Register of real beneficiaries of Legal Entities

Registration obligation until 01/11/2020. In case of non-compliance, a fine of 10,000 euros is imposed & a commitment to issue a tax awareness certificate.
Law 4557/2018 incorporated into the Greek legal order Directive 2015/849, which has as its object the prevention and suppression of money laundering and terrorist financing. Among other things, this law stipulates that all legal entities and legal entities (eg branches) based in Greece or conducting business that is taxed in Greece, must enter in the Central Register of Real Beneficiaries (KMPD) the data of their beneficial owners, and in addition to keep this information at their registered office (special register of beneficial owners).
The real beneficiary is considered to be the natural person or natural persons, to whom it really belongs or who really control a corporate entity. The verification and verification of the identity of the beneficial owners extend, where appropriate, to legal entities owned by other entities. The purpose of the law is to search for and locate the natural person who ultimately exercises control through ownership or otherwise of a legal entity. The following indicative cases are control indications:
• The holding of a percentage of shares over 25% or ownership more than 25% of a company by a natural person or by another company, the control of which is exercised by natural or natural persons or by several companies controlled by the same or the same natural persons .
The obligors for registration in the central register include:
• Commercial companies not listed on the stock exchange.
• Urban professional companies and cooperatives.
• Non-profit entities.
• Companies that are in bankruptcy, liquidation, etc.
The data entry process started on 3.3.2020 and after suspension due to COVID-19 the current registration deadline expires on 1.11.2020 for each type of company and entity.
Furthermore, the companies are obliged to update the central register within 60 days from their establishment or from the occurrence of any changes in the registered data of the real beneficiaries.
The non-compliance of the companies with the obligation to keep the special register at their registered office and the registration of their data in the central register implies the obligation to issue a tax information certificate and a fine of 10,000 euros (after a deadline for compliance).