News: Disclosure of personal data on beneficial owners in Gibraltar

Disclosure of personal data on beneficial owners in Gibraltar

The foregoing changes entered into force on June 26, 2017, and now the management company (trust) undertakes to provide all information regarding the owners of Gibraltar companies.

The Central Register of Beneficial Owners of Foreign Companies was established for this purpose. An individual who has equity share of more than 25 percent in the company will be protected by the closed register (the above refers to protection of personal data of such person).

All the registered companies in Gibraltar will be subject to the abovementioned changes. New regulations require each registered agent to provide a database with information about beneficial owners. The law imposes obligatory requirement to update all information, including personal data of customers and subsequent entry of this information into the register. Data are entered within 30 days from the date of publication of the draft bill.

The Central Finance Department will now be engaged in considering all external requests regarding information from this register. The above department decides to whom and to what extent confidential information about the owners of the company will be disclosed.

For more detailed information on doing business in Gibraltar, please contact lawyers of Law&Trust International. Consultations are possible by phone, in chat or during personal conversation in the offices of the company.