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ARTICLE · 12 SEPTEMBER 2024

Updates To Cayman Beneficial Ownership Regime Now In Force

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The Beneficial Ownership Transparency Act, 2023 (the "BOT Act") introduced by the Cayman Islands mark significant changes to the beneficial ownership regime, aiming to enhance transparency...

Cayman IslandsCompliance
Megan Wright
Megan Wright
Jonathan McLean
Jonathan McLean
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The Beneficial Ownership Transparency Act, 2023 (the "BOT Act") introduced by the Cayman Islands mark significant changes to the beneficial ownership regime, aiming to enhance transparency and align with international standards and came into effect on 31 July 2024. The Ministry of Financial Services and Commerce has announced that enforcement of the new requirements will be deferred until 1 January 2025.

Key Updates to the Beneficial Ownership Regime

Broader Scope of Coverage:

  • The regulations expand the range of entities required to maintain beneficial ownership registers, including exempted limited partnerships, limited liability partnerships and limited partnerships.
  • Trusts and foreign-registered companies continue to be out of scope. However, trustees that are Cayman entities must evaluate their obligations pursuant to the BOT Act.

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