Despite the threat of fines for non-compliance, 12,930 overseas corporate owners of property in the UK missed the deadline to comply with the register. Only 19,510 out of a total of 32,440 registered overseas organisations have declared their beneficial owners. They now face harsh penalties for non-compliance after missing the 31 January deadline.

According to data from Companies House, around 8,500 of the companies registered had listed an individual as their beneficial owner and were based mainly in five jurisdictions - British Virgin Islands, Jersey, Isle of Man, Guernsey and Luxembourg.