Luxembourgers under obligation to register their British property

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Luxembourgers under obligation to register their British property

Today, on August 1, the register of foreign owners of British property began operating in the UK. All such owners must provide the UK government with their names now. As well as the names of co-owners and/or property managers, if any exist.

This measure will help fight international corruption in the UK. Owners of illegal money do not like publicity. Previously, London was attractive to those wishing to convert illegal income into respectable British property. The new registry crushes this notion. It asks for the same information from everyone, including property buyers from Europe and Luxembourg. There is no way to hide your ownership anymore.

The law has been in the works for several years. The war in Ukraine contributed to its adoption. After all, there are numerous sanctioned Russian oligarchs among the owners of London real estate.

Foreign property owners must submit data for the register within the next six months. Latecomers will be faced with a fine of up to 2,500 pounds or about 3,000 euros per day. Some might even be punished with jail time — up to five years in prison.

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