The register of overseas entities launched on the 1st August 2022. According to Land Registry data, there are over 31,000 overseas entities that own over 93,000 properties in the UK. The introduction of the register could have a significant impact on the UK property market. Especially after the slow start the register has got off to.
As a reminder, under the new rules, overseas entities that own or lease property in the UK must register with Companies House and disclose their beneficial owners. They have until the 31st January 2023 to do so; however, any overseas entity that is currently in the process of buying property or land will need one from the 5th September. After that date they will not be able to register with HM Land Registry without one. The challenge is that obtaining an ID may not be straightforward.
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