UBO-register for Trusts and similar legal constructions

Introduction
The UBO-register for trusts and similar legal constructions (the “Trust Register”) entered into force on 1 November 2022. The Trust Register is managed by the Dutch Trade Register. EU member states are obliged to institute a register recording information in relation to the UBOs of trusts and similar legal constructions. This pursuant to the amended Fourth Anti-Money Laundering Directive (EU/2018/843).

What is the Trust Register?
The Trust Register is a publicly accessible register in which personal information about the UBOs of trusts and similar legal constructions (“trusts”) is registered, including certain funds such as the Dutch fund for joint account (fonds voor gemene rekening).

The Trust Register is applicable to trusts of which the trustee (i) resides or is established in the Netherlands, or (ii) resides or is established outside the European Union and on behalf of the trust in the Netherlands enters into a business relationship or acquires real estate.

Who qualifies as UBO for the Trust Register?
At least the following natural persons qualify as UBO for trusts:

• the settlor(s);
• the trustee(s);
• the protector(s), if applicable;
• the beneficiaries, or if no individual beneficiaries can be determined, the group of individuals in whose interest the trust is principally established or active; and
• any other individual who is able to ultimately exercise control over the trust through direct or indirect ownership interest or through any other means.

What information is to be registered?
The Trust Register includes the following publicly available information regarding trusts:

• name and type;
• date and place of establishment; and
• its purpose.

The Trust Register includes the following publicly available information regarding UBOs:

• name;
• month and year of birth;
• country of residence;
• nationality; and
• the nature and extent of the UBO’s economic interest.

The following information in the Trust Register should be provided and is not publicly available:

• date, place, and country of birth of the UBO;
• residential address of the UBO;
• if issued: the citizen service number (burgerservicenummer, BSN) or foreign tax identification number (fiscaal identiteitsnummer, TIN) of the UBO;
• e-mailaddress of the UBO;
• true copy(/ies) of identity documents of the UBO;
• true copy(/ies) of document(s) which include(s) the information about the trusts, including its organizational documents; and
• true copy(/ies) of document(s) substantiating why the UBO qualifies as such and showing the nature and extent of the UBO’s economic interest.

Who has to register the UBO?
Obliged to register the UBO with the Trust Register is the trustee of a trust, or the person fulfilling a comparable position. The application for registration should be done within one week after the trust is established. Upon registration, a unique reference number is assigned to the trust, which must be included in all written statements made on behalf of the trusts.
 
What about registration for existing trusts?
Trustees have 3 months, as of 1 November 2022, to register the required information with the Trust Register for existing trusts. Therefore, the ultimate deadline for registration of UBOs of existing trusts is set on 1 February 2023.