The Law on the Facilitation of Strategic Development Projects of 2023 (Law 84(I)/2023) (the “Law”) has been recently enacted by the House of Representatives to simplify the licensing procedures of “strategic development projects” with the aim of placing Cyprus higher in the list of countries offering attractive investment opportunities.
The Law’s core objective is, through newly introduced simplified procedures, to tackle with the
delays and bureaucratic barriers that currently exist in project licensing and impact negatively
investment initiatives.
The Law establishes a new Strategic Developments Section, falling under the auspices of the
Department of Town Planning and Housing, entrusted with the authority of managing the licensing
procedure of “strategic development projects” as well as appointing a Project Manager for each
“strategic development project”, empowered to coordinate all competent authorities for the issuance of
all necessary permits in a timely manner.
An investment can be characterized as a “strategic development project” and benefit from the
expedited licensing procedure if it constitutes a productive economic activity and its implementation
contributes substantially to the sustainable development of the economy, by fulfilling a number of
objective criteria including, indicatively, capital investment of a specific amount and creation of a
specific number of permanent employment positions.
To safeguard the efficiency and effectiveness of the newly established procedure, the Law defines
binding timelines for the processing of permit applications and consultations with competent authorities
as regards “strategic development projects”. In addition, it envisages the creation of an electronic
platform allowing, inter alios, the submission of applications for the licensing of “strategic development
projects” electronically.
The enactment of this legislation constitutes a new important tool that could potentially assist our
country in its continued effort to lure reliable investments and stimulate economic growth.
Contact our team at info@pamboridis.com should you wish to find out more.
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