Cayman Islands Private Client Structures And Beneficial Ownership - Changes Of Note

Cayman Islands private client structures and beneficial ownership - changes of note

On 31 July 2024, the Cayman Islands Beneficial Ownership Transparency Act, 2023 ("BO Act") and the accompanying Beneficial Ownership Transparency Regulations, 2024 ("BO Regulations") were brought into force. At the same time, Guidance on Complying with Beneficial Ownership Obligations in the Cayman Islands ("BO Guidance Notes") was published on the General Registry's website.

The new requirements (referred to broadly below as the "New BO Regime") introduced by the BO Act, BO Regulations and BO Guidance Notes were considered in detail in our recent briefing note. This summary considers how private clients, and, in particular, those who have established structures involving trusts with underlying companies incorporated under the laws of the Cayman Islands, might be impacted by the New BO Regime in practice.