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New UK register of overseas owners of UK properties' is riddled with flaws'

14/09/2022

There are loopholes in the UK government's attempts to stop 'criminals. Oligarchs [other bad people] attempting to hide ill-gotten gains. Individuals can legally sidestep the rules by holding property or land in the name of a nominee company or simply sharing the ownership with more than four relatives or friends.

Example [1]

  1. "a company is owned by a Cayman or Panamanian law firm, for example, which holds legal ownership of many properties on behalf of wealthy clients.
  2. The names on the register would likely be the partners in the law firm, or perhaps no one. And the name of the wealthy clients [possible bad people] would be nowhere to be found."

A further example [2]

  1. And Even if wealthy clients [possible bad people] did own shares in an offshore company that owns a UK property, "if they hold 25% or less of that company's shares, nothing needs to be disclosed."
  2. "A family of six could each own a 16.67% share of the company, thus bringing them outside the registration requirements."

A further example [3]

  1. A Gibraltar Wealth Manager creates a Trustee Company to look after Pension assets.
  2. The Trustee Company is also registered in Gibraltar but incorporates another company in Nevis which buys property in the UK.
  3. The result is that the Nevis Company owns the property (declared) the beneficial owner is the Gibraltar Trustee Company (declared). However, we still have no clue as to who the real human being is at the end of the ownership chain.

Sources

https://www.theguardian.com/business/2022/aug/01/new-register-of-overseas-owners-of-uk-properties-riddled-with-flaws

https://www.linkedin.com/posts/greybrow53_heres-a-quick-update-on-the-register-of-activity-6975736891924959234-AUnc?utm_source=share&utm_medium=member_desktop

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.