06 February 2024
Did you know that the Economic Crime (Transparency and Enforcement) Act 2022 requires that any overseas entities (an ‘OE’: an incorporated entity registered outside England, Scotland, Wales, or Northern Ireland) who want to buy, sell, or transfer property or land in the UK must now be registered with Companies House on the Register of Overseas Entities.
Any such OE must register with Companies House and tell them who their registrable beneficial owners or managing officers are (and/or provide details of any trust in which the entity is involved).
The identity of the beneficial owners must be verified by an agent which is registered for anti money laundering purposes in the UK, and the entity must file an annual statement once per year and file details of any changes to its particulars.
No application may now be made to the Land Registry to register an OE as the proprietor of land unless that entity has been registered as an OE.
If you/your clients have an OE which hasn't owned any property at all (so you haven't yet registered it as an OE) but which is now intending to acquire property then you will need to register it as an OE before it can acquire the property.
If you have clients who are in this situation, or if you would like to discuss the options available, or if we can be of any assistance to you in a situation like this or in any other matter, then please do not hesitate to contact us here at Bourse.