Facilitation of Strategic investments

The objective of the measure is to develop a new system supporting strategic investments, aiming at stimulating investment activity in the country through streamlined rules and mechanisms, simplifying the licencing and permit procedures, reducing the administrative burden and making the strategic investment environment more efficient.

The definition of strategic investment refers to investments in strategic sectors (including Health and Social Care, Education, Culture, Sport, Environment, Industry, Tourism, Energy, Research, Development and Innovation) that significantly contribute to the development of the economy.

The reform shall consist in the entry into force of a legislation for the facilitation of strategic investments, in regards to the efficiency of obtaining investment licenses and building permits. A dedicated governmental sector shall be assigned for the processing of strategic investments. It shall consist in the preparation of the operational guidelines, process flows, and other ISO 9001:2015 requirements for mainstreaming the process. It shall develop Memorandum of Understandings with other Departments relevant to parts of the process in order to ensure the fast-track mechanism’s feasibility.

Moreover, it shall include training of employees in the procedures to be introduced. In addition, the reform shall benefit from the set-up of a digital platform that shall enable applying, studying and issuing Planning and Building Permits digitally, through an application management tool and a GIS system (project under Component 3.4: “enhancing e-system for issuing building permits”).

The implementation of the reform shall be completed by 30 June 2023.

Additional links:

Reference: C3.3R1 in the Cypriot Recovery and Resilience Plan
Project locations: Cyprus

Project website: https://www.moi.gov.cy/moi/...