Corporate and other entities based in Greece or conducting business taxable activity in Greece must register sufficiently accurate and up-to-date information on their real beneficiaries, according to defined by the provisions of Articles 20-21 of Law 4557/2018 (A’139) ‘Prevention and suppression of money laundering and its financing terrorism (transposition of Directive 2015/849 / EU) and other provisions. “The aim of the EU and national provision is the transparency of corporate structures; direct access by the supervisory / prosecuting authorities and the prevention of abuse corporate structures for money laundering and terrorist financing purposes .The need for accurate and up-to-date information about the real the beneficiary of the business is a key factor in identifying the criminals who could hide their identities behind one corporate structure. It is noted that creating this registry is an essential measure for preventing and combating money laundering and financing and by 2021, the interconnection of the individual National Centers is expected Registries of Real Beneficiaries of the Member States of the European Union and the creation of a European Central Platform.
TERMS AND CONDITIONS
As beneficial in the Law means the natural person to whom it ultimately belongs or is controlled by the obliged legal person by owning or controlling directly or indirectly a reasonable percentage of the shares or rights voting or other proprietary rights, including through holder shares or exercise through control by other means. Owning a percentage of shares or ownership more than 25% of the legal entity by a natural person constitutes immediate control indicator . Ownership of shares or ownership over25% of the company by a legal entity controlled by a natural person (s)person (s) or more than one or more legal entities controlled by him or her natural persons, is an indication of indirect control.- Special Register – According to article 20 of Law 4557/2018, corporate and other entities based in Greece have an obligation to maintain at their headquarters, in a special register , sufficient information about the real their beneficiaries. Observed information is included at least(a) the name,(b) the date of birth,(c) nationality; and(d) the country of residence of the beneficial owners, and(e) the species; and(f) the extent of their rights. Especially for listed companies, keeping the special register seems to be is made on the basis of what is already available as part of their compliance with the obligations disclosure of data deemed by the legislator as sufficient for compliance of these entities with the transparency requirements of the Law. The legal representative of the company is responsible for maintaining the special register or the person specifically authorized by that authority. Special provision is set for listed companies, which are entrusted with maintaining the registry its corporate compliance officer. Furthermore, the law provides for the possibility of credit institutions and financial institutions to recommend common information systems enabling registration, exchange and storing adequate, accurate and up-to-date legal information and actual beneficiaries of the legal entities that are their clients, including those based abroad .- Penalties _ Non-compliance of obliged legal entities with obligations keeping, updating and registering the special registry in the Central Registry within of the time limits set out above shall be subject to the following penalties : a) commitment to grant acknowledgment issue tax clearance from the relevant information provided by the Tax Administration electronic application of the Central Registry, (b) imposition of a fine of ten thousand euros (€ 10,000) by the Authority and provision deadline for compliance of the obliged person with the Law. If not compliance of the obliged persons within the prescribed time limit or recidivism, The Authority imposes a fine of twenty thousand euros (€ 20,000.00).
LIST OF LEGAL ENTITIES – SUBMISSION DATES
Obligations of registration in the Central Register of Real Beneficiaries are of all kinds legal entities and legal entities established or practicing in Greece business taxed in Greece are required to comply with the provisions of paragraph 1 of article 20 of law 4557/2018 and comply a special Register of Beneficiaries, which is linked to the Central Register Real Beneficiaries kept at the General Secretariat for Information Systems of the Ministry of Finance. In particular, the persons liable for registration are:
- Commercial companies not listed on a regulated market or Polymers Trading mechanism.
Indicatively : a) Corporate Companies.(b) Subsidiaries. (c) Subsidiaries by shares. d) Limited Liability Companies.(e) Limited Liability Companies.(f) Societe Anonyme. (g) Private Equity Companies. Subsidiaries of domestic or foreign companies with real beneficiary listed in Greece or abroad registers it as a real proprietor listed parent.
- Maritime shipping companies :
a) maritime companies under Law 959/1979 and special maritime companies (EMUs) approving of Article 13 of the Law no. 2687/1953 registered in the NE Register of Law959/1979,b) the shipping companies of Law 3182/2003 (NEPA),(c) co-ownership. The companies in this paragraph register in the Central Register of Real Estate Beneficiaries are the data already registered in the relevant Registers of the Ministry Shipping and Island Policy.
- Civil Commercial Companies :
(a) professional civil law firms;(b) civil professional notary companies;(c) civil professional bailiffs.
- Non-profit entities :
(a) associations – associations,(b) institutions;(c) non-profit urban corporations;(d) non-profit organizations within the meaning of Article 11 of Law 2731/1999.
- Trusts and Similar Legal Forms :
(a) the legal entities of the case of article 2 of Law 4172/2013,( b) foreign trusts whose founder, trustee or beneficiary is a tax resident of Greece, (c) foreign foundations.
- Cooperatives :
(a) urban cooperatives;(b) building cooperatives;(c) agricultural cooperatives;(d) credit cooperatives;(e) credit unions operating in the form of a credit institution.
Companies in bankruptcy, liquidation or special liquidation or similar in solvency proceedings. The bankruptcy trustee, the insolvency manager or the liquidator or special liquidator shall register with a special portion of the Central Bank Register the data of the beneficial owners. Listed companies in a regulated market or Multilateral Trading Facility that operates in Greece automatically registered in the Central Registry of Real Estate Beneficiaries, by linking the Central Securities Depository with the GIS. The data registration concerns the VAT and the legal person identification code (Legal Entity Identifier).