Deadline for UK Register of Overseas Entities - 31st January 2023
Overseas entities with UK real estate assets have until 31 January 2023 to register with the UK Companies Registry. Unless you are exempt, if you miss the deadline you could face sanctions or delays from buying or selling property or land in the UK.
The UK Government recently passed the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) which requires overseas entities (defined as any legal entity which is governed by the law of a country or territory outside the UK, whether a company, partnership, corporation, government or public authority) that own, wish to purchase or dispose of UK real estate to register details of their beneficial owners with the UK Companies Registry. The Act also impacts intended purchasers of UK property currently owned by an overseas entity and tenants of registrable leases lasting more than 7 years.
We can help new and existing clients with property in England and Wales to comply. With less than 50 days to go, if you need help to register or have any queries regarding to your obligation to register, please contact us.