The law entitled ‘Economic Crime Act 2022’ established the new ‘Register of Overseas Entities’, held by the UK’s Companies House.
The law, which took effect on August 1, 2022, also made provisions for “severe sanctions” for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK. Under the new law, overseas entities who want to buy, sell or transfer property or land in the UK must register with the Companies House and declare who their registrable beneficial owners or managing officers are.
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