(CyprusMail) The island’s official investment promotion organisation, Invest Cyprus, released a statement on Friday endorsing a recent choice to expedite important projects.
The House approved a bill on Thursday that streamlines “strategic investments” and governs the timelines and application process for licences.
With 34 votes in favour and 18 votes against, the bill—which was initially proposed by the previous administration—was approved.
The new legislation includes streamlined processes to make it easier to licence major investments, according to a statement by Marios Tannousis, Director General of Invest Cyprus.
The establishment of a Strategic Development Sector as a single licencing authority, with the aim of centrally issuing building permits within a year, is one of the key provisions of the new law. Another is the introduction of a mechanism to classify a development as a strategic development based on specific criteria, allowing it to go through an accelerated licencing process.
Tannousis asserts that Invest Cyprus has long demanded that processes be made simpler and that licences for important projects be granted more quickly.
The goal is to avoid the bureaucratic red tape and delays that have a negative impact on various projects.
He continued by saying that with the new legislation, Invest Cyprus is better positioned to draw trustworthy investments to Cyprus and promote economic expansion.
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