On 31 July 2024, significant changes to the Cayman Islands Beneficial Ownership Regime came into effect, following the Ministry of Financial Services and Commerce's recent announcement.
The new legislation under the Beneficial Ownership Transparency Act ("BOT Act") expands the regime's scope to include more entity types and introduces additional reporting requirements for Registrable Beneficial Owners. Key changes affect companies, limited partnerships, and exempt limited partnerships, among others.
The purpose of this memo is to summarize the changes and the requirements of the BOT Act and to provide guidance on how in-scope Legal Persons may identify their Beneficial Owners.