What is a regisry of beneficiaries in offshore and onshore
Such illegal activities as money laundering and financing of banned organizations and tax evasion have become the main problem that EU member states are now struggling with. To increase the transparency of corporate structures, a registry of beneficiaries in offshore and onshore entities was created.
Types of registries
In total, several types of registries of beneficiaries in offshore and onshore can be distinguished. The main purpose of their implementation is to determine the corporate ownership structure. If the register of beneficiaries in onshore is closed, the information is classified as unavailable to the general public and is hidden.
If the registry is conditionally closed, the information may not be available to all persons, but under certain circumstances, some information may be disclosed to a specific list of persons.
If the registry is conditionally open, the information is not freely available, but it is possible to obtain the data of interest when registering. Open registries imply that the information is in the public domain, and it is accessible to absolutely everyone. The information from the closed registry is only available to the competent bodies, the persons having "legitimate interest," and groups of financial intelligence.
What information must be displayed in the registry
The database, as a rule, publishes all the information about the owner. This includes name, surname, date of birth, and nationality. The country of residence may be indicated.
Ownership in the structure is described in detail, showing the percentage of ownership. To learn more about the specifics of the registry, please contact our experts at IT-OFFSHORE.
In the case of trusts, information is disclosed about the protector and settle of the trust, as well as the trustee and other persons. The amount of information in the registry may vary depending on the country of registration. Each state may set its own standards, but basic information about the owner is always required.