Register of beneficial owners of overseas entities
On 1 August, the Economic Crime (Transparency and Enforcement) Act 2022 (“ECA”) came into force. Overseas entities (a company, partnership or other entity that is a legal person under its governing law) governed by the law of a country or territory outside the UK that acquire property must now apply for entry on the register at Companies House (the “Register”).
This effectively means that in order for overseas entities to be registered as the legal owners of the land at the Land Registry, the entity will firstly need to be registered on the Register. This is a further attempt to increase transparency by recognising foreign ownership and to reduce economic crime.