17th January 2023
Register of Overseas Entities
Ahead of a 31st January 2023 deadline and as a courtesy to our valued Clients, we are sending this routine reminder to those of our Customers whom we believe may be impacted by the requirement. Please disregard this letter if it does not apply to you or if you have already complied with the registration requirement.
This is not intended to be advice, nor reflective of your particular circumstances and ABL merely copies and pastes selected details from the UK Government’s website https://www.gov.uk.
The new Register of Overseas Entities is live – www.gov.uk/guidance/register-an-overseas-entity – as follows:
The 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 declare 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 declare 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 disposals.
Should you have any questions or feedback, please do not hesitate to contact your Relationship Manager or me on +44 207 332 9228.