{"id":4041,"date":"2017-05-01T04:20:32","date_gmt":"2017-05-01T04:20:32","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/panic-grips-nigerian-investors-as-uk-opens-foreign-property-register\/"},"modified":"2017-05-01T04:20:32","modified_gmt":"2017-05-01T04:20:32","slug":"panic-grips-nigerian-investors-as-uk-opens-foreign-property-register","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/panic-grips-nigerian-investors-as-uk-opens-foreign-property-register\/","title":{"rendered":"Panic grips Nigerian investors as UK opens foreign property register"},"content":{"rendered":"<p>\n<\/p>\n<div id=\"\">\n<div id=\"attachment_278827\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom.jpg?resize=1280%2C720&#038;ssl=1\" data-lazy-src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/plugins\/ventra-lazy-load\/images\/1x1.trans.gif?ssl=1\" data-lazy-srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-600x338.jpg 600w\" class=\"size-full wp-image-278827\" alt=\"\" width=\"1280\" height=\"720\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><noscript><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-278827\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom.jpg?resize=1280%2C720&#038;ssl=1\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/04\/United-Kingdom-600x338.jpg 600w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><\/p>\n<p class=\"wp-caption-text\">United Kingdom<\/p>\n<\/div>\n<p>If the plan by the United Kingdom Government to open a register of foreign property owners sails through, the long wait to tame corrupt Nigerians who invest abroad using companies and other structures to buy <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> may end soon.<\/p>\n<p>The new register will be public and will include those who own or want to buy property in the UK. It will be easily accessible and avoid creating a disproportionate burden or put off legitimate investors.<\/p>\n<p>One of the main aims is to prevent those buying property from hiding behind offshore corporate vehicles as they are regarded as vehicles for hiding illicit <a href=\"https:\/\/amazingproperty.com.ng\/blog\/get-quick-loan-for-real-estate-investment\/\">funds<\/a> and laundering the proceeds of crime. There has been rising concern that the rise in overseas owners of property in London, for example, could be due to criminals using the real estate market.<\/p>\n<p>Under the current proposals entities wishing to buy property will have to register their beneficial ownership information with Companies House. If their application is successful they will be allocated a registration number. This number will be required in order to register title to the property at the appropriate Land Registry.<\/p>\n<p>The new development has already sent shockwaves to Nigerian property investors in the UK. Most of them are consulting with real estate experts at home and abroad on ways to handle the issues.<\/p>\n<p>But entities that already own property will be given a transitional year in which they will be free to choose whether to disclose the information and apply for a registration number or dispose of their property.<\/p>\n<p>In order to \u2018strike the right balance between improving transparency and minimising burdens on legitimate commercial activity\u2019 the Department for Business, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/the-benefits-of-solar-roofing-for-your-home\/\">Energy<\/a> and Industrial strategy is asking overseas investors, property and transparency experts to submit evidence by May 15, 2017.<\/p>\n<p>The former President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Emeka Eleh welcomed the idea, saying that the world is changing and countries are looking for ways to make their economy more transparent and business friendly.<\/p>\n<p>He said that it is nothing new, but part of the global effort to ensure government\u2019s transparency. Eleh compared it with the Treasury Single Account (TSA), which help to monitor the government revenue and stifle corruption in Nigeria.<\/p>\n<p>A past chairman, NIESV Lagos branch, Pastor Stephen Jagun, said UK is one of the world\u2019s leading financial centres that <a href=\"https:\/\/amazingproperty.com.ng\/blog\/tips-for-house-price-negotiation\/\">offer<\/a> <a href=\"https:\/\/amazingproperty.com.ng\/blog\/create-a-real-estate-passive-income-stream\/\">real estate investment<\/a> opportunities for foreign investors such as Nigerians, Chinese and Russians.<\/p>\n<p>\u201cThis investment benefits the UK economy and supports the construction industry. People see UK as a place to launder stolen money, which now rubs off on the integrity and reputation of the UK property market. The property prices are now getting out of the hand of British citizens and they continue to make laws to accommodate first time buyers,\u201d he said.<\/p>\n<p>He said: \u201cIt will be good for African countries, since London will no longer be a haven for stolen money. Why people always look towards London is because it has good security, transport system and investment is safe.<\/p>\n<p>For the Dr. Meckson Okoro, an estate surveyor and valuer, Nigerians will always find ways to circumvent the law. He believes that the proposed UK policy would not have any positive effect on Nigeria\u2019s economy and real estate market.<\/p>\n<p>According to him, the federal authorities should look for internal measures to ensure property investments and soften policies that scare foreign direct investment in the real estate sector.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"http:\/\/guardian.ng\/property\/panic-grips-nigerian-investors-as-uk-opens-foreign-property-register\/\"> link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United Kingdom If the plan by the United Kingdom Government to open a register of foreign &hellip; <a title=\"Panic grips Nigerian investors as UK opens foreign property register\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/panic-grips-nigerian-investors-as-uk-opens-foreign-property-register\/\"><span class=\"screen-reader-text\">Panic grips Nigerian investors as UK opens foreign property register<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4042,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[519,1403,2890,1399,9697,12908,543,684,522,1007,41,1152,140,254,84,116,1222,2878,857,12],"class_list":["post-4041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-africa","tag-buy","tag-construction","tag-development","tag-foreign-investors","tag-home","tag-home-buying-guide","tag-lagos","tag-nigeria","tag-owners","tag-property","tag-property-investment","tag-property-market","tag-property-prices","tag-real-estate","tag-real-estate-investment","tag-real-estate-investment-opportunities","tag-real-estate-market","tag-real-estate-sector","tag-surveyor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/United-Kingdom.jpg?fit=1280%2C720&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2791,"url":"https:\/\/amazingproperty.com.ng\/blog\/invest-in-property-in-thailand\/","url_meta":{"origin":4041,"position":0},"title":"Invest in Property in Thailand","author":"Amazing Property","date":"March 31, 2022","format":false,"excerpt":"\u00a0 Invest in Property in Thailand Thailand is a beautiful place. 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But, is Thailand a good investment opportunity\u2026","rel":"","context":"In &quot;Investment&quot;","block_context":{"text":"Investment","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/investment\/"},"img":{"alt_text":"Invest in Property in Thailand","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Invest-in-Property-in-Thailand.jpg?fit=960%2C636&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Invest-in-Property-in-Thailand.jpg?fit=960%2C636&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Invest-in-Property-in-Thailand.jpg?fit=960%2C636&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Invest-in-Property-in-Thailand.jpg?fit=960%2C636&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2379,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-crowdfunding-trends-for-2017\/","url_meta":{"origin":4041,"position":1},"title":"Real Estate Crowdfunding Trends for 2017","author":"Amazing Property","date":"March 22, 2017","format":false,"excerpt":"Crowdfunding, the financial activity that started as a platform for people to support inventors and special projects, is rapidly becoming a model for equity, startup and real estate investing. \u00a0 According to Massolutions, a renowned market research and advisory firm focusing on the financial industry, crowdfunding platforms across all sectors\u2026","rel":"","context":"In &quot;Property owner&quot;","block_context":{"text":"Property owner","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/property-owner\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pexels-photo-261146.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pexels-photo-261146.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pexels-photo-261146.jpeg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pexels-photo-261146.jpeg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pexels-photo-261146.jpeg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8597,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-foreign-capital-aids-nigerias-commercial-real-estate-rebound\/","url_meta":{"origin":4041,"position":2},"title":"\u2018How foreign capital aids Nigeria\u2019s commercial real estate rebound\u2019","author":"Amazing Property","date":"April 16, 2018","format":false,"excerpt":"Real estateNotwithstanding that real estate recovery has taken time to gain traction, foreigners are fueling capital injection in Nigeria and other Sub-Saharan Africa countries, with South Africa and United Kingdom investors leading the way. 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Leading real estate\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Global-Real-Estate-Transparency-Index.jpg?fit=1200%2C674&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Global-Real-Estate-Transparency-Index.jpg?fit=1200%2C674&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Global-Real-Estate-Transparency-Index.jpg?fit=1200%2C674&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Global-Real-Estate-Transparency-Index.jpg?fit=1200%2C674&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Global-Real-Estate-Transparency-Index.jpg?fit=1200%2C674&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=4041"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/4042"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=4041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=4041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=4041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}