The new Registry of Overseas Entities will come into being when Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 is brought into force. The register will require overseas entities owning or buying property in the UK to provide information to the registrar of companies, including about their beneficial owners.
Various details and requirements under the new regime are being introduced separately by regulations. Two sets of regulations have recently been published, covering information that must be provided to the registrar and also the implications for transfers of land involving overseas entities.
The Register of Overseas Entities (Verification and Provision of Information) Regulations, SI 2022/725, set out the requirements for information that must be provided and verified to the registrar in relation to the register. These are new standalone regulations which build on Part 1 of the 2022 Act which establishes the framework for the register, and set out the requirements for the following:
information that must be provided about registrable beneficial owners and officers and how that information must be verified; and
information that must be provided by unregistered overseas entities during the ‘transitional period’ (i.e. the period of six months beginning with the day on which s 3(1) of the Act comes fully into force).
The Land Registration (Amendment) Rules, SI 2022/730, amend various Land Registry forms relating to applications for the registration of land, charges and assents, and transfers of land, where the land is owned or controlled by an overseas entity.
In order to apply to register an overseas entity as the owner of land, the entity must be a registered overseas entity (unless an exemption applies). This means that, with effect from the date that Part 1 of the Act 2022 comes into force, the entity must be registered in the Register of Overseas Entities. These requirements are set out in the Land Registration Act 2002 Sch 4A which also provides various restrictions in relation to transactions in land involving overseas entities. The Rules also provide that existing Land Registry forms may be used for a transitional period of 15 months.
Both sets of regulations will come into force on the day section 3 of the Act is brought info force by regulations.
The new Registry of Overseas Entities will come into being when Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 is brought into force. The register will require overseas entities owning or buying property in the UK to provide information to the registrar of companies, including about their beneficial owners.
Various details and requirements under the new regime are being introduced separately by regulations. Two sets of regulations have recently been published, covering information that must be provided to the registrar and also the implications for transfers of land involving overseas entities.
The Register of Overseas Entities (Verification and Provision of Information) Regulations, SI 2022/725, set out the requirements for information that must be provided and verified to the registrar in relation to the register. These are new standalone regulations which build on Part 1 of the 2022 Act which establishes the framework for the register, and set out the requirements for the following:
information that must be provided about registrable beneficial owners and officers and how that information must be verified; and
information that must be provided by unregistered overseas entities during the ‘transitional period’ (i.e. the period of six months beginning with the day on which s 3(1) of the Act comes fully into force).
The Land Registration (Amendment) Rules, SI 2022/730, amend various Land Registry forms relating to applications for the registration of land, charges and assents, and transfers of land, where the land is owned or controlled by an overseas entity.
In order to apply to register an overseas entity as the owner of land, the entity must be a registered overseas entity (unless an exemption applies). This means that, with effect from the date that Part 1 of the Act 2022 comes into force, the entity must be registered in the Register of Overseas Entities. These requirements are set out in the Land Registration Act 2002 Sch 4A which also provides various restrictions in relation to transactions in land involving overseas entities. The Rules also provide that existing Land Registry forms may be used for a transitional period of 15 months.
Both sets of regulations will come into force on the day section 3 of the Act is brought info force by regulations.
