The Beneficial Ownership Transparency (Access Restriction) Regulations, 2024 (the "Access Restriction Regulations") commenced on 28 February 2025 and will supplement the Beneficial Ownership regime in the Cayman Islands. The Access Regulations establish a framework for beneficial owners and senior managing officials of in-scope Cayman Islands entities to apply to the Cayman Islands Registrar (the "Registrar") to protect their information from being disclosed under the Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024 (the "Legitimate Interest Access Regulations").
Applications to Restrict Disclosure
An individual may apply for access to be restricted under the Access Restriction Regulations. However, these Regulations set a very high threshold, limited to situations where there would be a serious risk of kidnapping, extortion, violence, intimidation or any similar danger or serious harm.
The Access Restriction Regulations set out the framework for a beneficial owner or senior managing official to apply to the Registrar for protection from their information being disclosed under the Legitimate Interest Access Regulations where they believe that their association with the Legal Person, if disclosed, will place them, or an individual living with them, at serious risk of:
(i) Kidnapping;
(ii) Extortion;
(iii) Violence;
(iv) Intimidation; or
(v) Other similar danger or serious harm.
A person that lives in the same household as a beneficial owner or senior managing official is also eligible to apply for protection from disclosure if they also believe disclosure would place them in the above harm.
Making an Application
An application for protection from disclosure can be submitted as soon as the Legal Person is established in the jurisdiction, or any time thereafter. Applications can now be made for existing legal persons.
A copy of the information needed for the application form can be found at Schedule 1 of the Access Regulations. Submissions must be provided with supporting documentation1 and a prescribed fee of $1,000.2
Currently, the forms need to be requested by email to BO-AR@gov.ky. A separate application form must be submitted in respect of each individual and in respect of each Legal Person that an individual is associated with. Where the beneficial owner or senior managing official intends to submit their own application, the form will be made available to the individual via a shared file platform. Where someone else, such as legal counsel, is going to be submitting the application then a Third Party Authorisation Form is required to be signed by the individual before the application form is made available to the delegated third party. If granted, protection from disclosure will only prevent those seeking access under the Legitimate Interest Access Regulations. Cayman Islands law enforcement authorities, government agencies, financial institutions and Designated Non-Financial Businesses and Professions will continue to have access to all beneficial ownership information, regardless of whether or not the individual has obtained protection under the Access Restrictions Regulations.
The entire application process, in particular in respect of sharing evidence and information, will be conducted via the shared file platform to ensure that sensitive data is appropriately secure and protected.
If an application meets the requirements, an initial protection from disclosure will be put in place in respect of the individual. This initial protection will begin on the date that the Registrar is satisfied and confirms that the application (including receipt of fee payment and submission of all forms) is complete. Once an application has been processed and approved, a full protection will be provided and will be in place for a period of three years from the date of the decision.
At a recent roundtable event, the Registrar confirmed that it is taking a considered approach to analyse each access restriction application on its merits on a case by case basis.
Conyers has experience assisting clients with access restriction applications. Our Team is well versed in guiding clients through the process, so please reach out if you would like to consider making an application.
Revoking Protection
Where an application is successful and protection from disclosure is put in place, such protection may be revoked in circumstances where the Registrar becomes aware of information that if known at the time of the application would have resulted in it being refused or if the original Applicant:
(i) has previously served or is now serving a sentence of imprisonment exceeding five years;
(ii) is convicted of an offence involving dishonesty; or
(iii) is or has been subject to any UK sanctions extended to the Cayman Islands.
The Registrar will notify the individual and permit them to make representations in advance of any proposed revocation of protection from disclosure.
Resources
Beneficial Ownership Transparency Act, 2023
Beneficial Ownership Transparency Regulations, 2024
Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024
Beneficial Ownership Transparency (Access Restriction) Regulations, 2024
Beneficial-Ownership-Transparency-General-Guidance
Footnotes
1. Credible evidence to support an application for protection from disclosure may include, but is not limited to:
- A police incident number and report if the individual has been attacked, or threatened, and details of law enforcement contact person (if relevant);
- Official documentary evidence of a threat or attack such as photos or recordings;
- Examples of possible disruption or targeting by activities; and
- Examples that the individual works for, or is an organisation whose activities put, or has, in the past put, them at risk.
2. The Cayman Islands< a href="https://www.ciregistry.ky/beneficial-owner-access-restriction/" rel="noopener" data-uw-rm-brl="BE" data-uw-original-href="https://www.ciregistry.ky/beneficial-owner-access-restriction/" data-uw-rm-ext-link="" target="_blank">General Registry Website also notes that any person can request a Beneficial Owner Access Restriction Application Form by sending an email to bo-ar@gov.ky with "Beneficial Owner Access Restriction Request" in the subject line of the email. This form will be provided by the Registry along with all information required to complete the application.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
