From today – August 1, 2022 – foreign organizations that own land in the UK are required to register in a special register and disclose data about their real owners. Without this, they will not be able to make any real estate transactions.
The measures are part of an economic crimes law passed to stop the flow of illegal Russian money into London following Russia's invasion of Ukraine.
“To keep us free from corrupt elites with suspicious wealth, we need to know who owns what. We are lifting the curtain and cracking down on those criminals who are trying to hide their ill-gotten wealth,” explained Junior Business Secretary Martin Callanan.
Foreign entities that already own land in the UK will have six months to register their beneficiaries.
The register will cover property purchased from January 1999 in England and Wales and from December 2014 in Scotland.
Violations of the rules face fines of up to £2,500 a day ($3,043) or five years in prison.