New Bill aims at reducing Red Tape in Cyprus

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On Friday the 3rd of November, Interior Minister, Constantinos Petrides unveiled a new bill that is anticipated to make it easier for larger developments to obtain permits.

The initiation of the strategy depends on the approval of another piece of legislation which would provide for the establishment of a junior ministry for development, which currently waits to be reviewed by parliament.

Mr Petrides has stated the ministry will be liable “for implementing the bureaucracy-busting bill and the operation of a one-stop shop for investors.” The bill calls for a considerable cutback in the procedures to secure a town-planning permit. The reduction includes minimising the number of departments involved from 11 to 4, and required actions from 50 to 18.

The bill also provides a two-month deadline to complete the procedures, whereas no time limit is implemented currently.

Inevitably, projects must meet specific criteria in order to be able to meet the deadline. This includes a minimum amount of EUR €5 million and 75% coming from capital linked to the project, loan capital, undistributed profits or from the issuance of shares.