Most importantly, the requirement has a retrospective impact and requires the registration of all entities that currently own property that was acquired on or after 1 January 1999 (for England and Wales), with an extension of that requirement to cover properties sold since 28 February 2022. The BOs, or the managing officers where there are no identifiable BOs, must register all relevant overseas entities before 31 January 2023, or face severe penalties of up to £2,500 per day or a prison sentence of up to five years.
The legislation has been introduced to ensure greater transparency surrounding property transactions in order for the UK authorities to highlight and investigate “suspicious wealth”.
Please read more by downloading our factsheet, below, about the requirements of the Register, which also details the definitions of an overseas entity and the beneficial owners or managing officers.
