ARTICLE
5 February 2025

BVI Launches Consultation On Beneficial Ownership Transparency

H
Harneys

Contributor

Harneys is a full-service offshore law firm offering expert legal advice on the laws of jurisdictions including the British Virgin Islands, Cayman Islands, Luxembourg, and more. Established in 1960, the firm has grown to 11 global locations with over 180 lawyers, serving top law firms, financial institutions, investment funds, and high-net-worth individuals. Harneys provides comprehensive legal support across transactional, contentious, and private client matters, often in collaboration with Harneys Fiduciary, which delivers corporate and wealth management services. Known for its role in shaping offshore jurisprudence, the firm also advises on legislative developments and excels in handling complex cross-border transactions and disputes.

The British Virgin Islands Government has initiated a public consultation on its proposed policy for access to the register of beneficial ownership.
British Virgin Islands Corporate/Commercial Law

The British Virgin Islands Government has initiated a public consultation on its proposed policy for access to the register of beneficial ownership. This consultation, launched on 17 January 2025, represents a significant step in aligning the Territory with international standards for transparency and combating illicit finance.

Premier Dr. the Honourable Natalio D. Wheatley underscored the initiative's importance, emphasising the BVI's commitment to balancing financial transparency with privacy. The draft policy proposes granting access to beneficial ownership information based on a demonstrable "legitimate interest" under specified conditions.

Recent legislative updates, effective 2 January 2025, have enhanced the BVI's framework for collecting beneficial ownership data via the VIRRGIN platform. This builds on the work of the Beneficial Ownership Secure Search System (BOSSs), which has managed such information since 2017.

The draft policy outlines a framework for accessing the Register of Beneficial Ownership, balancing transparency with privacy rights. It introduces the concept of "legitimate interest," allowing specific stakeholders, including certain financial institutions, regulated non-financial businesses, media personnel, civil society organisations, and academic institutions, to access beneficial ownership information under defined circumstances. Provisions are also made for exemptions to protect individuals who may face serious risks, such as kidnapping or fraud, minors or legally incapacitated persons, if their information is disclosed.

Stakeholders are invited to provide feedback on key questions, such as defining "legitimate interest" and determining exemptions, by submitting written responses by 28 February 2025.

The BVI Government's official press release can be found here and the Draft Policy here.

Our main guide on the reforms to the BVI beneficial ownership regime can be found here.

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.

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