Changes in the deadlines related to restitution of confiscated property
The Republic of Serbia has adopted Amendments to the Law on Property Restitution and Compensation, which were published in the Official Gazette No. 142/14 and entered into force on 26 December 2014.
The above Amendments, for the most part, aim to extend the deadlines for compensation previously defined by law.
From the very beginning of the restitution process, an amount of two billion euros was earmarked for any and all compensations. The total volume of compensations will be increased by the sum of the interest accrued for all beneficiaries of compensation, calculated at an interest rate of 2% per year, commencing from 15 December 2017 instead of 01 January 2015, as previously provide under the law.
The compensation itself shall be determined in euros, by multiplying the compensation basis with a coefficient equal to the ratio between the amount of two billion Euros and the total sum of individual compensation bases determined under decisions on the right to compensation, increased by the estimated undetermined bases.
The previous law set the deadline for issuing all decisions on the right to compensation at 3 years from announcement of a public invitation (announced on 06 February 2012), and now the deadline has been extended to five years.