The Register of Overseas Entities: how does it apply to trusts?
The new register of overseas entities ("ROE") maintained by Companies House came into effect on 1 August 2022. The aim of the ROE is to record the beneficial ownership through "overseas entities" of land in the UK. Non-compliance with registration obligations will in practice make it impossible for overseas entities to buy, sell, let or charge UK land and also carries criminal sanctions. It is therefore crucial that overseas entities, including corporate trustees, are aware of their obligations in relation to the ROE.
Our briefing answers the following key questions:
- What is the Register of Overseas Entities?
- Which kinds of entities are required to register on the ROE?
- What is a "Qualifying Estate?"
- When must an Overseas Entity register on the ROE?
- What information does the Overseas Entity have to provide to the ROE when registering?
- What information on the ROE is publicly accessible?
- Who are "Registrable Beneficial Owners"?
- How does the new requirement to register on the ROE apply to trusts and their related entities?