Overseas MLR issue

Overseas MLR issue

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I am just about to engage a foreign national as a client who is purchasing three residential BTLs in the UK.

He is a US resident who is currently (for the last three years) working in Eastern Europe for a worldwide Gas Conglomerate. He is the FD of the eastern European division and can be publicly viewed on the internet due to his profile. So I am fairly happy he is not a "shady" character!

he has set up a Cyprus Company which will be purchasing the UK properties and I will be acting for him/it in the UK with HMRC

Apart from Certified Photo ID for him/other shareholders and Certified Incorp docs of the Cyprus co (I have asked these be certified by the lawyer/accountant who set up the company) and recent utility bills as proof of address etc, is there any additional ID checks I should be carrying out.

Thanks in advance

DingDong

Replies (4)

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David Winch
By David Winch
21st Jul 2009 19:07

Sounds like fun!
This sounds like fun! Presumably he has someone looking after any tax returns he has to make to the US tax authorities.

You are supposed to confirm that the Cyprus lawyer actually exists by looking him up in a legal dictionary. It has to be said that if I wanted a phony document 'certified' by a UK lawyer I could fairly easily cobble up some headed paper in the name of a real UK firm of solicitors and (even though their real notepaper might be totally different) my fake would pass muster!

Hopefully the solicitors dealing with the property purchases will satisfy themselves regarding the sources of funds used in the purchases - but that is not really your problem.

David Winch

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By DingDong
22nd Jul 2009 10:17

Thanks David
Yes he does have US representation (and in the European Country he works in!) so I will be his 3rd accountant! (probably 4th as there will be one in Cyprus too!)

I will verify the Cyprus lawyer as you suggest and contact the UK lawyers dealing with the conveyancing (I hadn't thought of asking them first!)

As always you are a very helpful source on such issues

Thanks again.

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Basset Hound
By Cuchulainn
22nd Jul 2009 13:06

You can of course go one step further....
.... and ring the purported certifying lawyer at the number shown for him in the public phone book and verify direct with him that he did in fact certify the documents. I know of at least one bank which does this as a matter of routine for all new account applicants.

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Basset Hound
By Cuchulainn
22nd Jul 2009 21:50

Oh - I almost forgot.....
Don't forget to run the prospect's name through WorldCheck. You'd sometimes be amazed what this can turn up.

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