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Beneficial owner (KÚV) under Slovak law

Beneficial owner (KÚV) under Slovak law in practice

Behind every company is someone who actually makes the decisions or takes the benefit. That individual is what Slovak law calls the beneficial owner, or KÚV. The term is defined in Section 6a of Act No. 297/2008 on the prevention of money laundering, and the same interpretation applies to RPVS, to the Slovak Commercial Register and to property transfers.

For a simple company, looking at the shareholdings is enough. In a holding, stakes along the chain have to be multiplied; under a shareholder agreement, combined votes have to be added up; and with a trust, the trust deed has to be examined. We identify beneficial owners for both RPVS and the Commercial Register. We prepare an entry or change of KÚV in the Commercial Register for €50 excluding VAT, with no court fee.

What we help with

  • We assess all four beneficial owner tests.
  • We calculate indirect stakes in holding structures.
  • We review shareholder agreements and their effect on voting.
  • For trusts we identify the relevant persons from the trust deed.
  • We prepare the entry or change of KÚV in the Commercial Register.
  • We register the KÚV in RPVS through a verification document.

Worth knowing

Four tests

A beneficial owner is an individual with a direct or indirect stake of at least 25% in voting rights or capital, with the right to appoint or remove bodies, controlling the company in another way, or entitled to at least 25% of the economic benefit.

Calculating indirect stakes

Stakes along a chain are multiplied. If person A owns 60% of company X and X owns 50% of company Y, A holds 30% of Y indirectly and is its beneficial owner.

Always a person

A legal entity can only be a link in the chain. The beneficial owner is always an individual.

Senior management as a last resort

Members of the statutory body may be entered only if a thorough review identifies nobody who meets the tests. Misusing this exception is a frequent reason for qualified complaints.

Common questions

  • No. A director is a beneficial owner where, for example, they own the whole company. A professional director with no stake usually is not.

  • Only if the transfer creates a new beneficial owner above 25% or removes an existing one. For RPVS the update deadline is 60 days.

  • Trustees, beneficiaries, settlors and protectors. The basis is the trust deed, sometimes together with a letter of wishes.

Related articles

Articles are in Slovak.

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This page is for general information, reflects Slovak law at the time of writing and is not a substitute for advice on your particular matter.