New Register of Overseas Entities goes live
A first of its kind register designed to root out corrupt oligarchs and elites attempting to hide ill-gotten gains through UK property
A Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022.
The new Register of Overseas Entities is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and/or managing officers. There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK.
What you need to do
Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and tell them who their registrable beneficial owners or managing officers are.
Overseas entities who already own or lease land or property in the UK will also need to register with Companies House and tell them who their registrable beneficial owners or managing officers are by 31 January 2023.
This applies to overseas entities who bought property or land on or after:
- 1 January 1999 in England and Wales
- 8 December 2014 in Scotland
Overseas entities only need to register property or land bought in Northern Ireland on or after 1 August 2022.
Entities that disposed of property or land after 28 February 2022 will also need to give details of those dispositions.
First published 2 August 2022