Social Housing: Bill Aims to Unblock Dormant Inheritances

For weeks, according to the economic cabinet’s schedule, there has been anticipation for the submission of a bill addressing dormant inheritances. This initiative aims to streamline procedures and strengthen the social housing system while tackling the housing crisis by boosting supply. Sources from the Ministry of Finance indicate that the bill is expected in June, following the reform of the Customs Code. The government’s ambition is to make thousands of properties, currently stuck in bureaucratic limbo, available in the real estate market. Additionally, the framework for public donations will undergo full reform. During a recent interview, Minister Kyriakos Pierakakis announced new incentives for property owners to re-list vacant homes on the market. Dormant inheritances and donations represent two sides of the same issue. Currently, about 6,500 unresolved inheritances exist, with 4,500 classified as dormant and 2,000 under review, without the state having a clear inventory of immovable assets. The Ministry of Finance aims to reduce the resolution time to a maximum of two years, ensuring these properties contribute to social housing programs. Furthermore, the cumbersome donation process discourages citizens due to excessive bureaucracy and scrutiny. The proposed bill seeks to establish a National Registry of Benefactors and Donors, along with an electronic platform for submitting proposals. Tax incentives, such as eliminating income tax (22%) for active foundations, are also included. For dormant inheritances, measures include direct public notification via digital systems and expediting clearance processes based on inheritance value.