The Ministry of Financial Services and Commerce in the Cayman
Islands announced today that awaited changes to the beneficial
ownership reporting regime (BORR) have come into effect on 31 July
2024. "These are the most significant changes to the
beneficial ownership reporting regime since it was introduced in
the Cayman Islands in 2017," notes Lucy Frew, partner in the
Regulatory & Risk Advisory group at Walkers. "Many
entities that previously had few or no obligations will have to
take steps to comply."
What is changing?
strong>The Beneficial Ownership Transparency Act, 2023
(BOTA) updates the BORR in line with evolving
international standards and expands the scope of the BORR. Cayman
Islands companies, limited liability companies, limited liability
partnerships, foundation companies and, for the first time,
exempted limited partnerships and limited partnerships
(togetherLegal Persons) are in scope of the BOTA.
Trusts and registered foreign companies continue to
