MH Real Estate

Thursday 13 July 2017

Government proposes new register for overseas property owners

On 5 April 2017, the government published a “call for evidence” inviting feedback on a proposed new register of beneficial owners of overseas legal entities that either own or want to buy UK property and will now be considering responses following the deadline of 15 May.

The proposal comes in the wider context of the government’s commitment to making property ownership more transparent.

As there is no international equivalent, the government has taken the UK Company PSC register as its starting point so that many features will be similar in the new register which will also be held by Companies House and published on their website free of charge.

Its proposed that the scope of the register extends to all overseas legal entities capable of holding UK property, or bidding on central government procurement contracts and will record details of the beneficial ownership of such entities who wish to buy, or already own, UK property – including long leases of over 21 years.