The Cayman Islands government has proposed to set-up a beneficial ownership register which will replace the current system used by companies to register their controlling persons.
Since 2017, Cayman Islands have required companies to keep records of their beneficial owners and make them available for specific purposes and parties when requested, so that as of today the public have access only to the name of directors, the company’s registered office, the nature of its business and the date of its financial year-end.
Under the consultation proposals, previously exempted entities such as limited partnerships will be drawn into the framework, which will further be expanded and will require reporting of the beneficial owner’s nationality and their controlling mechanisms. The list of authorities and financial institutions granted access to the information will also be extended and any entity with access to the register will have to notify authorities in case of discrepancies in the registered information.
The extent of the information to be publicly accessible is yet to be decided, but rules will be envisaged to allow a beneficial owner to request for his information to be restricted from public disclosure, due to the nature of the entity’s activities or to the fact that the beneficial owner or a person living with them could be at risk of harm.