New bill stipulates approval of strategic development projects’ applications within 12 months

A parliamentary committee on Thursday debated an amended bill stipulating that applications for strategic development projects in Cyprus should be given the go ahead within 12 months of submission.

Investors will no longer wait for years, as is the practice these days, and this has more than one big advantage, Philenews reports.

To start with, serious strategic investors will stop getting discouraged and, secondly, bribery conditions will cease to be created. It is common secret that some investors were willing to “put money under the table” so as to have the job done.

Delaying a development of millions even for a few years has additional costs on the investor.

The Committee heard that the issuance of town planning and building permits within 12 months does not automatically mean that corruption ad bribery will be eliminated.

But the procedure will be speeded up and inspections increased and phenomena of this type cannot but record a substantial decrease.

Source: In-Cyprus