The Register of Overseas Entities has been created through the new Economic Crime (Transparency and Enforcement) Act 2022. With effect from 1 August 2022, Overseas companies that own UK land and property must declare who are their beneficial owners and the managing officers.
Who maintains The Register of Overseas Entities
Companies House maintains the Register. Hence, You must inform and register with Companies House if you want to buy, sell or transfer property or land in the UK. Take note that there will be severe sanctions for those who do not comply. The register forms part of the government’s strategy to combat economic crime.
Overseas companies who already own or lease land or property in the UK must register with Companies House and tell them who their registrable beneficial owners or managing officers are by 31 January 2023.
In addition, 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 disposals.