ARTICLE
REGISTER OF OVERSEAS ENTITIES An overview
BY JAMES OXLEY Partner, Corporate & Commercial
The Register of Overseas Entities was created at Companies House on the 1st August 2022. It requires overseas entities that own land in the UK, or have a lease on UK property for 7 or more years, to register the details of their beneficial owners. 'Overseas entities' in this context are broadly speaking non-UK companies and other bodies. Unusually for UK law it will have retrospective effect - any overseas entities that purchased or leased land in England or Wales on, or after, 1 January 1999 will need to register the details of their beneficial owners. This needs to be carried out by 31 January 2023. As will be discussed below, real estate lenders’ loans and new lending are particularly impacted by the changes. .
THE LEGAL CORNER MAGAZINE | ISSUE 002 JANUARY '23 | BANKING & FINANCE SPECIAL HB 4
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