Introduction

I was privileged to attend the STEP LatAm Conference in Mexico City earlier this month, which brought together professionals in the trust, estate planning, and wealth management sectors from over 60 jurisdictions. The event presented excellent opportunities for networking and collaboration. The immersive two-day program featured engaging talks and workshops from leading minds in the field, covering topics including: • Predictions for the world of private wealth; • Strategies to protect against governmental seizure; • Art and collectibles as part of succession planning in LatAm; and • Political instability and tax impacts in LatAm.

Public Registers of Beneficial Ownership

Perhaps the most pertinent discussions centered on public registers of beneficial ownership. Experts from the Bahamas, the British Virgin Islands (BVI), Cayman Islands, and Panama highlighted differences in the applicable rules across jurisdictions. Globally, there has been a clear shift toward greater transparency in recent years. Beneficial ownership information is now seen as vital in combating corruption, money laundering, tax evasion, and terrorism. This push intensified following the Panama Papers (2016) and Paradise Papers (2017) leaks, and again after Russia’s invasion of Ukraine (2022), when preventing sanctions evasion through complex structures became a priority. However, increased transparency has created tension with data protection and the fundamental right to privacy.

EU Developments

• •2015 DIRECTIVE Required EU member states to introduce central registers of beneficial ownership of companies. Access was limited to public authorities and persons with a “legitimate interest,” such as investigative journalists.
• UK REGISTER (2016) The UK was one of the first to act, introducing the Register of People with Significant Control, accessible to the public free of charge via Companies House.
• 5TH EU MONEY LAUNDERING DIRECTIVE (2020) Removed the “legitimate interest” requirement, opening registers to the general public. This led to concerns over misuse and “fishing expeditions.”
• ECJ RULING (NOV 2022) In WM (C-37/20) and Sovim SA (C-601-20) v Luxembourg Business Registrars, the European Court of Justice held that public registers were invalid, citing serious interference with rights to private life and data protection. As the UK had already left the EU, the ruling did not apply to it.

Crown Dependencies and Overseas Territories

The UK government had earlier secured commitments from the Crown Dependencies (Jersey, Guernsey, Isle of Man) and Overseas Territories (including BVI, Cayman Islands, Turks & Caicos Islands (TCI)) to implement publicly accessible registers.

• •BVI (DEC 2023)
  • Announced that its register must include a “legitimate interest test” in line with the ECJ ruling, to minimise human rights challenges.
• CAYMAN ISLANDS (DEC 2023)
  • Reaffirmed its commitment to the UK but confirmed it would limit access to those meeting the “legitimate interest” criteria.
• TCI (JUNE 2025)
  • Introduced the Beneficial Ownership (Amendment) Regulations 2025. Access is based on a legitimate interest test, with criteria for journalists and other stakeholders who can demonstrate valid reasons.
  • This approach expands access while safeguarding privacy, strengthening TCI’s reputation as a credible Caribbean financial hub.

Further Reading

For a detailed breakdown of the new TCI Regulations – including definitions of who is captured, what constitutes a “legitimate interest,” and restrictions on disclosure – please see my colleague Ayanna Ferdinand Catlyn’s article: Beneficial Ownership in the Spotlight.

Outlook

It will be interesting to observe how other jurisdictions adapt their legislation to balance transparency with privacy rights. For companies operating in or registered in TCI, it is important to seek independent advice to fully understand reporting obligations and what information may be made publicly available.

Please do not hesitate to contact us should you wish to discuss further.