The ECTEA requires “Overseas Entities” who own or deal with certain land interests in the UK to comply with registration requirements, including identifying and disclosing their beneficial owners and managing officers. Unless the registration requirements are complied with Overseas Entities will face restrictions preventing them dealing with, or acquiring, property in the UK.
“Overseas Entities” are those which are governed by the law of a country or territory outside the United Kingdom so will include entities incorporated in the Channel Islands and the Isle of Man.
The Register for Overseas Entities, a new digital service, will be held by Companies House, which has indicated in the last week, that the register will shortly be operational. Once established, there will be a short time frame for compliance with registration requirements.
The sanctions for failure to comply could be significant.
We would therefore urge any Overseas Entities which may be affected to start gathering the information which will be required to complete the registration process.
The link to the Companies House blog is copied below.
Please do get in touch if you have any queries or require any advice in this regard.