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Unexploited Properties and
Properties with Contested Ownership
Unexploited / Unoccupied properties
There are many properties which either remain unoccupied for long periods of time, or which provide their owners with a very small income or none
at all, as the result of being located in isolated areas, because of problems in collecting rent or obstacles to upkeep, maintenance etc.
This type of property includes agricultural land, empty building plots, vacant apartments, traditional country houses, and shares and valuables
stored in safety deposit boxes.
The Benaki Museum, following agreement with the donor, undertakes to sell or exploit the property in question, paying the donor a steady income either
for as long as he lives or for a specified length of time. This income shall be tax-free, as the funds resulting from the sale or use of the property
will be invested in government bonds, or in shares that are taxed at source.
The donor's income could be in the order of 2% or the equivalent of half the income from government bonds, depending on the manner in which the
capital is invested. The Museum will receive the remainder of the income.
The proceeds from the sale of the property could be:
- Returned to the donor after a specified length of time.
- Returned to the donor's heirs with possible tax benefits.
- Retained by the Benaki Museum if the donor so wishes.
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Properties with contested ownership
There are properties or portions of properties that do not provide their owners with any income as the result of pending legal issues,
or which require lengthy legal procedures.
Examples of this type of property include:
- Contested or unclarified inheritances.
- Property that has been usurped.
- Property contested by the State (e.g. forests).
- Blocked accounts.
- Sums of money deposited at the Bureau of Deposits and Loans.
The Benaki Museum, through its legal team, undertakes to return such properties to their owners, or to arrange for them to be sold, in return
for a share of the profits to be determined by prior agreement between the parties involved, taking into account the particular features of
each case.
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