As published on step.org/industry-news, Thursday 20 October, 2022.
From 1 November 2022, trustees of existing trusts and similar legal arrangements with a Dutch connection will have three months to register the trusts on the Dutch trust register, along with their beneficial owners.
Trustees of new trusts or similar legal arrangements must register within one week of the trust's creation. After first registration, changes must be registered within one week .
The publicly accessible register, to be maintained by the Dutch Ministry of Finance (Ministerie van Financiën), is a requirement of the EU Fifth Anti-Money Laundering Directive. It was set up after a consultation conducted in April 2020 and a similar register for Dutch corporate entities and similar legal entities has already been established. However, there will be no minimum ownership interest for trust beneficiaries to qualify as beneficial owners, unlike the situation for corporate entities.
Registration is mandatory for trusts and similar legal arrangements if the trustee resides, or is established, in the Netherlands. It is also required where the trustee is outside the European Union, if the trust has acquired Dutch real estate or enters into a business relationship in the Netherlands. Responsibility to register lies with the trustee or the person who fulfils a comparable position for a similar legal arrangement.
Dutch mutual funds will have to be registered, but not entities that are already registered in the Dutch trade register or on the national trusts register of another EU Member State.
A unique reference number will be assigned to each trust after registration. The trustee must disclose this number on all letters, declarations or other written statements made on behalf of the trust, even if the document has no connection with the Netherlands.