The Register of Overseas Entities came into force in the UK through the new Economic Crime (Transparency and Enforcement) Act 2022. This means that any overseas entities who want to buy, sell or transfer property or land in the UK must register their registrable beneficial owners or managing officers with Companies House.
This legislation will also apply retrospectively to overseas entities who bought property or land on or after:
- 1 January 1999 in England and Wales;
- 8 December 2014 in Scotland;
- All dispositions after 28 Feb 2022.
REGISTER BY 31ST JANUARY 2023
Overseas entities will need to register with Companies House by 31 January 2023. Failure to comply can lead to restrictions when buying, selling, transferring, leasing or charging property or land in the UK. Fines can also be issued.
In addition, our understanding is Trusts are generally not considered as entities for this purpose, but we understand that offshore corporate trustees of Trusts that hold UK land may fall into the requirement to register.
Additional information on the requirements of the Register of Overseas Entities and the beneficial owners/managing officers required as part of the registration process can be found here:
Further to an internal review on this matter, Menzies is unable to provide this service to clients and you may wish to engage with an appropriate adviser to assist with any compliance required under the Register of Overseas Entities. We are aware of firms that may be able to assist with this compliance and should you wish to explore these potential options, please get in touch with your usual Menzies contact.