American-Owned Property in Occupied Cyprus Claims Act - Amends the International Claims Settlement Act of 1949 to urge the President to authorize the Secretary of State to begin negotiations with Turkey to allow for certain claims by U.S. nationals respecting real property in the Turkish-held portions of Cyprus.
Authorizes the Secretary of the Treasury to establish in the Treasury a Claims Fund for the payment of unsatisfied claims of U.S. nationals against Turkey. Sets forth payment procedures.
Grants U.S. district court jurisdiction for civil actions against any private person (any natural person or legal entity other than Turkey) by a U.S. national who owns property in the Turkish-held portion of Cyprus.
Sets forth the conditions under which an action may be brought against the government of Turkey in U.S. or state courts.