The UK government has released its latest proposal which will require all foreign companies wanting to purchase any land or property in the UK, to disclose full beneficial ownership status of the company first.
The main aim is to stop funds stemming from fraud and organised crime to be laundered through investments in high net worth property, which is seeming common in London districts. Moreover, UK companies will have to provide their beneficial ownership information to a central public register. However, the public register will not apply to foreign companies.
Currently, when a foreign company registers legal ownership of property in the UK, the Land Register shows only the company name and its jurisdiction of incorporation. The new proposal has come about as a result of this vague system.
Initially, the Land Registry is publishing a dataset detailing the legal owners name and a list of addresses for any and all properties owned in the UK by foreign companies.