FAQ's-UBO's
Trust / Foundation
1. What if the beneficial owner is a trust or other legal arrangement similar to trust;
In the event the final beneficial owner is a trust or other legal arrangement similar to trust, the following information must be submitted:
1) Name of trust or other legal arrangement similar to trust-(mandatory field)
2) Registration number *(if any)
3) Country of jurisdiction (i.e. the country where the trust is registered and not the country under the laws of which the trust is governed)-(mandatory field)
4) List of Natural Persons with the following statuses:
i) Settlor
ii) Trustee
iii) Beneficiary
iv) Protector
v) Any other natural person exercises ultimate control
In case the country of jurisdiction is in Cyprus, the first 3 categories mentioned in paragraph 4 above are mandatory to be completed for trusts.
In the scenario where the country of jurisdiction of a trust is outside Cyprus, at least one of the categories mentioned in paragraph 4 above must be completed. The same applies for legal arragenment similar to trusts.
(5) Nature and extent of the beneficial interest
It is clarified that the nature and extent of the beneficial interest wii be submitted exclusively on the percentage of the trust in the entity and not for each of the above categories.
1) Name of trust or other legal arrangement similar to trust-(mandatory field)
2) Registration number *(if any)
3) Country of jurisdiction (i.e. the country where the trust is registered and not the country under the laws of which the trust is governed)-(mandatory field)
4) List of Natural Persons with the following statuses:
i) Settlor
ii) Trustee
iii) Beneficiary
iv) Protector
v) Any other natural person exercises ultimate control
In case the country of jurisdiction is in Cyprus, the first 3 categories mentioned in paragraph 4 above are mandatory to be completed for trusts.
In the scenario where the country of jurisdiction of a trust is outside Cyprus, at least one of the categories mentioned in paragraph 4 above must be completed. The same applies for legal arragenment similar to trusts.
(5) Nature and extent of the beneficial interest
It is clarified that the nature and extent of the beneficial interest wii be submitted exclusively on the percentage of the trust in the entity and not for each of the above categories.
2.What if the beneficial owner is a foundation;
In the event the beneficial owner is a foundation the following information must be submitted:
1) Foundation name-(mandatory field)
2) Registration number *(if any)
3) Country of jurisdiction-(mandatory field)
4)List of Natural Persons with the following statuses:
i) Founder
ii)Member of the Board of Directors
iii) Member of the Management (specify the office held)
iv) Other relationship (please specify)
Regardless of whether the country of jurisdiction is in Cyprus or outside, the details of the natural person of at least one of the categories mentioned in paragraph 4 above must be submitted.
(5)Nature and extent of the beneficial interest
It is clarified that the nature and extent of the beneficial interest will be submitted exclusively on the percentage of the foundation in the entity and not for each of the above categories.
1) Foundation name-(mandatory field)
2) Registration number *(if any)
3) Country of jurisdiction-(mandatory field)
4)List of Natural Persons with the following statuses:
i) Founder
ii)Member of the Board of Directors
iii) Member of the Management (specify the office held)
iv) Other relationship (please specify)
Regardless of whether the country of jurisdiction is in Cyprus or outside, the details of the natural person of at least one of the categories mentioned in paragraph 4 above must be submitted.
(5)Nature and extent of the beneficial interest
It is clarified that the nature and extent of the beneficial interest will be submitted exclusively on the percentage of the foundation in the entity and not for each of the above categories.
