Register of Overseas Beneficial Ownership of Property
Government Register of Overseas Beneficial Ownership of Property in 2021.
HM Government announced a register will be implemented by early 2021, which will record owners of overseas companies buying property in the UK.
Once live, it would be the first public register of its kind in the world that will require overseas companies that own or buy property to provide details of their ultimate owners.
The aim is to reduce criminals using shell companies to buy properties in the UK to launder illegally obtained money. It should also make it easier for law enforcement agencies to track criminal funds and take action.
The register will also provide HM Government with greater transparency on overseas companies seeking public contracts. In light of the Carillion disaster, one has to view such benefit with some doubt.
The register will affect finance lenders lending funds secured on property located in the UK if the borrowing overseas company fails to comply with the new registration requirements. A note on the register will prevent registration of security against the property where the overseas company borrower has not complied with the registration requirements.
Yet more regulation and administrative red tape to be complied with.
Read more here: https://goo.gl/xBMZHR