Mandatory requirement for notarial certification to be prescribed for gift contracts on immovable property

Deputy Minister of Justice Ara Mkrtchyan has presented to the National Assembly the draft Law of the Republic of Armenia "On making an amendment to the Civil Code of the Republic of Armenia". Adoption of the Draft will contribute to more effective protection of the rights of citizens and of the State with regard to immovable property gift transactions, taking into account the fact that notaries public have wider powers to curb the risk of concluding potentially sham transactions, and in certain cases this will help to increase effectiveness of the prevention of cases of money laundering. The Deputy Minister emphasised that the study of information on the total quantity of sales and purchase and gifts, as well as all transactions registered in the Republic of Armenia during the first semesters of the years 2020-2023 show that in the total quantity of transactions the share of gift transactions has grown significantly, bringing with it the increase of risk of gift transactions. Consequently, the Draft proposes to make a legislative amendment, establishing for gift contracts on immovable property the mandatory requirement for notarial certification, without exceptions.