Register Of Beneficial Ownership Information

Although not yet in force (see below), the Cayman Islands has introduced a series of laws and regulations¹ which will require all Cayman Islands companies and limited liability companies (LLCs) to take reasonable steps to identify, record and maintain the details of all 'beneficial owners' defined as including any individuals who hold, directly or indirectly, more than 25% of the shares, capital, voting rights or the right to appoint or remove a majority of the directors or managers of the company or LLC. The new laws will also treat as beneficial owners those persons who have the right to, or actually do, exercise significant influence or control over the company or LLC and will also apply in relation to a trust where the trustees qualify as beneficial owners and to any persons who have the right to, or actually do, exercise significant influence or control over the trust.