VI commits to strengthened legitimate access
The Virgin Islands has secured agreement at the Joint Ministerial Council (Nov 24–28, 2025) to strengthen a "legitimate interest" access model for beneficial ownership registers rather than introducing a fully public register. The move, welcomed by Premier and Minister of Finance Dr Natalio D. Wheatley, keeps the territory aligned with regional partners while promising technical support from the UK and further review in early 2026.
The Virgin Islands has secured a commitment at the recent Joint Ministerial Council (JMC) meeting to improve access to registers of beneficial ownership through a strengthened "legitimate interest" model, rather than moving to fully public registers. The JMC, held November 24–28, 2025, saw the Virgin Islands join Anguilla and Bermuda in agreeing to bolster systems that allow vetted access for those with a legitimate interest in the information.
The UK has offered to provide technical support where requested. Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley described the outcome as a major victory for the territory, saying that public registers would have crippled the VI's legitimate financial services industry.
A communique issued on November 28, 2025 by the UK and Overseas Territories said Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands and Turks and Caicos Islands had committed to further technical discussions in the coming weeks. The aim, the communique stated, is to deliver the maximum possible degree of access and transparency while protecting the right to privacy in line with each territory's constitution.
Elected leaders and the Minister of State are scheduled to reconvene in early 2026 to review progress and provide a comprehensive update. The JMC also welcomed the launch by St Helena of a Publicly Accessible Register of Beneficial Ownership (PARBO) and noted the Falkland Islands' recommitment to launching a PARBO by summer 2026.
The communique highlighted that the Cayman Islands introduced legitimate interest access in February 2025 and the Turks and Caicos Islands did so in June 2025, with the Cayman Islands committing in June to further improve user access. For BVI residents, the agreement means the territory will continue to pursue a model that aims to balance transparency with privacy and the commercial confidentiality vital to the financial services sector.
Practical implications will include developing secure, controlled access procedures for law enforcement, regulatory bodies and those who can demonstrate legitimate need, rather than exposing ownership details to the general public. Government officials say stakeholders will be consulted as technical work proceeds and that further updates will follow the early-2026 review.
Residents and local professionals in legal, trust and corporate services should expect phased changes focused on secure access, compliance with constitutional protections, and continued engagement between the VI, regional partners and the UK.
Primary source: VINO