No restrictions exist in terms of foreign investment, so anyone may commence a real estate development project. It is, however, a requirement to have a local licensed company act as a contractor for the construction work. All can be set up in an easy and straightforward way with the use of local advisors.
How can I develop a real estate project in Cyprus for the purpose of CBI?
I am a successful developer in my home country. Many have told me about the CBI program in Cyprus and the growing demand for high-quality real estate properties there. I would like to start a project in Nicosia, but is it possible for a foreign investor to do so? Do I have to partner with a local developer? How can I get a development permit?
Yes, you can. There are multiple options that can be explored with the right structuring and tax advice. You may or may not partner with a local developer. There is a procedure with the Ministry of Interior for obtaining development permits.
Please note that you do not need a license to be a developer in Cyprus, provided you obtain all building and town planing permits to develop your property in Nicosia. You need to purchase land, engage architects and civil engineers licensed in Cyprus, obtain necessary building, town and planning permits, and proceed from there on to construct and develop your properties.
Yes, you can incorporate your own developing company in Cyprus and you can apply for all licenses in order to be able to start your own project. You have to engage local licensed architects and engineers for the submission of applications for licenses.