Website of The Care Home Environment Magazine

Foreign ownership of care homes: a new register

Tom Lumsden, a partner at Royal Tunbridge Wells solicitors CooperBurnett LLP, looks at how a new land ownership register could impact care home owners and potential buyers

The Economic Crime (Transparency and Enforcement) Act 2022 has recently received Royal Assent and has been given much publicity, especially in the light of the invasion of Ukraine and in the context of sanctions which the government is trying to take against the Russian so-called oligarchs.

In terms of land ownership, the Act seeks to introduce a ‘register of overseas entities’ which, according to the government’s own fact sheet, aims to crack down on foreign criminals using UK property to launder money. One of key provisions is that the new register will require anonymous foreign owners to reveal their real identities to ensure that criminals cannot hide behind secretive chains of shell companies. It is interesting to note that the provisions will apply retrospectively to property which has been bought since January 1999 in England and Wales, and since December 2014 in Scotland.

The Act will apply the measures to foreign owners of UK property,

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Upcoming Events

NASHiCS - Summer Seminar for Safety & Health in Care Services

The Incora Pavillion, Derbyshire County Cricket Club, County Ground, Nottingham Road, Derby DE21 6DA
Tuesday 14th June 2022

Care & Occupational Therapy Show 2022

Westpoint Arena, Exeter
Tuesday 21st June 2022

UK Care Week

NEC, Birmingham
6th - 7th July 2022

The Care Show 2022

National Exhibition Centre, Birmingham
Wednesday 12th October - Thursday 13th October 202

Care Roadshows - London

Epsom Downs Racecourse,
18th October 2022

Care Roadshows - Cardiff

Cardiff City Stadium, Cardiff
15th November 2022

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