Tuesday, 11 April 2017

UK to publish a register of overseas property owners

Photo: Google Images

The UK government has published plans for a register of the identity of the owners of overseas businesses holding property assets in the UK.

According to The Times newspaper, the register, the first of its kind in the world, will identify the oligarchs, foreign government officials and overseas politicians who have used companies to buy expensive homes in London, affecting the property market.

The National Crime Agency said the move would increase transparency in the market, especially the ownership of housing in central London, and help to trace criminal assets and tackle money laundering.

 The UK business minister, Margot James, said the plans would boost Britain's reputation as an honest and trusted place to do business. In his words: "The UK property market should be seen as fair, transparent and clean inorder to attract the right investors and owners".

 It is estimated that £122 billion worth of property in the UK is owned by foreigners.

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