UK Register of Overseas Entities Set to Reveal Trust Details on ‘Fishing Expedition’ Basis

Executive Summary

• Draft regulations laid before the UK Parliament on 22 April 2026 will dramatically expand public access to trust information held on the Register of Overseas Entities.
• Once in force, any member of the public will be able to obtain the names of trustees, settlors, and beneficiaries simply by naming an overseas entity that owns UK real estate, without needing to identify the trust itself.
• The change removes the last practical privacy safeguard for overseas trusts, opening the door to large-scale “fishing expeditions”.
• Law firm Withers warns that this places owners of UK property through overseas entities in a “materially worse” privacy position than those using domestic trusts or UK companies.
• While the move boosts transparency around economic crime and sanctions compliance, it significantly heightens privacy and security risks for legitimate investors.
• Limited safeguards remain for minors and individuals at serious risk of violence, but the overall balance has shifted heavily toward disclosure.
• The regulations are expected to take effect with minimal opposition and are considered ECHR-compatible by the Government.

Introduction

• Anyone will soon be able to obtain sensitive trust information linked to overseas owners of UK property simply by typing in the name of the overseas entity, under draft regulations laid before Parliament on 22 April 2026.
• The change, contained in the The Register of Overseas Entities (Protection and Trusts) and Limited Liability Partnerships (Application of Company Law) (Amendment) Regulations 2026, removes the previous hurdle requiring third-party applicants to name the specific trust involved.
• Once the rules come into force, public access to the identities of trustees, settlors, and beneficiaries will be available on demand for any registered overseas entity, all of whose names are already published on the Companies House register.

Why the Register Exists

• The Register of Overseas Entities was rushed into law in 2022 in the wake of Russia’s invasion of Ukraine. Its purpose was to shine a light on who really owns UK real estate held through offshore vehicles.
• More than 30,000 overseas entities have now registered, disclosing their “registrable beneficial owners”. Where that beneficial owner is a trust, the identities of the people behind it were initially restricted to UK government bodies only.
• Last year, the rules were slightly relaxed: third parties could request trust information if they could name the trust itself. The latest draft removes even that modest safeguard.

“Materially Worse” Privacy Position, Warns Leading Law Firm

• Law firm Withers, which specialises in private client and offshore structures, described the move as opening the door to “fishing expeditions” with a significant impact on privacy.
• “Owning UK real estate through an overseas entity held in trust will soon be in a materially worse privacy position than many other common ownership structures,” the firm said.
• A trust that owns real estate directly, or one that holds it through a UK company, will not face the same level of public exposure.

Human Rights and Legal Protections

• The explanatory notes accompanying the draft statutory instrument state that the relevant government minister considers the change compatible with the European Convention on Human Rights.
• Because the measure flows from primary legislation (the Economic Crime (Transparency and Enforcement) Act 2022), there is no straightforward constitutional route for a court to strike it down on human-rights grounds. Legal observers expect the new rules to take effect largely unchanged.

What Safeguards Remain?

• Some limits will still apply:
• Applicants requesting information on multiple entities in one go must still show a “legitimate interest” (for example, an investigation into money laundering).
• Information relating to minors will not be disclosed.
• Individuals can apply to have their details withheld if disclosure would put them at serious risk of violence or intimidation – though this exemption is expected to be granted only in exceptional cases.

Impact Assessment

• Transparency Gains.
• The reform delivers on the register’s original goal of maximum openness. Journalists, NGOs, investigative researchers and ordinary members of the public will find it far easier to map the ultimate owners of valuable UK property.
• This should help deter illicit finance, sanctions evasion and kleptocratic ownership.
• Privacy and Security Risks
• Privacy advocates and private-client lawyers argue that the change goes too far.
• High-net-worth individuals, family offices and legitimate foreign investors who have used trusts for generational wealth planning, asset protection or tax efficiency will see their personal details become dramatically more accessible.
• The risk of harassment, unwanted press attention, or even physical threat is real, particularly for politically exposed persons or those from unstable jurisdictions.
• Competitive Disadvantage:
• The rules create an uneven playing field. UK-resident trusts and UK companies used to hold real estate will enjoy materially stronger privacy protections than overseas-entity structures.
• This could discourage some legitimate foreign capital from entering the UK property market or prompt existing owners to restructure at high cost.
• Practical Enforcement:
• The volume of applications is expected to rise sharply.
• Companies House will need robust systems to process requests quickly while still applying the remaining legitimate-interest and safety tests.
• Early indications suggest the registrar is preparing for a surge in activity once the regulations are approved.
• Long-term Outlook:
• The draft instrument is expected to pass with little opposition, given the strong political consensus around economic crime transparency.
• For owners of UK real estate through overseas trusts, the message is clear: the era of relative anonymity is ending.
• Those who value privacy may need to explore alternative, domestic ownership structures or accept that their details could soon be only a few clicks away from public view.

Sources 

• UK Parliament – Draft Statutory Instrument (laid 22 April 2026): https://statutoryinstruments.parliament.uk/instrument/7AetXmQR
• Full draft regulations on legislation.gov.uk: https://www.legislation.gov.uk/ukdsi/2026/9780348282610
• PDF of the draft statutory instrument: https://www.legislation.gov.uk/ukdsi/2026/9780348282610/pdfs/ukdsi_9780348282610_en.pdf
• Draft Explanatory Memorandum: https://www.legislation.gov.uk/ukdsi/2026/9780348282610/memorandum/contents
• Companies House – Register of Overseas Entities (official GOV.UK collection & guidance): https://www.gov.uk/government/collections/register-of-overseas-entities
• Companies House search portal for the register: https://find-and-update.company-information.service.gov.uk/
• Withers LLP commentary on the Register of Overseas Entities and trust disclosures: https://www.withersworldwide.com/en-gb/insight/read/registration-of-overseas-entities (general briefing series; specific April 2026 client alert referenced in coverage)

This article is based on the published draft regulations and commentary available as of 30 April 2026.