Estonia, Financial Services
International Internet Magazine. Baltic States news & analytics
Wednesday, 24.04.2024, 13:58
Estonia: Real beneficiaries of companies to be declared as of September
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In case of companies the real beneficiary is a physical
person who owns the company either directly or indirectly. A direct ownership
implies that a physical person owns at least 25% of a company or a right of
ownership. An indirect ownership is when more than 25% of a company is owned by
another company, which is under the control of a physical person.
The real beneficiary will not be declared for companies
listed on the stock exchange, apartment associations, building associations and
certain foundations. In all other cases the board of a legal person is obliged
to declare the data of its real beneficiary in 60 days after the new
requirements take effect on Sept. 1.
If the real beneficiary is not possible to be determined after
all options for finding that out have been exhausted, the company has to
declare a member of its highest governing body as the real beneficiary.
Companies will also have document and preserve data regarding all procedures
they carried out to identify the real beneficiary.
The law amendment proceeds from a money-laundering directive
of the European Union.
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