“For years, people were able to use shell companies, trust and partnerships to hide who really owns property in British Columbia,” says finance minister.
VICTORIA — People who hold an interest in British Columbia property through corporations, trusts and numbered companies could soon have their names published in a government registry, according to new legislation.
The registry, to go online in 2020, is intended to cut through the levels of secrecy that surround corporate ownership of property, such as when land is owned by one numbered company that is then controlled by another numbered company even though both companies are the same person. The government said the lack of transparency is contributing to money laundering and criminal activity.
The registry will be “self-funded” through search fees, according to the Ministry of Finance. The current land title office also charges the public to search its registry. The legislation proposes to record the names of beneficial owners whenever a property title is transferred, and for any subsequent changes in the beneficial owners behind a company. All existing property owners will also have to declare, though the timeline for that is expected to be set later by cabinet order.
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