From 1 August 2022, overseas entities that own or are planning to buy, sell or transfer property or land in the United Kingdom will be required to register on the Register of Overseas Entities (‘the Register’) administered by the UK Companies House.
A failure to comply with these obligations is a criminal offence and can result in
- fines of up to £500 for each day that the overseas entity is not registered, or
- a prison sentence of up to 5 years for the managing officer of the overseas entity.