The transitional law of the Netherlands on the inclusion of the ultimate beneficiaries of trust companies in a special register (UBO-register) expired on March 27, 2022. Incoming requests to extend the registration period were rejected. A significant part of the trusts has not yet been registered in the UBO registry. The Chamber of Commerce (Kamer van Koophandel) will refer the cases of such companies to the Bureau of Economic Coercion (Bureau Economische Handhaving). The bureau will send a reminder to the owners, and then begin to take enforcement action, including imposing fines. If necessary, it is possible to transfer the case to the Prosecutor's Office to bring violators to criminal liability.
The organizational and legal form of the trust in the Netherlands itself is absent. However, such companies from other countries operating in the Netherlands are listed in Article 31(10) of the Money Laundering Directive. For this reason, both closed-end and open-end mutual funds registered abroad and operating in the Netherlands are subject to registration in the register of ultimate beneficiaries (UBO). Registration is subject to owners and custodians of trust funds residing or registered in the Netherlands. Trusts registered outside the European Union are subject to registration provided that they carry out business transactions or acquire real estate in the Netherlands. If the trust is registered in one of the EU countries, additional registration in the Netherlands is not required.
Find out more about registering with the UBO-register of the Netherlands on our website.
Publication Date: 12.05.2022
