Part 1: Registration of Overseas Entities Schedule 3: Land ownership and transactions: England and Wales Part 2: Transition: qualifying estates registered pre-commencement Duty of proprietor to register as an overseas entity within transitional period
Paragraph 5 of Schedule 3 creates a duty to register as an overseas entity for an overseas entity that is registered as a proprietor of a qualifying estate and became so registered on or after 1 January 1999 but before the commencement date. Under paragraph 5(1) if, at the end of the period of six months beginning with the commencement date, the entity is neither a registered overseas entity nor an exempt overseas entity, it commits an offence and every officer of the entity who is in default also commits an offence. Paragraphs 5(2) and 5(3) set out the penalties for a person found guilty of an offence under this paragraph.