With the recent introduction of the Beneficial Ownership Transparency (Legitimate Interest Access) Regulations 2024, certain members of the public can now access beneficial ownership information on Cayman Islands’ registered entities.

This brief guide outlines who is eligible, what information can be requested and how to navigate the application process.

Eligibility

Eligible applicants must have a ‘legitimate interest’ in obtaining beneficial ownership information for the purpose of preventing, detecting, investigating, combating or prosecuting financial crimes, including money laundering, or other illegal activities.

Applicants must also fall into one of the following categories:

• Journalists and academic researchers.
• Civil society organisations.
• Individuals or entities engaged in a potential or actual business relationship or transaction with the target of the information request.

Information Available

Eligible applicants may receive the following information on a target’s beneficial ownership register:

• Individuals – name, country of residence, nationality, month and year of birth and the mechanism of control over the target.
• Entities – name, registered office, legal form, registration number and the mechanism of control over the target.

Residential addresses will not be disclosed.

Documentation Required

Applicants must prepare and submit relevant documentation with their application, which may include:

• Proof of identity.
• Proof of professional credentials (for journalists, academic researchers and civil society organisations).
• Proof of a potential or actual business relationship (for business applicants).
• Evidence of a legitimate interest in the requested information.
• Confirmation of the intended use of the information and assurance of compliance with confidentiality requirements.

How to Apply

Applicants must apply via the online portal of the relevant authority, which is typically the Cayman Islands Registrar of Companies and pay a non-refundable application fee of CI$30 for one entity, or CI$100 for multiple entities.

Application Review

The relevant authority will assess whether the request meets the eligibility criteria and evaluate any potential risks or concerns regarding the potential misuse of the information sought. Additional information may be requested as part of the review process.

Determination

Applicants will receive written notification of the relevant authority’s decision. If the application is approved, access to the information will be granted under specific conditions, including strict data protection and confidentiality measures. If denied, the authority will provide written reasons for the refusal.

The review process may take several weeks.

Assistance

Navigating the regulatory requirements can be complex and seeking professional guidance is recommended.

If you require guidance or support with an application, a member of our team would be happy to assist – please contact us here.

For information on how to apply to prevent the disclosure of beneficial ownership information, please see our separate article here.