A new register of Overseas entities has been introduced from 1 August 2022 in the UK.
This register will be held by Companies House. Overseas entities owning land or property in the UK will need to declare their beneficial owners and/or managing officers. The Register has been established to increase transparency in the ownership of overseas entities owning UK land or property.
Generally, beneficial owners will need to be registered if they hold, directly or indirectly more than 25% of the shares in the entity.
These new rules apply to overseas entities who purchased land or property after:
Under the new rules from 5 September 2022 Overseas entities that want to buy, sell or transfer land or property in the UK must register first.
Those entities that already own land or property in the UK must inform Companies House of the relevant details by 31 January 2023. Until an overseas entity owner is registered at Companies House, the Land Registry entry for the property will show a restriction preventing it from being sold (in most circumstances).
Those overseas entities that disposed of land or property after 28 February 2022 will also need to provide the necessary information for the register.
All entities must be registered with Companies House initially, the requirement to be registered ceases once all UK owned property is sold, the entities can then apply to be removed at this point.
If you have any questions on this on any related matter, please contact us for assistance.