Overseas Register for UK property - New requirement

The UK has introduced new legislation that includes the creation of a new public Register of Overseas Entities. This represents a significant shift in disclosure requirements for foreign companies who hold land or property in the UK. This new register will require the disclosure of the beneficial owners who own UK land or property through non-UK entities (‘Overseas Entities’).

The rules apply equally to UK branches of German companies as well as partnerships.

The register launched 1 August 2022, with a six-month transitional period, meaning Overseas Entities who already own land or property in England, Wales and Scotland must register during this time to avoid penalty. The transitional period is intended to give Overseas Entities time to register. In addition to the initial registration, there will be an annual compliance requirement to file a confirmation statement notifying of any changes to registrable beneficial owners or confirmation that the beneficial owners have not changed.The registration also requires a third party verification, which will require support from professional providers.

The register will have a retrospective application. For England and Wales, it will apply to all land or property purchased since 1 January 1999, and in Scotland since 8 December 2014. If the land or property was still owned on 28 February 2022 the Overseas Entity will have an obligation to register, even if the land or property has since been sold or leased.

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