The Virgin Islands’ new Beneficial Ownership Legitimate Interest Regime officially took effect on July 1, 2025, introducing revised rules for who can access corporate ownership data and under what conditions. Premier Natalio Wheatley said the regime strikes a crucial balance between transparency and protecting individual privacy.
The law replaces the previous framework with a system that allows only law enforcement to retain automatic access to beneficial ownership information. Any request by outside parties must now demonstrate a legitimate interest, tied directly to preventing or investigating financial crime.
He added, “We have also incorporated safeguards, including, where appropriate, notifying companies when their data is requested. This regime is not about denying access, but about protecting individual privacy, safety, and constitutional rights.”
The regime is currently in a transitional phase that includes system testing and issuance of technical guidance. Further updates are expected as it becomes fully operational.