Registration of documents for construction

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The Minister of the Interior of the Republic of Cyprus, Constantinos Petridis, introduced a new bill, which should significantly reduce the burden in the construction sector. According to this bill, the procedure for obtaining construction permits should be greatly simplified for large developers.

The Minister is confident that these changes will significantly simplify the attraction of large investments in the Republic. Despite the many changes introduced in recent years in this direction, the issue of obtaining all necessary permits and papers quickly was not resolved.

A new accelerated format for processing documents will be applied only to projects that meet certain conditions. So, the amount of investments should start from 5 million euros, 75% of which should be either for new capital (which will be spent directly for the new project), or for profit, or land capital, or for equity. Also, the project should guarantee the creation of at least 80 new jobs for citizens of the Republic or 50 jobs, but with a wage fund of at least 1 million euros. This format of accelerated processing of documents can only be used by a large international company. For each such project, a special person will be assigned whose duties will include the support of the investor at all stages of interaction with the state departments of Cyprus.

It should be recalled that, in a recent study, the World Bank highly assessed the Republic of Cyprus for issuing construction permits.

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