

Where the 90-day deadline for the initial submission of an organisation’s information falls between 1 October and 31 December 2026, the relevant information must also be confirmed by 31 December 2026, following completion of the initial submission.

Is confirmation required more than once?

No. The annual confirmation is required only once during the period from 1 October to 31 December 2026.
If a change or other relevant action occurs after the annual confirmation has already been completed, the DRCIP has expressly clarified that an additional confirmation is not required for the same year.

Consequences of non-compliance

The deadline for completing the 2026 confirmation is 31 December 2026.

Failure to complete the required confirmation by that date results in the company or other legal entity being subject to a fine of:

• €100 for the first day of non-compliance; and
• €50 for each subsequent day during which the non-compliance continues,
subject to a maximum total penalty of €5,000.

The DRCIP states that these financial penalties apply irrespective of any criminal liability or prosecution of any person.

The practical takeaway

Companies and other entities falling within the 2026 confirmation requirement should ensure that the information recorded in the Beneficial Ownership Register is reviewed and that the applicable confirmation is completed within the prescribed period.

Where any BO or SMO information requires updating, the relevant change should be recorded before proceeding with the annual confirmation.
Given that the confirmation period runs from 1 October to 31 December 2026, entities and their corporate service providers should consider completing the process sufficiently in advance of the year-end deadline.

Mylonas Law advises Cyprus and international businesses, corporate groups and private clients on Cyprus corporate law, corporate administration, governance, regulatory compliance and beneficial ownership matters.

This publication is intended for general information purposes only and does not constitute legal advice. The applicable requirements should be considered by reference to the circumstances of the relevant entity.