Premier Dr. the Honourable Natalio D. Wheatley underscored the initiative’s importance, emphasising the BVI’s commitment to balancing financial transparency with privacy. The draft policy proposes granting access to beneficial ownership information based on a demonstrable “legitimate interest” under specified conditions.

Recent legislative updates, effective 2 January 2025, have enhanced the BVI’s framework for collecting beneficial ownership data via the VIRRGIN platform. This builds on the work of the Beneficial Ownership Secure Search System (BOSSs), which has managed such information since 2017.

The draft policy outlines a framework for accessing the Register of Beneficial Ownership, balancing transparency with privacy rights. It introduces the concept of "legitimate interest," allowing specific stakeholders, including certain financial institutions, regulated non-financial businesses, media personnel, civil society organisations, and academic institutions, to access beneficial ownership information under defined circumstances. Provisions are also made for exemptions to protect individuals who may face serious risks, such as kidnapping or fraud, minors or legally incapacitated persons, if their information is disclosed.

Stakeholders are invited to provide feedback on key questions, such as defining “legitimate interest” and determining exemptions, by submitting written responses by 28 February 2025.

The BVI Government’s official press release can be found here and the Draft Policy here.

Our main guide on the reforms to the BVI beneficial ownership regime can be found here.