Clearance Time for Unclaimed Inheritances Reduced to Six Months

The Greek government aims to accelerate the clearance process for approximately 8,000 unclaimed inheritances, reducing the timeframe from 10-15 years to just six months. This initiative is part of the draft law titled ‘Public Donations, Unclaimed Inheritances, Foundations, and Charitable Assets,’ presented by Deputy Minister of Justice Kostis Hatzidakis on March 12, 2025. The government seeks to transform unused properties into a tool for social policy through four stages. The first stage involves confirming the absence of heirs via the Citizens’ Registry, utilizing interoperability with the Ministry of Justice for automatic updates on inheritance disclaimers. The second stage includes an initial property valuation by certified appraisers before assigning executors and trustees. The third stage accelerates clearance based on property value: decentralized services handle properties up to €20,000, accountants and lawyers manage properties valued between €20,000 and €1 million, while independent auditing firms are responsible for properties exceeding €1 million. Finally, remaining properties will be utilized for social housing, supporting vulnerable groups, and affordable housing programs. Currently, delays leave properties abandoned for years, worsening the housing crisis. Unclaimed inheritances refer to properties without heirs or where heirs have disclaimed their rights. It can take up to five years for a property to be recognized as unclaimed and transferred to public ownership, with the clearance process often lasting another five or more years. Thousands of properties remain unused and deteriorate, depriving the housing market of valuable resources. A preliminary estimate values these unclaimed properties at €5 billion, including bank deposits.