The new Register of Overseas Entities - introduced on 1 August 2022 as part of the Economic Crime (Transparency and Enforcement) Act 2022, will hold information about the beneficial owners of overseas entities that own or lease land or property in the UK.
This means that overseas entities will not be able to buy, sell, transfer or lease land or property, or create a charge against the land or property in the UK unless they’ve registered on the new Register of Overseas Entities at Companies House and told them who their registrable beneficial owners or managing officers are.
From 5 September 2022 onwards overseas entities must register on the Register of Overseas Entities before applying to register their acquisitions of ownership of land or long lease with the land register.
For overseas entities who already own or lease land or property in the UK they will also need to register on the new Register of Overseas Entities and provide their registrable beneficial owners or managing officers, but have until 31 January 2023 to do this.
This only applies to overseas entities who bought property or land on or after:
- 1 January 1999 in England and Wales
- 8 December 2014 in Scotland and registered on the Land Register
Overseas entities only need to register property or land bought in Northern Ireland on or after 1 August 2022.
Overseas entities that disposed of property or land after 28 February 2022 will also need to give Companies House details of those dispositions.
Read our Register of Overseas Entities guidance for more information.