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Government confirms new register of foreign owners

Friday 23 March 2018

The Government have published responses to their Call for Evidence on proposals for a register of beneficial owners, and confirmed a registry of foreign property owners will be created.

In a written statement, Under Secretary of State at the Department for Business, Energy and Industrial Strategy, Andrew Griffiths MP, has published responses received to last year’s call for evidence, and announced the introduction of a new public register of property ownership, set up to tackle corruption and money laundering.

Following a discussion paper in March 2016 and the announcement of the register at the International Anti-Corruption Summit, the Government published a call for evidence in April 2016 on proposals for a register showing foreign owners of UK property.

The report summarises the responses received from representative bodies, businesses, non-governmental organisations and local government bodies. 

NAEA Propertymark responded to the consultation last May, in support of the register. We believe that greater transparency through the register will enhance the UK’s reputation as a mature and stable destination for international buyers as well as improve the reputation of the property sector as a whole.

Heralded as the first of its kind in the world, the register will show who owns and controls overseas companies and other legal entities that own UK property or participate in UK government procurement, building upon the UK’s global leadership in tackling corruption.

The Department for Business, Energy and Industrial Strategy is currently working on the preparation of a draft Bill to deliver these proposals, which the Government intends to publish by summer recess this year. Following consideration of comments received post-publication, the Government intends to make the register operational in 2021.

Read the full response