Bermuda’s New Beneficial Ownership Framework
Bermuda’s Beneficial Ownership Act 2025 has received Royal Assent and will come into operation once gazetted, introducing a new central register and electronic portal. The framework broadens access for competent authorities and obliged entities, removes previous exemptions for certain permit companies and financial institutions, and includes protections for individuals at serious risk of harm.
Bermuda has enacted a new beneficial ownership framework aimed at strengthening transparency and aligning with revised Financial Action Task Force (FATF) standards. The Beneficial Ownership Act 2025 received Royal Assent on September 28 and will come into operation once it is gazetted.
The framework consists of the Act itself, the Beneficial Ownership Regulations 2025 and related guidance notes. Key elements of the reform include transferring the central register of companies from the Bermuda Monetary Authority to the Registrar of Companies and the launch of a stand‑alone, secure electronic database.
The new system widens who may access beneficial ownership information (BOI), allowing certain competent authorities and obliged entities — including financial institutions and designated non‑financial businesses and professions — to query the register for legitimate purposes. The reforms also remove longstanding exemptions that previously shielded some permit companies and financial services entities, such as insurance, reinsurance companies and investment funds.
Entities and individuals covered by the new rules must update their registers and prepare to meet the higher standards once the changes take effect. Conyers, a Bermudian law firm, said it is upgrading internal platforms to help clients comply. "We are working to update our internal platforms.
Once these upgrades are completed, we will be reaching out to all clients with instructions on accessing the Conyers portal to complete a new beneficial ownership notification online form," the firm said. Conyers also noted the regulations will restrict access to BOI that is suppressed following an approved application by a beneficial owner who faces serious risk of harm, such as fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation.
The Registrar will be running outreach and training sessions on the new portal throughout this month to help companies, service providers and authorised users adapt to the system. For now, there is no fixed enforcement start date beyond the requirement that the Act must be gazetted before coming into force.
What this means for residents and businesses in the British Virgin Islands: many corporate service providers, law firms and trustees across the region work with Bermuda entities and will need to coordinate compliance efforts. BVI-based holders of interests in Bermuda companies should review existing registers and stay in contact with their corporate service providers and legal advisers for instructions on notification obligations and portal access.
Expect further announcements once the gazette date is published and training schedules are finalised.
Primary source: VINO