Changes in Beneficial Ownership Rules in the BVI

ACCESS TO THE REGISTER BASED ON “LEGAL INTEREST”

From 1 April 2026, any person who can demonstrate a “legal interest” (for example, in the context of anti-money laundering or counter-terrorism financing checks, where the person involved is suspected/accused of such crimes, or the purpose is to prevent or detect such a crime) may submit a request to the Registrar to obtain information from the BVI Beneficial Ownership Register, subject to a fee of USD 75.

Companies affected by the request will receive notification from the Registrar and will have 5 days to submit objections to the disclosure of data if there are reasonable grounds — for example, security risks, confidentiality of minors, or other exceptional circumstances. After submitting a Notice of Objection, the company has an additional 5 days (i.e., up to 10 days in total from the Registrar’s notification) to submit a full objection statement in the prescribed form with supporting evidence and reasoning.

We emphasize that the Beneficial Ownership Register will not be public, but access will be controlled (based on “legal interest”) and information will only be provided in accordance with the rules.

What information may be provided to the Applicant (if the request is granted)?

1. For an individual beneficial owner: full name; month and year of birth; nationality; nature and size of the interest.

2. For a corporate beneficial owner: name (including alternative names), registration number, registered/main office address, country of registration, legal form and governing law, and type of register.

The law establishes restrictions so that information is used only for the stated purpose; violations lead to access restrictions/sanctions.

In connection with these changes, the Registrar now has the authority to:

• restrict a beneficial owner’s interest if the owner refuses to respond to an information request;
• issue “Restriction Notices” that temporarily block transactions with ownership interests if the owner does not respond to a disclosure request.

WHO CAN BE EXEMPTED FROM BO DISCLOSURE?

Under the new rules, the following are exempt from disclosure of beneficial ownership information:

1. A subsidiary of a fund (including a foreign fund), if the fund collects and maintains accurate BO information and can provide it to the Registrar within 24 hours.

2. A company that is a subsidiary of a company listed on a recognized stock exchange.

3. A company controlled by the government (>50% of shares/voting rights) of the BVI or a foreign state/territory.

APPLICATION FOR EXEMPTION FROM INFORMATION DISCLOSURE

From 2 January 2026, any person (including a beneficial owner) may apply for an exemption from disclosure.
An application for exemption from disclosure of a BVI beneficial owner’s information may be submitted when:

• there are reasonable grounds to believe that public disclosure could cause harm or create a serious security risk for the individual or their family — for example, in cases of fraud, kidnapping, blackmail, violence, or persecution;

• the beneficial owner is a minor or legally incapacitated;

• disclosure could harm the national security of the BVI or another state;

• circumstances are exceptional and require confidentiality (e.g., risk to reputation or commercial security of the company);

• information is covered by legal, trust, or professional privilege;

• disclosure would be contrary to public interest.

To submit an application, the reasons must be thoroughly justified with evidence (medical, police, or legal documents, risk testimony, etc.) and an administrative fee of USD 50 must be paid. The Registrar considers each application individually and may grant an exemption for a specified period or with conditions, limiting disclosure only to competent authorities.

PENALTIES AND RESTRICTIONS

The BVI has also introduced a new fines system under the BO regime to strengthen the accountability of companies and their officers for breaches of transparency requirements.

Specifically, the following fines are established:

• For failure to provide or update BO information on time: up to USD 20,000 plus USD 500 for each day of delay.

• For providing false information: up to USD 40,000 or even imprisonment for up to 5 years.

• Violations of the internal BO register procedure, refusal to provide data to the Registrar, or ignoring requests: up to USD 15,000.

• Improper use or disclosure of owner information: up to USD 50,000 and inclusion on a restricted access list for 3 years. In case of repeated violations, fines are doubled.

The Registrar has the power not only to impose monetary penalties but also to restrict company activities — block filings, issuance of certificates, or even initiate removal from the Register in case of unpaid fines.

To avoid consequences, we recommend conducting an internal audit of beneficial ownership data to prepare for the changes.

If you have any questions, we will be happy to assist or provide individual consultation.