The Council of Ministers approved today at its meeting (15.3.23) a Bill for the facilitation of development projects
The purpose of the Bill is to facilitate strategic developments in the Republic of Cyprus. Strategic investments are defined as investments:
(1) EUR 20 million of which at least 75% must come from primary capital (new, liquid, available capital directly related to the project);
(2) The creation of at least 80 permanent jobs of any type or 50 new jobs with an annual payroll in the Republic of Cyprus of more than EUR 1.5 million; and.
(3) Capital investment and creation of new jobs as follows.
(4) Anchor Company investment i.e. the company is a well-known multinational of international reputation, which will develop business activities in Cyprus and is registered in relevant international lists FORBES 2000, NASDAQ500, FTSE 350.
In summary, the main reforms promoted through the Bill, which aim to simplify the licensing process for strategic investments and reduce bureaucracy, are.
(b) Establishment of a statutory mechanism that will allow the designation of a development as strategic for the Cypriot economy, based on objective criteria, which are generally described in the Law and specified in Regulations.
(c) Establishment of the Project Manager for each strategic development project included in the mechanism. The Project Manager will act as a central point of contact for the applicant with public services, will be involved from the initial stage of the assessment of the application and will be the applicant's single point of contact with all services for permitting purposes.
(d) Issue planning permission and building permits at a central level, by the Strategic Development Sector, within a maximum period of one year. It is noted that, with this arrangement, the multiplicity of building and planning authorities is abolished and the Head of the Strategic Development Sector, i.e. the Director of the Planning and Zoning Department for strategic development projects, is designated as the Single Licensing Authority.
[E](e) Setting binding timetables in advance for the issuance of all permits required for the implementation of a strategic development project. The relevant departments will commit to this through the conclusion of Memoranda of Understanding between the Home Office and the relevant Ministries.
(f) The applicant may choose to undertake the consultations themselves with certainty now that they will know in advance what consultations are required.
(g) Institutionalize consultation by arranging a meeting with all stakeholders, chaired by the Head of the Strategic Development Division, in the presence of the Project Manager, where the views expressed will be binding.
(h) The Environment Department shall exclusively undertake consultation and advice on all environmental matters.
(PM/MP/MG/EXP)
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