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This article reviews the wealth structuring options and applicable regulations in Cyprus, including available structures and their distinct advantages and disadvantages, with particular regard to recent developments.
Firstly, there are two laws governing arbitration proceedings in Cyprus: domestic arbitration proceedings are governed by the Arbitration Law of 1944, Cap. 4 (hereinafter "Cap. 4").
The Cypriot Government appointed the Registrar of Companies and
Official Receiver (the
RoC) as the competent
authority to keep the beneficial owners register concerning
companies and other legal persons.
While the creation of the beneficial owners register was
provided for under section 61Α(4)(a) of the Prevention and
Suppression of Money Laundering Activities Law of 2007, as amended
(the
AML Law), the Cypriot Government only issued
subsidiary legislation activating the register and appointing the
RoC as the competent authority in December 2020.
The 4
th AML Directive required EU Member States to
allow access to beneficial ownership information on corporate and
other legal entities in a coherent and coordinated way, through