25.01.2021

The Law on Amendments to the Law on Property Restitution and Compensation Adopted

The National Assembly of the Republic of Serbia adopted the Law on Amendments to the Law on Property Restitution and Compensation (“RS Official Gazette”, No. 153/2020), (hereinafter: “Amendments to the Law”) on 17 December 2020, which entered into force on 29 December 2020.

The Amendments to the Law introduce a special manner of awarding compensation to the applicants of restitution whose compensation, according to the final decisions on compensation, does not exceeding the amount of EUR 1,000. If the amount of compensation does not exceed 1,000 EUR per applicant, not counting the interest, the payment will be made exclusively in cash, by paying the entire rsd amount according to the middle exchange rate of the National Bank of Serbia, by 31 March starting in 2022.

Amendments to the Law also regulate the dynamics and techniques of RS bonds issuance in order to regulate obligations towards eligible restitution applicants. The bonds awarded as compensation should also be issued as of 2022, once the Government of the Republic of Serbia determines all the basic bond elements in the decision of issue. The Amendments to the Law also prescribe that the bonds will be issued once a year, in accordance with the decision on issue which is based on all decisions on compensation adopted by the Agency for Restitution that became final between July 1 of the previous year, ending on 30 June of the current year.

For more information on the restitution procedure and payment of compensation, contact us at aleksicsasaradnicima@lawofficealeksic.rs or call us at one of the phone numbers given below.