Irish law on beneficial register came into effect

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A register of Ultimate Beneficiaries for Irish companies similar to that of the UK was created in Ireland. Now Irish companies are required to have comprehensive information on Beneficial Owners and submit it immediately upon the requirement of local tax authorities. A new law, which came into effect as of November 15th , 2016, concerns Beneficiaries that own at least a 25% stake hold in Irish companies. Management of companies that cannot identify Ultimate Beneficiaries will be signed as beneficiaries themselves.

Companies that fail to collect the relevant information are subject to a €5,000 fine.

Creating a public registry of Beneficial Ownership as the European Union’s Fourth Money Laundering Directive is being negotiated.

The regulations do not cover trusts and limited partnerships – for the time being, I assume.