The end of discretion?
Cécile Civiale Vuillier
Hong Kong
by Cécile Civiale Vuillier
For decades, international wealth structuring relied on a careful compromise: transparency for regulators, confidentiality for legitimate clients. Authorities needed access to ownership information for tax enforcement, anti-money laundering controls, and criminal investigations, while private individuals and families expected their lawful affairs to remain protected from unnecessary exposure. That balance is now changing rapidly.
The most significant development is taking place in the offshore world. Since April 2026, access to beneficial ownership information has widened materially across certain offshore and Crown Dependency style jurisdictions, with the British Virgin Islands (BVI) becoming one of the clearest examples. The message is simple: ownership data is no longer reserved only for regulators. In practice, a far wider audience may now seek access to registry information.
The BVI, long regarded as a cornerstone jurisdiction for international structures, historically combined compliance with discretion. Beneficial ownership data existed, but access was traditionally limited to competent authorities. That model has changed. Third parties may now request access to registry information upon payment of a modest fee and by demonstrating a “legitimate interest.” This means that, from April 2026 onward, the threshold for obtaining ownership information is significantly lower than many clients still assume.
This is not merely a technical reform. It represents a structural shift in expectations. What was once confidential by default is becoming accessible by procedure. Even where registers are not described as fully public, the practical result may be very similar if requests are inexpensive, frequent, and broadly interpreted.
The concept of “legitimate interest” remains uncertain. It can include due diligence, compliance reviews, investigative activity, or other purposes. Because the term is flexible, its scope may expand over time. What is exceptional today may become routine tomorrow.
Other jurisdictions such as Switzerland and Hong Kong still maintain more restricted systems, but global pressure clearly favours greater transparency.
The implications are substantial: security concerns, reputational exposure, commercial sensitivity, and loss of trust. Advisors must now assess not only tax and legal efficiency, but also how easily ownership information may be accessed tomorrow.
The conclusion is clear: effective April 2026, the era of assumed offshore confidentiality has materially weakened.
Confidentiality is no longer a given, it must be actively engineered.
Cécile Civiale Vuillier is a founding partner and CEO of META OCTAV, with extensive experience in wealth and estate planning. She advises on complex international trust and corporate structures for private and corporate clients across multiple jurisdictions worldwide, including Latin America, Eastern Europe, Asia, and the Middle East.Contact Cécile.
XLNC member firm META OCTAV GROUPHong Kong, and Geneva, SwitzerlandT: +852 37469080C: +852 9019 7110
Fiduciary
META OCTAV is an independent fiduciary and advisory group with an international footprint between Switzerland and Asia, specialising in wealth structuring, trust and foundation services, corporate structuring, and strategic advisory for international families, entrepreneurs, and private clients.
