No fines have been issued for failing to comply with the Register of Overseas Entities, yet
But the government says it is "currently building cases against companies who have failed to register by the deadline, working with law enforcement to prioritise action against the most egregious offenders.”
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Authorities have collected just 3% of overseas entities register fines
The Financial Times reports that only 14 non-compliance penalties have been collected so far, bringing in a mere £700k.
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Thoughts wanted on a world-first "beneficial ownership register" for overseas companies which hold UK property assets
What real impact would a public register of beneficial owners have on the UK property sector?
The new draft Bill promises more transparency in the UK property industry, but will it cause headaches for estate agents, solicitors and developers - and will it put off overseas investors?
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