Draft Bill for Memo on property for social insurance debts


A draft bill that has been put forward before the House of Representatives relating to the seizure and foreclosure of movable property before and after the commencement of criminal proceedings before a Court and the acceptance and registration of an encumbrance on the debtor’s property. As per the draft bill, anyone delaying payments to the Social Insurance Fund in regard to contributions and due surcharges which exceed the amount of €3,000 – excluding the amount of contributions and surcharges for which not all administrative and judicial procedures provided for have been exhausted – then deposits of either the employer or self-employed will be blocked. The amount to be blocked will not exceed that which is due for the contributions and additional fee.


Additionally, the amount of deposits belonging to an employer or a self-employed that could be blocked should not leave the debtor’s bank account with less than €2,000. A memo will be issued after one fails to pay the due amount of contributions and additional fee of up to €5,000, excluding the amounts for which all administrative and judicial proceedings have not been exhausted. The freezing of property will act as a guarantee for the payment of the due amount of contributions and additional fee.





For further information on this topic please contact

Ms. Nada Starovlah or Ms. Eleana Dimitriou( or ) at SOTERIS PITTAS & CO LLC,

by telephone (+357 25 028460) or by fax (+357 25 028461)



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