British Virgin Islands introduces limited public access to company ownership records

The British Virgin Islands has introduced a new system allowing limited public access to company ownership records, signalling a policy direction that diverges from the United Kingdom’s push for fully open registers in its Overseas Territories.

The newly operational Legitimate Interest Access (LIA) regime permits journalists, academics and civil society groups to request beneficial ownership information, but only where they can demonstrate a clear link to the prevention or investigation of financial crime.

Premier Natalio Wheatley described the move as a “significant milestone,” saying the territory has developed “a balanced framework that deters financial crime while safeguarding individual privacy.”

However, the approach contrasts with longstanding UK calls for unrestricted public access to ownership registers—an issue that gained prominence following governance concerns raised during the British Virgin Islands Commission of Inquiry.

Instead, the BVI has adopted a controlled-access model, mirroring a broader shift in Europe after a 2022 court ruling limited open access on privacy grounds. Officials say the framework reflects evolving international standards while respecting constitutional rights.

Junior Minister for Financial Services Lorna Smith said the system “enhances transparency while reinforcing our position as a responsible and trusted financial centre.”

Authorities also emphasized that international law enforcement agencies will continue to have round-the-clock access to ownership data under existing agreements.

Despite this, concerns remain that the system may not go far enough to meet global transparency expectations, particularly as scrutiny of offshore financial centres intensifies. The UK has consistently maintained that full public access is key to combating illicit finance and strengthening accountability.

Tensions on the issue have been evident, with UK media, political figures and advocacy groups previously criticising the BVI’s resistance to fully open registers.

While the territory has since introduced reforms, the UK has yet to clarify its position on the latest developments or indicate what steps it may take if its expectations are not met.