{"id":17472,"date":"2024-08-15T13:37:21","date_gmt":"2024-08-15T13:37:21","guid":{"rendered":"https:\/\/iqeq.com\/?p=17472"},"modified":"2024-08-15T13:37:54","modified_gmt":"2024-08-15T13:37:54","slug":"cayman-islands-beneficial-ownership-transparency-legislation-2024-has-come-into-effect","status":"publish","type":"post","link":"https:\/\/iqeq.com\/insights\/cayman-islands-beneficial-ownership-transparency-legislation-2024-has-come-into-effect\/","title":{"rendered":"Cayman Islands beneficial ownership transparency legislation 2024 has come into effect"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">\n    <div class=\"container fade-in\">\n        <p><strong>The Beneficial Ownership Transparency Act 2023 and Beneficial Ownership Transparency Regulations 2024 came into effect on 31 July 2024, bringing long anticipated enhancements to the current beneficial ownership reporting regime and alignment with global standards.<\/strong><\/p>\n<p>The enhanced reporting regime introduces greater coverage of entities, and reduces alternative routes to compliance, however the beneficial owner threshold remains consistent at 25%.<\/p>\n<p>The Cayman Islands government has confirmed that enforcement relating to the new requirements will be suspended until early next year.<\/p>\n<h2>Getting ready for the changes<\/h2>\n<p>There are several key changes that may impact your entities.<\/p>\n<ul>\n<li>In addition to companies incorporated, formed or registered in the Cayman Islands and limited liability companies formed under the Limited Liability Companies Act, the revised definition of legal person now includes the following:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li>A limited liability partnership registered under the Limited Liability Partnership Act<\/li>\n<li>A limited partnership registered under the Partnership Act<\/li>\n<li>A foundation company<\/li>\n<li>An exempted limited partnership registered under s9 of the Exempted Limited Partnership Act<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Foreign entities registered under the applicable legislation are excluded.<\/p>\n<p>Entities currently relying on any of the below exemptions will need to re-evaluate compliance under the new legislation:<\/p>\n<ul>\n<li>Entities claiming an exemption under S245 (1)(c) of the Companies Act or S71(1)(d) of the Limited Liability Companies Act where registration of beneficial ownership was exempted by the entity being regulated in an equivalent legislation jurisdiction that is designated as having measures for combating money laundering and the financing of terrorism which are equivalent to those of the Islands in accordance with section 5(2)(a) of the Proceeds of Crime Act<\/li>\n<li>Entities claiming exemption as managed, arranged, administered, operated, or promoted by an approved person as a special purpose vehicle, private equity fund, collective investment scheme or investment fund, including where the vehicle, fund or scheme is a Cayman Islands exempted limited partnership<\/li>\n<li>A general partner of a vehicle, fund or scheme referred to above which vehicle, fund, or scheme \u2014 (i) is registered or holds a license under a regulatory law; or (ii) is managed, arranged, administered, operated, or promoted by an approved person<\/li>\n<\/ul>\n<p>Assessing compliance under the updated legislation is key. Here are some of our recommendations:<\/p>\n<ul>\n<li>Partnerships should assess reportability under the updated beneficial ownership regime<\/li>\n<li>Entities currently complying with the beneficial ownership regime should review their current classification<\/li>\n<li>Entities employing a current exemption should consider whether the exemption still applies under the updated regime<\/li>\n<li>Entities should document their findings and make notifications and appointments and should ensure that the appropriate details are filed with their registered office service provider<\/li>\n<\/ul>\n<h2>Consider your next steps with IQ-EQ<\/h2>\n<p><a href=\"https:\/\/iqeq.com\/make-an-enquiry\/\">Reach out to us today<\/a> to discuss your situation in more detail. We can help you navigate these changes and ensure your compliance and readiness.<\/p>\n<hr \/>\n<p><strong>About the author<\/strong><\/p>\n<p>Deanna is a Client Director in the Cayman Islands for IQ-EQ. She has over 20 years of experience in the finance industry with specialist knowledge in business development, regulatory compliance, hedge funds and alternative assets. Deanna is also a chartered accountant with over 15 years post-qualification experience.<\/p>\n            <\/div>\n<\/section>\n\n<section class=\"related-section related-section--people related-section--centered standard-spacing\">\n    <div class=\"container\">\n                    <h2>Contact the author<\/h2>\n                <div class=\"cards row-load\">\n            <div class=\"person-card\">\n            <div class=\"bg-img lozad normal\">\n            <img width=\"290\" height=\"192\" class=\"attachment-person_card size-person_card lozad\" alt=\"\" data-src=\"https:\/\/iqeq.com\/wp-content\/uploads\/2023\/05\/Deanna-Derrick-2-290x192.png\" \/>        <\/div>\n        <div class=\"bg-img lozad hover\">\n            <img width=\"290\" height=\"192\" class=\"attachment-person_card size-person_card lozad\" alt=\"\" data-src=\"https:\/\/iqeq.com\/wp-content\/uploads\/2023\/05\/Deanna-Derrick-290x192.png\" \/>        <\/div>\n        <div class=\"info\">\n                    <h3>Deanna Derrick<\/h3>\n                <p class=\"job-title\">Client Director<\/p>\n        <div class=\"border\"><\/div>\n                    <p class=\"location\">Cayman Islands<\/p>\n                <a href=\"#contact-person\" class=\"link link--deepgray email\">\n            Send email        <\/a>\n                    <a href=\"tel:+13453250140\" class=\"link telephone\">\n                +1 345 325 0140            <\/a>\n                                    <div class=\"socials\">\n                <a href=\"https:\/\/www.linkedin.com\/in\/deanna-derrick-37206856\/\" class=\"linkedin\">\n                    <span class=\"screen-reader-text\">LinkedIn<\/span>\n                <\/a>\n            <\/div>\n            <\/div>\n<\/div>        <\/div>\n        <div class=\"button-wrapper\">\n                    <\/div>\n    <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":17473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[444,17],"service_category":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cayman Islands beneficial ownership transparency legislation 2024 has come into effect - IQ-EQ<\/title>\n<meta name=\"description\" content=\"The Cayman Islands government has confirmed that enforcement relating to the new requirements will be suspended until early next year. 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