DEADLINE LOOMING FOR OVERSEAS ENTITIES
Overseas Landlords with UK Properties
Do you own your asset through an Overseas Entity?
If you do read on
The Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022.
Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and tell us who their registrable beneficial owners or managing officers are.
This will also apply retrospectively to overseas entities who bought property or land on or after:
- 1 January 1999 in England and Wales
- 8 December 2014 in Scotland
These overseas entities will need to register with Companies House and tell us who their registrable beneficial owners or managing officers are by 31 January 2023. This is the deadline.
If you are an officer of an Overseas Entity and you fail to comply your are liable for severe fines and imprisonment. The actual entity is liable to ever larger fines and potential freezing of activities and assets.
Check out the UK Gov website for more information.
Prop Home are one of the few UK Regulated Agents to be able to register your overseas entities details.
This means we have the authorisation to carry out and file verification checks for you. We will also file an Overseas Entity verification check statement
What do you need to do to register and what are the steps?
- Complete this enquiry form
- Prop Home will then contact you.
- If you agree, Prop Home will then carry out the verification process, checking the documentation and the beneficial owner
- We will then complete the Registration
- Prop Home will obtain an Overseas Entity ID Number for you
- Prop Home review each year or each event
Generally we only provide this service for existing clients or clients considering moving their UK properties over to Prop Home management.
We cover all jurisdictions except where the Government has sanctions