Cayman Islands Beneficial Ownership Regime Update: Access Restrictions, Legitimate Interest Access and Beneficial Ownership Transparency

Background

The beneficial ownership regime in the Cayman Islands, that came into force 1 July 2017, mandates that Cayman Islands companies and limited liability companies establish and maintain beneficial ownership registers (BO Registers), unless they qualify for an exemption.

The Cayman Islands has recently established a comprehensive framework for accessing beneficial ownership information based on legitimate interest and for protecting such information from disclosure. This new framework is outlined in the below legislation:

• Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024 (the BOT Regulations), which came into force on 9 December 2024.
• Beneficial Ownership Transparency (Access Restriction) Regulations, 2024, effective from 28 February 2025.

The Competent Authority for Beneficial Ownership (Competent Authority) acknowledges the ongoing evolution of global standards for transparency and the sharing of beneficial ownership information. It remains committed to fulfilling its functions in alignment with the framework’s purpose, which is to combat money laundering, terrorist financing, proliferation financing, and other criminal activities that exploit legal entities and the financial services system, often at the expense of vulnerable individuals in society.

We provide a summary of the framework application eligibility and application process here.

Information disclosed to the Public

Applicants who establish a legitimate interest may be provided the following BO Register  information:

• For individuals: name, country of residence, nationality, month and year of birth, and mechanism of control over the legal entity.
• For reportable legal entities: name, registered office, business structure, registration number, and mechanism of control.
• For deemed beneficial owners: name, registered office, business structure, and mechanism of control.

Access to Information

Under the Beneficial Ownership Transparency framework, eligible applicants with a demonstrated beneficial ownership interest may apply for access restrictions in line with Legitimate Interest Access guidelines.

Eligible applicants for access to information

Under the BOT Regulations, members of the public who meet the below criteria may apply to access beneficial ownership information:

(i) journalists and academic researchers

(ii) civil society organisations

(iii) related parties requesting information in connection with a potential or existing business relationship or transaction involving the entity for which the information is being sought.

Beneficial Owner Access Application Process

Applicants are required to submit the Beneficial Owner Access Restriction Application Form to the Cayman Islands General Registry along with the required supporting documents and evidence, which include:

• for journalists and academic researchers—proof of identity, credentials, evidence linking the legal entity to money laundering or terrorist financing, and a statement outlining the purpose for accessing the BO Register;
• for civil society organisations—proof of identity, organisational credentials, and a statement explaining the intent to access the BO Register for anti-money laundering or counter-terrorism purposes;
• for business relationships or transactions—details of the engagement with the entity, supporting documentation, and a statement justifying access to the BO Register for preventing or addressing financial crimes.

All submissions are made in accordance with the BOT Regulations.

Upon receiving a complete application and the prescribed fee, the Competent Authority shall evaluate the application. If satisfied that the applicant has a legitimate interest in accessing the information, the Authority shall notify the applicant in writing of the granted access and provide the requested information from the search platform. If not satisfied, the Authority shall notify the applicant of the refusal and provide reasons for the decision in writing. 

Fees

• CI$30 (USD37) for an application relating to one entity
• CI$100 (USD123) for an application relating to more than one entity

Fees for accessing the BO Register are non-refundable. This applies even in cases where the entity has no beneficial owners, senior managing officials, or reportable legal entities listed due to alternative compliance routes or ongoing enquiries, or if the application is unsuccessful.

Protection from Information Access

Eligible applicants for protection against information disclosure

This measure protects the privacy of the beneficial owner and upholds the principles of beneficial ownership transparency by ensuring that sensitive data remains secure.

An applicant, defined as an individual who reasonably believes that the disclosure of their information on the search platform and their association with a legal entity would expose them or a member of their household to a serious risk of kidnapping, extortion, violence, intimidation, or any similar danger or harm, may submit an application to the Competent Authority to restrict public access to such information.

Eligible applicants include current or prospective registrable beneficial owners of a legal entity, who are individuals owning or controlling a significant portion of the entity, and senior managing officials of a legal entity, who are persons holding high-level positions responsible for managing or directing the entity’s operations.

Application process

The applicant is required to submit the application via the Competent Authority’s portal by completing the necessary form and providing supporting documentation, such as police reports or legal threats, to substantiate the claimed risk. Upon receipt, the Competent Authority will issue a written notice to the applicant confirming whether the criteria for restriction have been met, and if the criteria is satisfied, the application will be deemed formally submitted as of the date of the notice.

The applicant is required to promptly inform the Authority in writing of any changes to the information or evidence submitted with their application.

The Competent Authority may revoke an approval if it determines that the individual granted approval or related to the application has served a prison sentence exceeding five years, been convicted in any country of an offence involving dishonesty, is subject to UK sanctions, or if new information emerges that would have led to the application’s refusal.

Fees

• CI$1,000 (USD1,220)

Contact Marbury’s Cayman regulatory specialists for more information

These updates enhance the existing beneficial ownership regime and ensure compliance with evolving beneficial ownership reporting requirements. They also reinforce robust access restrictions and Legitimate Interest Access protocols, as mandated by the BOT Regulations, enabling verified applicants to access the BO Registers while safeguarding the rights of each beneficial owner.

By doing so, the framework further ensures that only those with a proven beneficial ownership interest are granted appropriate access.

The Cayman Islands’ beneficial ownership regime has continued to evolve with new regulations introduced to enhance transparency and protect beneficial ownership information. These latest regulations have created a robust framework for accessing and safeguarding this information.

By implementing strict criteria and processes, the Cayman Islands balances transparency with Beneficial Ownership privacy and safety, aligning with global standards to combat financial crimes and ensuring the beneficial ownership regime promotes financial integrity and protects vulnerable individuals.

Marbury has a team of compliance and regulatory specialists assisting to maintain our client entities. Should you have any queries about the application of the beneficial ownership regime to your Cayman entity, please contact your Marbury relationship manager or the team via info@marburys.com.