Your business plan should include your plans to develop the land and how you intend to finance it, what type of properties you will erect. Also, at the time of your application, you should have town and planning permits in place.
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How detailed should my development plan be if I purchase a land for Cyprus’ CBI program?
I was recently approached by the owner of a piece of land located in Nicosia. I am very interested in purchasing the land and use it for my CBI application. I understand that in order to make my application approvable, I need to submit a development plan for this land. I am wondering how detailed this plan should be. What are some key elements that this plan should include?
Answers
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In order to be able to apply under the CBI program you should have a permit to build on this land, based on the architectural plans you will submit. Please note that from Feb. 13, after a meeting of the council of ministers of Cyprus, we are expecting new guidelines regarding this matter. New changes shall be applicable on May 2019.
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In the case where the investment is in land for development, you need a detailed business plan for the development, detailed architectural designs and a planning permit (to be issued).
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