Foreign Investors Asked to Register before Purchasing Properties in the UK
According to the office of Prime Minister David Cameron, Chinese companies along with other foreign investors that are interested or want to buy UK properties must state the real owner when purchasing. Prime Minister Cameron will be announcing new global commitments during the anti corruption summit wherein a delegation was sent by the Prime Minister. It is also expected that a Chinese delegation will be present to express the country’s determination in continuing the iron fisted efforts in stopping corruption.
The United Kingdom is attracting a number of Chinese companies and individual investors that re buying up properties in the past years a bilateral economic and trade relations have deepened. UK will also be hosting the first International Anti-Corruption Coordination center to strengthen cross border investigations. According to the PM’s office, all foreign companies interested in purchasing UK properties or re bidding for central government contracts, is required to join a public register of beneficial ownership information before allowed to purchase or bid and this will be the first register of its kind. This will also include companies that already own properties in the UK as there are foreign companies that own more than 100,000 properties in Wales and England and around 44,000 in London.
The register rule for foreign companies means that corrupt individuals and countries are no longer be able to move or buy, launder or hide any illegal activities through London properties and will not benefit from public funds as well. Several other nations are to follow UK’s lead and is committed to launch their own public register of true ownership, while others have agreed to take steps in making similar arrangements.