Four steps to registering the UBOs of trusts and similar legal constructs

On 1 November 2022, the Trust Register was introduced in the Netherlands. The reason for its introduction was the (partial) entry into force, on the same date, of the Implementing Act on the Registration of Ultimate Beneficial Owners of Trusts and Similar Legal Constructs (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies). This act (hereinafter: ‘the Act’) requires trusts and similar legal constructs operating in the Netherlands to register in the Trust Register. Their registration must also list their UBOs. ‘Similar legal constructs’ mainly include funds for joint account (fondsen voor gemene rekening, ‘FGR’) created under Dutch law.

Whether a trust or similar legal construct and its UBOs must register in the Trust Register depends on a number of factors. BDO has prepared a fact sheet with four simple steps to registering trusts or similar legal constructs and their UBOs. Those four steps are:

  1. Check whether a Trust Register registration requirement applies to the trust or similar legal construct
  2. Identify the UBOs
  3. Collect the information required
  4. Register the trust or similar legal construct and its UBOs

In addition, the fact sheet answers some frequently asked questions, specifically:

  • Can the information contained in the Trust Register be viewed by the general public? In other words, is the Trust Register publicly accessible?
  • Is it true that the Act also changes the requirements for the UBO Register?
  • For how long will the information contained in the Trust Register be public?
  • Can information contained in the Trust Register be blocked, as is the case with the UBO Register?
  • What are the penalties for not meeting the registration deadline or not registering in the Trust Register at all?

Please note: The Trust Register is introduced in addition to the UBO Register already in place for companies (such as public and private companies (NVs and BVs)) and other legal entities (such as foundations (stichtingen) and associations (verenigingen)). For more information on the UBO Register, please refer to our previous fact sheet.

view factsheet

More information

If you have any questions about the Trust Register or require registration support, please contact Iwan van Munster or Jiri Verschure.