Wealthyhood, the European investment app operating in Cyprus as Wealthyhood x BoC in partnership with the Bank of Cyprus, has launched an initiative to help investors regain access to shares held in the Cyprus Stock Exchange’s Special Account, allowing them to view, sell or trade their holdings through the app.
The company said it had already completed the first transfers for Cypriot investors after receiving requests over recent months, and was now extending the process to all affected shareholders.
It has also contacted companies listed on the Cyprus Stock Exchange (CSE) to propose information campaigns aimed at helping shareholders identify and access holdings that may have remained inactive for years.
The initiative focuses on shares held in the Special Account of the CSE’s Central Depository and Registry, where securities remain legally owned by investors but cannot be traded until they are transferred to a broker, bank or other appointed custodian, known as a Participant.
Wealthyhood said the issue had become particularly apparent following the latest dividend payment by Demetra Holdings.
According to the CSE’s Central Depository and Registry, only about 4,000 of Demetra Holdings’ almost 140,000 shareholders received their dividend through a brokerage firm, while the remainder were sent cheques by post.
The payment prompted more people to visit the CSE’s offices to check whether they still owned shares purchased years earlier.
Every investor on the CSE has an investor account, known in Greek as a Merida, maintained by the Central Depository and Registry.
Shares are held either through a Participant or, when no Participant has been appointed, in the Special Account.
Although the shares in the latter remain the property of their owners, they cannot be bought or sold on the market until transferred to a Participant.
Wealthyhood said many of these holdings originated from purchases made years ago, with some investors having changed addresses or lost track of their investments, while other shares remained registered in the names of deceased holders as heirs had yet to complete the transfer process.
The company identified several consequences, including restricted access to trading, dividends being sent by post to potentially outdated addresses, difficulties transferring shares to heirs and reduced liquidity for listed companies.
By transferring the holdings to a Participant, investors can regain control of their shares, choosing whether to sell them or retain them, while dividends can be paid through the Participant rather than by cheque.
The company said bringing these holdings back into circulation would also benefit listed businesses and the wider market by increasing the shares available for trading.
“Tens of thousands of Cypriots own shares in companies they know well, and they can’t do anything with them,” said Alexandros Christodoulakis, co-founder and chief executive of Wealthyhood.
“They can’t sell, they can’t trade, and many don’t even know the shares are still there,” he stated.
“That isn’t the investors’ fault. It’s a system that never gave them a simple way in,” he added.
“When almost 140,000 people receive a dividend and only around 4,000 of them get it through a broker, you can see how much of the Cypriot market is sitting idle,” Christodoulakis continued.
“With Wealthyhood x BoC, putting those shares back to work takes a three-minute account opening and an email to our team,” he mentioned. “Every share in Cyprus should be in the hands of an investor who can actually use it.”
The transfer process begins with opening a fully digital Wealthyhood x BoC account, which the company said takes about three minutes and requires a single document.
The app is available to all Cyprus residents, regardless of whether they bank with the Bank of Cyprus, while existing Bank of Cyprus customers can link their bank account instantly.
Shares can then be transferred directly from the Special Account to the investor’s Wealthyhood x BoC account, with the company’s team guiding customers through the required steps and paperwork.
Once the transfer is complete, investors can view their holdings through the app and decide whether to sell or retain them, with Wealthyhood promoting what it describes as the most competitive fees in the market.
Beyond Cypriot shares, the app also provides access to Greek and international stocks and exchange-traded funds (ETFs), with investments available from €1.
Users can also automate recurring investments through its Autopilot feature and access financial education resources through the app’s learning hub.
Investors who hold shares in the Special Account, or suspect they may have holdings there, can contact Wealthyhood for guidance on opening an account and completing the transfer.
Those uncertain whether they still own shares can request a statement of their holdings from the CSE’s Central Depository and Registry.