On 26 April 2021, the bill on registration of the ultimate beneficial owner of trusts and similar legal constructions (the ''Bill'') was submitted to the lower house of the Dutch Parliament.
The intention of the Bill is to implement the obligation to maintain and centrally register information about the ultimate beneficial owner (the ''UBO'') of trusts and similar legal constructions (in addition to the bill regarding the prevention of money laundering and terrorist financing for companies and legal entities. UBO's of trusts and similar legal constructions of which the trustee is established or resides in the Netherlands, or of which the trustee enters into a business relationship or acquires real estate in the Netherlands can be identified with this register.
The Dutch Chamber of Commerce should act as administrator of the register and should monitor the functionality and the accessibility of the register. The register will be made publicly available, subject to payment of an administration fee. The trustee itself will be responsible for submitting the registration to the Dutch Chamber of Commerce and to ensure to correct data is kept at all times.
In case you have any questions regarding the Bill or your corporate governance? Please contact us: