Your privacy is important to us.
The Economic Crime (Transparency and Enforcement) Act 2022 (“The Act”), received Royal Assent on 15 March 2022. The Act was fast-tracked through Parliament as a result of Russia’s invasion of Ukraine and has created a register of overseas entities (this applies equally across all jurisdictions of the UK).
The main objectives of the new register of overseas land owners are to:
The Act has different provisions for different jurisdictions across the UK, however the main policy objectives shall remain homogenous across the UK. The Act itself will:
A qualifying estate in land is where the overseas entity is the registered proprietor of land under the Land Registration Act 2002 and became so registered pursuant to an application made on or after 1 January 1999. The below sets out the definition of “qualifying estate” in each UK jurisdiction:
The Act clearly demonstrates the UK Government’s desire to enhance control and transparency over overseas entities that own land in the UK. It intends to deter those who seek to hide and funnel proceeds of organised crime, terrorism and corruption within the abovementioned jurisdictions.
This article has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Commercial Real Estate team at Cleaver Fulton Rankin for further advice or information.