As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
The Companies (Guernsey) Law 2008 is the primary law that offers guidance and instructions regarding the administration of limited companies and limited partnerships, as well as foundations, limited liability partnerships, funding submissions.
Under it, it requires companies to maintain a registered office in Guernsey and complete an annual validation filing in January of each year.
The Trusts (Guernsey) Law, 2007 provides a legal framework for the establishment and enforcement of trusts in Guernsey, codifies the duties and obligations of trustees and authorizes trustees to manage trust property.
Additionally, it offers flexibility in terms of trust structure and purpose, and allows for disclaimers of beneficial interest.
-Various Types of Trusts in Guernsey:
The Limited Partnerships (Guernsey) Law, 1995 is a law that allows for the formation of limited partnerships in Guernsey.
A limited partnership consists of one or more general partners who are jointly and severally liable for all of the limited partnership's debts, and at least one limited partner who has no management rights and is not liable for the debts of the partnership beyond their capital contribution
The Limited Liability Partnerships (Guernsey) Law, 2013 is a law that permits the conversion of a Guernsey general partnership into an LLP. The law also allows for the carrying on within Guernsey or elsewhere of any lawful business with a view to profit, or any other lawful activity.
Examples of limited liability partnerships in Guernsey include professional advisory firms, certain funds, and those incorporated under the Limited Liability Partnerships (Guernsey) Law 2013.
The types of properties under the scope of ROE is slightly different based on the location of the property:
England & Wales
Following properties purchased on or after 1 January 1999:
Scotland
Following properties purchased on or after 8 December 2014:
Northern Ireland
Following properties purchased on or after 1 August 2022:
At UK Property Accountants, we have specialist ROE team who have dealt with a lot of GUERNSEY entities and can get your overseas entities registered at speed.
As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
Tax experts and accountants at UK Property Accountants with experience and expertise in dealing with Guernsey residents will be able to advise you on the best structure and execute the chosen structure. We also understand the reliefs and tax implication of the double taxation treaty between the UK and Guernsey (UK/Guernsey Double Taxation Treaty) signed on 2nd July 2018.
UK Property Accountants also provides regular tax compliance, accounting and company law compliance services, covering various services such as:
UK Property Accountants deal with a wide range of businesses run by the residents and nationals of Guernsey as listed below: