Parliament passes restitution bill

The Serbian assembly adopted Monday the Law on Property Restitution and Compensation which provides the return of property in kind wherever possible. A total of 154 MPs were present at the voting, and the bill was supported by 117 belonging to the ruling majority and the Liberal Democratic Party (LDP), whereas 23 MPs of the Alliance of Vojvodina Hungarians (SVM) and the Democratic Party of Serbia (DSS) voted against. Parliament passes restitution bill In cases where the return in kind is not possible, the former owners will get compensation in cash and vouchers according to the present market value. Vouchers will be issued in euros. The law determines conditions, ways and procedures of returning the property and compensation for the assets, which were seized from natural persons or certain legal persons by enforcing the regulation on the land reform, nationalization, sequestration and other regulations on nationalization on the territory of Serbia after March 9, 1945 and then turned into state, social or cooperative property. The Serbian government LDP’s amendment stating that the law applies to the return of the property seized because of the holocaust on the territory that is now Serbia. The law states that the elimination of consequences of seizing the property from holocaust victims without living legal heirs, would be regulated by a special law, in a way that a memorial center and a fund for governing the centre will be founded. Another LDP amendment was adopted, according to which people will get their restitution vouchers within 15 years in annual installments starting from 2015, save for persons older than 70 and 65. The vouchers for persons older than 70 will fall due in five years, and for persons older than 65 within 10 years. The right for restitution, among others, will not include the persons who were members of occupation forces, which acted on the territory of Serbia during WWII, as well as their descendants, whereas rehabilitated persons will be able to realize the right. The conditions for the return of assets will be the same for all categories of citizens, and once the law has been passed any disposal of the assets will be banned, especially if subject to the process of privatization.

Parliament passes restitution bill

In cases where the return in kind is not possible, the former owners will get compensation in cash and vouchers according to the present market value. Vouchers will be issued in euros.

The law determines conditions, ways and procedures of returning the property and compensation for the assets, which were seized from natural persons or certain legal persons by enforcing the regulation on the land reform, nationalization, sequestration and other regulations on nationalization on the territory of Serbia after March 9, 1945 and then turned into state, social or cooperative property.

The Serbian government LDP’s amendment stating that the law applies to the return of the property seized because of the holocaust on the territory that is now Serbia.

The law states that the elimination of consequences of seizing the property from holocaust victims without living legal heirs, would be regulated by a special law, in a way that a memorial center and a fund for governing the centre will be founded.

Another LDP amendment was adopted, according to which people will get their restitution vouchers within 15 years in annual installments starting from 2015, save for persons older than 70 and 65.

The vouchers for persons older than 70 will fall due in five years, and for persons older than 65 within 10 years.

The right for restitution, among others, will not include the persons who were members of occupation forces, which acted on the territory of Serbia during WWII, as well as their descendants, whereas rehabilitated persons will be able to realize the right.

The conditions for the return of assets will be the same for all categories of citizens, and once the law has been passed any disposal of the assets will be banned, especially if subject to the process of privatization.