Restitution or indemnification in cash or bonds - Serbian Parliament adopts Law on Restitution

The Serbian Parliament yesterday adopted the Law on Restitution of Confiscated Property and Indemnification, which envisages the return of property in kind as a basic model of restitution wherever possible.

Where the return of property in kind is not possible, former owners will receive compensation in cash and bonds, at the current market value, and the bonds will be issued in euros.

The law regulates the conditions, manner and procedure for returning the confiscated property and indemnification for confiscated property that was seized from physical persons and some legal entities in Serbia after 9 March 1945 pursuant to the regulations on agrarian reform, nationalization, sequestration and other regulations, and was turned into national, state, public or common property.

The consequences of the seizure of property from victims of the Holocaust on the territory of Serbia who do not have living legal successors will be regulated by special law by which a memorial center will be established, as well as a fund for its management.

The bonds for persons who are older than 70 on the day of this law’s coming into force will mature in five years, whereas the bonds issued to persons older than 65 are due in ten years.

The people who were members of the occupying forces on the territory of Serbia during World War II will not be entitled to restitution, and neither will their descendants, whereas the rehabilitated persons will have this right.

The terms of returning the property will be the same for all population groups, and from the moment this law comes into force, the alienation of this property will be prohibited, especially in the process of privatization.

This law was voted for by 117 MPs.

Narodna skupština Republike Srbije