In a remarkable achievement, the Overseas Property Ownership Register, overseen by Companies House, has surpassed 30,000 registrations within a year since its launch in August 2022. This milestone underscores the global standard it sets for transparency, compelling anonymous foreign property owners in the UK to disclose their true identities.
The register forms a crucial part of the UK government's strategy to combat economic crime while fostering an environment where legitimate businesses continue to view the UK as an ideal investment destination.
Non-Compliance Crack Down
Companies House remains committed to enforcing compliance with the Register of Overseas Entities, collaborating with overseas company registries and UK land registries to identify entities failing to adhere to the regulations.
The first financial penalties were issued in July, marking a pivotal step in ensuring accountability. Non-compliant overseas entities not only face financial penalties but also encounter challenges in selling, leasing, or raising charges over their land.
Companies House is actively supporting law enforcement to disrupt the use of UK property for hiding illicit wealth, reflecting its dedication to maintaining and enhancing transparency.
Registration with Experts
Navigating the Overseas Property Register can be a lot more simplified with the assistance of skilled experts, that’s UK Property Accountants. As we celebrate the milestone of 30,000 registrations, our role becomes even more crucial.
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