Abroad: UK plans register for foreign real estate companies
The British government is planning a register for foreign companies, which will have to disclose their real estate holdings in England and Wales. This was announced by Prime Minister David Cameron before the start of the anti-corruption summit in London last week.
According to the plans, the name of the real owner must be stated in the register; until now, only offshore companies have appeared as owners, particularly on the real estate market in the capital London. According to government figures, around 100,000 properties in England and Wales are owned by foreign companies, 44,000 of which are located in London.
According to a government statement, the new regulation affects both foreign companies that are already on site and those that want to acquire property or are seeking government contracts. The register is to be set up as early as June. It would be the first of its kind in the world. (ah)
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