February 9, 2024

New UK legislation requiring overseas entities holding UK property to obtain a certificate of registration from a new central register from August 1st, 2022, has been approved by Parliament. Overseas entities will be able to gain a certificate of registration for free. However, failure to comply with the requirements will trigger severe penalties of up to two years in jail or unlimited fines. Whilst this is already in force, further real estate provisions relating to restrictions on dealing with UK property are due to be released on September 5th, 2022. What prompted the introduction of this legislation? The new rules