Cayman Islands Reaffirms Legitimate‑Interest Only Access to Beneficial Ownership Register

Defies UK push for full public access

A significant policy development has emerged in the Cayman Islands’ approach to beneficial ownership transparency.

Despite renewed pressure from the United Kingdom, Cayman lawmakers have formally reinforced their commitment to a restricted-access model, limiting the availability of beneficial ownership information to individuals with a demonstrable legitimate interest.

1. Cayman Parliament Updates the Access Fee Structure

On 10 March 2026, the Cayman Islands Parliament passed a government motion amending the fee structure for accessing the beneficial ownership register.

• A new $250 annual fee now allows approved users with a legitimate interest to conduct multiple searches throughout the year.
• The fee for a single search increased from $30 to $75, the government stating this adjustment covers administrative costs.

The updated regulation — the Beneficial Ownership Transparency (Legitimate Interest Access) (Amendment) Regulations 2026 — is part of one of Cayman’s most critical financial transparency laws.

2. Access Limited to Those With a “Legitimate Interest”

Under these rules, only individuals or entities that can demonstrate a valid interest may access the register. This includes:

• Journalists
• Civil society organisations
• Financial crime investigators
• Potential business counterparties
• Businesses entering into or conducting a business relationship with the relevant legal person (i.e., CDD context)

Premier André Ebanks emphasised that Cayman will not move towards a fully open, public‑facing ‘Google‑style’ register, despite UK pressure.

 UK Reaction: Minister Stephen Doughty Calls for Full Public Access

• UK Minister of State for the Overseas Territories, Stephen Doughty, said he wants beneficial ownership registers in all British Overseas Territories — including the Cayman Islands — to be fully publicly accessible.

However:

• Doughty also acknowledged ongoing progress in Cayman’s transparency framework.
• During his visit, he noted Cayman’s solid regulatory practices and their importance for combating illicit finance. 

This highlights a divergence between the UK’s preference for open access and Cayman’s legitimate‑interest model, but also reflects a period of constructive engagement.

The Broader Context

• Cayman maintains that it meets or exceeds FATF (Financial Action Task Force) standards and that the legitimate‑interest regime is likely to become an international norm.
• A FATF re‑evaluation in 2027 is looming, and the Cayman government sees other compliance priorities as more urgent than transitioning to full public access.

 Key Takeaways

1. Cayman is standing firm.

The Islands are deliberately resisting the UK’s push for complete public disclosure of beneficial ownership data.

2. Access remains controlled and subject to verification.

Only vetted users with a legitimate interest can view the register, and they will now pay updated fees to reflect administrative processing.

3. The UK wants full transparency but recognises Cayman’s progress.

While Stephen Doughty continues to champion public access, he also acknowledges the jurisdiction’s responsible regulatory posture and strong anti-money-laundering efforts.

4. The debate mirrors global uncertainty.

Worldwide, standards for beneficial ownership transparency continue to evolve, with varying levels of public accessibility.

Sources

• [caymancompass.com], https://www.caymancompass.com/2026/03/13/cayman-unified-on-legitimate-interests-for-beneficial-ownership/
• [ifcreview.com] https://www.ifcreview.com/news/2026/march/cayman-cayman-unified-on-legitimate-interests-for-beneficial-ownership/
• https://caymannewsservice.com/2025/09/minister-pleased-with-caymans-progress-on-bo-register/