From January 2022, legal entities of all legal forms established in Lithuania are required to provide data on their Ultimate Beneficial Owners (UBO).
The data can only be submitted in electronic form at the self-service of the Center of Registers. This can be done by a manager or an authorized person.
Who is the Ultimate Beneficial Owner
UBO is the natural person who owns the legal person or who directly or indirectly controls or otherwise controls the legal person.
A person who owns more than 25% of the shares in a legal person or who owns more than 25% of the assets of a legal person is considered to be a direct controlling person.
Indirectly controlling – a natural person whose controlled company or companies own 25% plus one share or more than 25% of the assets in another legal entity.
Failure to comply with the requirements set out in the Law on the Prevention of Money Laundering and Terrorist Financing may result in administrative liability and fines of between
EUR 500 and EUR 1 800 for liable persons, between EUR 1 500 and EUR 5 200 for repeated infringements and between EUR 2 000 and EUR 3 500 for directors, EUR 3 500-5 800 for repeated infringement).
Also, legal entities run the risk of being included in a publicly published list of unreliable taxpayers for one year, which may lead to the exclusion of a supplier from a public procurement procedure.
Provision of data
The following details of the UBO will have to be disclosed to the Registry: name, date of birth, identity number, country that issued the identity document, place of residence, nationality, country of residence for tax purposes, information on ownership (or other control rights).
Where a legal entity is controlled by one or more other legal entities, the full structure of the legal entity up to the final beneficiary, the natural person, will have to be submitted to the Register and details of these intermediate legal entities will be provided.
When providing data on intermediate foreign legal entities, legalized and translated into Lithuanian extracts from these legal entities from the relevant foreign state registers will have to be submitted. The exception applies when the information in such registers is public and available to the public free of charge.
If you need help submitting data to the Registry Center, please contact us.
Get in touch with us today +370 5 2430344 / firstname.lastname@example.org