Focusing on Funds - New Register for overseas legal entities and their owners holding UK real estate
On 15 March 2022, the Economic Crime (Transparency and Enforcement) Act (the Act) received Royal Assent after being fast-tracked through Parliament in response to the war in Ukraine.
In this Focusing on Funds we look at the new register of overseas entities and their beneficial owners that will be established by the Act and how it may affect funds and other investors owning real estate in the UK through non-UK legal entities. Other parts of the Act expand provisions relating to unexplained wealth orders and sanctions and will not be covered in this briefing.
Fund managers and other investors in UK real estate should consider their UK land ownership structures, proposed acquisitions and any disposals in progress to understand the implications of the legislation for their organisations.
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