articles | 29 March 2013

Cyprus to speed up investment procedures

Cyprus Interior Minister alleviates investors’ concerns and says the ‘ground is safe’ to continue investing in Cyprus

Cyprus President Nicos Anastasiades met with Interior Minister Socrates Hasikos and business and financial actors this week to discuss investments to Cyprus.

After the meeting, the Minister of Interior stated: “We take decisions in order to facilitate the procedures and advance immediately to development projects and in this way, we will strengthen the economy, decrease unemployment and give hope to the people.”

The Minister pointed out: “Bureaucratic procedures will be avoided so that, if possible, those interested may proceed within a month to small projects, and, the latest within three months, licenses may be issued for larger development projects.”

On a question, whether China will be dealt with as a priority due to the purchase of residences in Cyprus by many Chinese, Mr Hasikos said: “We discussed the matter regarding China and the interest by Chinese investors in Cyprus. One agency alone sold 400 houses. It is evident that the interest is there. We have identified some minor procedure problems, and we are working towards their eradication so that we may facilitate the Chinese investors even more.”

Mr Hasikos added that the majority of projects are linked to foreign investors, whilst not excluding the Cypriot investors.

On a question whether the foreign investors’ interest has been regenerated, Mr Hasikos said: “The interest by foreign investors was always there, the question is how we, the Government, or Cyprus, can convince all those investors, who have invested in Cyprus for decades, that the ground is safe, that what’s done is done, and that they may continue to invest in Cyprus feeling safe.”

Cyprus President Nicos Anastasiades met with Interior Minister Socrates Hasikos and business and financial actors this week to discuss investments to Cyprus.

After the meeting, the Minister of Interior stated: “We take decisions in order to facilitate the procedures and advance immediately to development projects and in this way, we will strengthen the economy, decrease unemployment and give hope to the people.”

The Minister pointed out: “Bureaucratic procedures will be avoided so that, if possible, those interested may proceed within a month to small projects, and, the latest within three months, licenses may be issued for larger development projects.”

On a question, whether China will be dealt with as a priority due to the purchase of residences in Cyprus by many Chinese, Mr Hasikos said: “We discussed the matter regarding China and the interest by Chinese investors in Cyprus. One agency alone sold 400 houses. It is evident that the interest is there. We have identified some minor procedure problems, and we are working towards their eradication so that we may facilitate the Chinese investors even more.”

Mr Hasikos added that the majority of projects are linked to foreign investors, whilst not excluding the Cypriot investors.

On a question whether the foreign investors’ interest has been regenerated, Mr Hasikos said: “The interest by foreign investors was always there, the question is how we, the Government, or Cyprus, can convince all those investors, who have invested in Cyprus for decades, that the ground is safe, that what’s done is done, and that they may continue to invest in Cyprus feeling safe.”

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