Spain has activated the Royal Decree establishing the Registry of Beneficial Owners
Spain has activated the Royal Decree establishing the Registry of Beneficial Owners. Information for the registry will be sourced from existing databases, and all entities falling under the requirement to include their beneficial owners must verify the accuracy of the information by November 19, 2023, and update it if necessary.
Entities that must provide information about their beneficiaries include:
- Spanish legal entities;
- Legal entities or structures without legal personality whose effective management center or primary commercial activity is in Spain, or those managed by individuals or legal entities resident in Spain;
- Legal entities or structures without legal personality not managed from any EU country or registered in any other member state and intending to conduct business relationships, carry out one-off transactions, or acquire real estate in Spain.
Failure to comply with the requirements for submitting information about beneficial owners constitutes an administrative offense and could lead to the cancellation of the entity’s registration.
All anti-money laundering authorities will have unrestricted and free access to data from the Registry. Paid access to the Registry will be granted to individuals and organizations able to demonstrate a legitimate interest in obtaining information about specific entities.