The UK Warns of Severe Penalties for Offshore Property Owners

In August 2022, the UK established a register of foreign property owners. That means that foreign companies owning British property were required to disclose the names of the real owners by January 31, 2023.

However, according to the Department for Business, Energy and Industrial Strategy (BEIS), 12,930 out of 32,440 registered foreign organizations have not provided relevant information.

Quote. "Criminals and corrupt elites have nowhere to hide. We will use all the tools at our disposal, including fines and restrictions, to crack down on foreign companies that have not fulfilled the requirements," said Business Minister Martin Callanan.

Context. In its latest published report, the monitoring organization Transparency International praised the UK for its work on creating a register of foreign property owners. However, the report says that more than 90,000 properties in the Foggy Albion are owned by foreigners anonymously through offshore companies.

Source: Bloomberg
Photo by Max van den Oetelaar on Unsplash

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