The Beneficial Ownership Transparency Bill

The Beneficial Ownership Transparency Bill, 2023 (BOT Bill) was passed by the Cayman Islands Parliament on 23 November 2023. Careful observers noted that certain amendments to the BOT Bill were made from the floor of Parliament during the debate, so the version that passed the necessary three readings in Parliament is not identical to the version that was previously gazetted. Please contact Barbara Padega of Appleby's Knowledge Management team if you would like a copy of the BOT Bill showing those changes.

THE BOT BILL IS NOT YET LAW

The passing of a bill by the Cayman Islands Parliament is just the first step in the process of enacting new legislation in the jurisdiction. The BOT Bill is not yet in force, and implementation is expected to take place in phases over the course of 2024. This phased implementation is intended to allow for the publication of supporting regulations and guidance notes, and to permit impacted Cayman entities ample time to ensure that