Personal security could be at risk from a property beneficial ownership register
The government has recently closed its consultation on a register of beneficial ownership of all companies holding land in England and Wales.
Unlike the register of ‘persons with significant control’ (or PSC) register which relates to UK companies only – this proposed new register will apply to all companies, wherever incorporated, which own land in England and Wales and require disclosure of the ultimate beneficial owner(s) of the company. The company would need to be registered and have a unique identifying number before being allowed to purchase land in England and Wales although there may be exemptions for companies where such information is available in their home jurisdiction.
To read more on the implications of register go to Spear's Wealth Management Magazine.
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