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Psychoanalytic communities increasingly face a practical and ethical question: who may legitimately claim the title “psychoanalyst” in a landscape where training routes, institutional standards, and legal regulation vary widely. This commentary argues that psychoanalytic legitimacy should be grounded primarily in demonstrable competence and ongoing accountability, rather than in institutional residence alone. To clarify the debate, the paper distinguishes four analytically distinct registers of legitimacy—legal permission, professional credentialing, community recognition, and psychological legitimacy—which often overlap but can diverge in practice. It then defines competence as a multi-domain capacity that includes sustained analytic process skill, reflective function, theoretical literacy, and ethical accountability, while noting that these domains may not align neatly within individuals or institutions. The paper examines the enduring strengths of institute-based formation and the contemporary pressures it faces (including economic barriers and adult-learning constraints), alongside the promises and vulnerabilities of self-directed pathways (including informal hierarchy, charismatic authority, prestige markets, and “supervision shopping”). As a concrete exemplar of competency-based recognition, the American Board and Academy of Psychoanalytic and Psychodynamic Psychology (ABAPPP) is presented as a portfolio-plus-expert-review model that can accommodate plural training routes while preserving rigor—without being treated as universally transferable in its specific requirements. Finally, the paper proposes “portable” process standards (e.g., transparency, qualified supervision, peer review, honest self-representation) paired with jurisdiction- and discipline-specific mechanisms, with attention to DEI risks and safeguards in portfolio-driven evaluations.