UK overseas territories to make ownership registers public

The UK parliament has decided to impose, unilaterally, a public beneficial ownership register for companies registered in the countries comprising the British Overseas Territories.

It is understood that there 14 of these countries, including the Cayman Islands, Bermuda, the BVI and Gibraltar.

For the time being, the Crown Dependencies (Guernsey, Isle of Man and Jersey) are not affected.

Whilst we fully support tax compliance, there are some obvious issues including, for example, security concerns around making public the beneficial owners of residential property held by companies.

Please get in touch with one of our team for help and advice.

 

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