In accordance with the Economic Crime (Transparency and Enforcement) Act 2022, non-UK entities that hold UK property must make a submission to the new Register of Overseas Entities (ROE) by 31st of January 2023.
The new Register requires overseas entities that own a UK property to declare their beneficial owners.
The Register specifically creates three primary areas pf obligation:
- Overseas entities that acquire UK land and property after 5th of September 2022 must register with UK Companies House prior to completing the acquisition.
- Overseas entities that currently hold land or property in England or Wales registered pursuant to an application made on or after 1st of January 1999, or hold land in Scotland registered pursuant to an application made on or after 8th of December 2014 must register the relevant information with UK Companies House.
- Overseas entities that disposed of UK property between 28th of February 2022 and 31st of January 2023 must give disposal details.
The penalty fees for late filling or non-filling will be up to GBR 2.500 per day or other penalties as imprisonment of up to 5 years along with restrictions when buying, selling, transferring, leasing or charging property in UK.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.