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United Kingdom: Economic Crime (Transparency and Enforcement) Act 2022

The Register of Overseas Entities under the Economic Crime (Transparency and Enforcement) Act 2022 came into effect on the 1st of August 2022. Foreign companies must register updated information about their beneficial owners or managing officers by the 31st of January 2023.

Foreign companies that wish to purchase, transmit, lease or charge property or land in the United Kingdom, should register with Companies house and report their proven beneficial owners or managing officers.

Overseas entities who already possess or lease land or property within the United Kingdom ought to register with the Companies House and inform who their registrable beneficial owners or managing officers are by the 31st of January 2023. This applies to foreign companies that purchased property or land in England and Wales on or after the 1st of January 1999 and which bought property or ground on or after the 8th of December 2014 in Scotland.

Overseas entities must only register property or land purchased in Northern Ireland on or after the 1st of August 2022.

Entities that have disposed of real estate or land after the 28th of February 2022 must also provide details of these provisions.

From the 5th of September 2022, new purchasers without a Foreign Entity ID number will no longer be able to apply for registration of ownership with the relevant Land Registry Office.

A foreign company that already owns land must receive a letter of notification regarding the new Register and the six-month transition period.