Filenews 10 July 2025 - by Vasos Vassiliou
The legislation that was approved following a law proposal by MP Kostis Efstathiou and based on which a percentage of 0.4% of real estate sales will be allocated for the purposes of financial support to refugees, is utilized by DISY MPs, who submitted a proposal for a Law for the establishment and operation of a National Fund for the Loss of Use of Occupied Properties, which will also manage any other revenues that may arise.
The proposal of MPs Giorgos Karoulas, Onoufrios Koullas, Nikos Georgiou, Kyriakos Hatzigiannis, Marios Mavridis and Rita Superman aims at the "concentration and rational and effective management of the resources required for the implementation of a Financial Support Program due to the Loss of Use of Occupied Territories".
In the explanatory memorandum of the proposed law, it is stated that "In particular, it is intended that the resources specified in the proposed legislation, finance, through the Program of Financial Support due to Loss of Use of Occupied Territories, the financial sponsorship or other financial support of beneficiaries on the basis of the loss of possession, use, enjoyment or exploitation of their immovable property, which is located in the territories occupied by the Turkish invading forces. Democracy".
According to the MPs, this effort is expected to lead to a fairer distribution of the burdens resulting from the Turkish invasion and occupation.
On the basis of the "Law of 2025 on the Establishment and Operation of the National Fund for the Loss of Use of Occupied Properties" (as the legislation will be called, if and if approved), a Management Committee is established and a fund is established under the name "National Fund for the Loss of Use of Occupied Properties".
The purpose of the Fund is to pool resources and to prepare, implement and finance the Financial Support Program due to Loss of Use of Occupied Territories.
The proposal states that the revenues arise from the imposition of a fee of 0.40% on the sale price of immovable property, in the case of a transfer of immovable property or on the last value of immovable property estimated by the Department of Lands and Surveys, which corresponds to the shares of a company that is transferred, in the case of a transfer of shares of a company that owns immovable property.
The fund may be supported:
-With state sponsorship, in compliance with the provisions of the Law on Fiscal Responsibility and the Financial Framework;
-From revenues that may arise from the exploitation of movable or immovable property that will be acquired by the Fund or assigned to the Fund;
-From the acquisition, management and/or disposal of shares and/or bonds and/or securities and/or securities and/or other securities of any company or other legal entity;
-From donations and/or contributions made to the Fund by any person.
– From the amounts that are not absorbed from the annual budget of the Central Body for Equal Distribution of Burdens.
-From the amount that is not absorbed from the amounts corresponding to the Service for the Care and Rehabilitation of Displaced Persons in the annual budget of the Ministry of the Interior.
The Fund's Management Committee will consist of 13 members and it manages the Fund's finances, decides on any matter related to the existence and operation of the Fund, determines the Fund's investment policy or other rules related to investments and the management of the Fund's assets, regulates related matters related to the Fund; as well as the investment of the Fund's assets, in a way that ensures the dispersion of investments.
