The Land Owner Transparency Registry is a new initiative in British Columbia aimed at ending hidden ownership of land. The registry is a publicly searchable database of information about the beneficial ownership of land in the province. It provides information about people who own or control land indirectly, through corporations, partnerships, or trusts.
The information in the registry is collected through transparency declarations and transparency reports. When someone applies to register an interest in land, they must file a transparency declaration. This declaration includes information about the beneficial owners of the land, such as their names, addresses, and interests in the land. This information helps to ensure that the true owners of the land are known to the public.
Existing corporations, trusts, or partnerships that own or control land must also file with the registry. They must check if they are required to file and provide transparency reports regarding their interest in land. The deadline for these pre-existing reporting bodies to file with the registry is November 30, 2022.
The Land Owner Transparency Registry is a critical step towards ending hidden ownership of land in British Columbia. The registry helps to ensure that the true owners of land are known, which helps to prevent fraud, money laundering, and other illegal activities. It also provides greater transparency and accountability in the ownership and control of land in the province.
The Land Owner Transparency Registry is a valuable tool for ensuring that the ownership and control of land in British Columbia is open and transparent. By requiring transparency declarations and reports, the registry helps to shed light on hidden ownership and ensure that the public has access to the information they need to make informed decisions.