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A UK law to make public the ultimate owners of foreign-owned property, which may have been purchased through a Jersey company, has been speedily passed.
The Economic Crime Bill was fast-tracked through the House of Commons in a single day in response to Russia’s invasion of Ukraine.
It creates a ‘register of overseas entities’, which the UK Government says will stop people hiding behind company names when buying property and land.
The ultimate owner of any home bought through a Jersey company or other offshore structure will have to be listed at Companies House going back two decades.
Failure to do so will be a criminal offence, punishable by up to five years in prison.
The Jersey Government says it is giving “active consideration” to any changes that may be required in the island, although is keen to stress that it already has powers to freeze and confiscate assets.
External Relations Minister Ian Gorst said: “Where the UK takes further actions, beyond sanctions, we will give effect to the policy intention of all additional measures being introduced.
“We will continue to monitor those changes as the legislation is finalised by the UK Parliament. Depending on the final form of that legislation, Jersey legal entities that own property in the UK may be required to file certain information directly with UK authorities, and we will continue to monitor the impact of that legislation as it is finalised.”
The bill will now be reviewed by the House of Lords. When passed, non-UK-resident property owners and their lawyers will have six months to comply.
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