In case you own or lease a property in the UK directly or through a corporate entity situated abroad, you need to register on the new Register of Overseas Entities.
The Register of Overseas Entities (ROE) came into force in the UK on the 1st of August 2022 as part of the new Economic Crime (Transparency and Enforcement) Act 2022.
ROE requires Overseas Entities that own or lease land or property or intending to acquire property in the UK, to declare their beneficial owners and/or managing officers and update this information annually.
The term “Overseas Entity” means a legal entity that is governed by the law of a country or territory outside the United Kingdom.
Persons/entities will be registrable if, in relation to the Overseas Entity, they (or a trust or firm which they control) own more than 25% of the shares or voting rights, have the right to appoint or remove a majority of the board of directors, or they have significant influence or control over the Overseas Entity.
The information submitted about the registered beneficial owners has to be in English and must be independently verified by a UK-based agent that is supervised under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017.
The information to be disclosed for an overseas entity and its beneficial owner will include, for corporates, the country of incorporation, registered number, service address and an email address (all for overseas entities). For individuals the details required include name, date of birth, service address, and the date on which the individual became a registrable beneficial owner in relation to the overseas entity.
There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing, or charging their land in the United Kingdom. A failure to comply with the new legislation may also constitute a criminal offence subject to fines and imprisonment.
Our team can assist you to comply with the reporting obligations. Should you require further information please do not hesitate to contact us at firstname.lastname@example.org.