Spanish Property πŸ” Understanding the Reform of the Ultimate Beneficial Owner Registry in Spain πŸ‡ͺπŸ‡ΈπŸ’Ό

πŸ” Understanding the Reform of the Ultimate Beneficial Owner Registry in Spain πŸ‡ͺπŸ‡ΈπŸ’Ό

In April 2021, Spain incorporated Directive (EU) 2018/843, known as the EU Fifth Directive on Anti-Money Laundering, into its law via Royal Decree-Law 7/2021. This directive aims to prevent money laundering and terrorist financing through the financial system. πŸ’°πŸš«

One significant change brought by the Fifth Directive is the reform of the Ultimate Beneficial Owner (UBO) Registry, making this information accessible to the public for the first time. This move towards transparency is rare in the EU and marks a significant step forward. πŸ“œπŸŒ

Under the new system, Spain’s Ministry of Justice will establish a single registry, consolidating data from existing databases. This includes beneficial ownership information of all Spanish legal entities and entities without legal personality with operations in Spain. πŸ›οΈπŸ”’

The Registry will contain comprehensive details such as name, date of birth, identification document details, nationality, and criteria defining beneficial ownership. It will also include information on shareholding percentages and voting rights. πŸ“πŸ‘€

To ensure accuracy, the Registry will be updated annually by relevant persons, with records maintained for up to 10 years following dissolution. Access to the Registry will be overseen by the Ministry of Justice, facilitating free access to authorized entities. πŸ”„πŸ”

While public access will be limited, authorized individuals can request specific information, subject to identification and payment of a fee. However, access may be denied in cases of excessive risk or special circumstances, with an avenue for appeal available. πŸš«πŸ”‘

The reform signifies a commitment to transparency and regulatory compliance, aligning Spain with international standards in combating financial crime. It underscores the importance of transparency and accountability in financial transactions. πŸ’‘πŸ€

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