Land Owner Transparency Act
The new Land Owner Transparency Act will establish a public registry of beneficial owners of property in B.C., meaning true ownership of real estate will no longer be hidden. The Act will require corporations, trusts and partnerships that currently own land or that buy land to disclose their beneficial owners in the registry. Information on beneficial owners, including names and citizenship, will be publicly searchable through the registry. The registry will also help tax authorities and law enforcement crack down on tax evasion, tax fraud and money laundering. This is part of the B.C. government’s 30-point plan to improve housing affordability for people.