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K.D.P. 424/2024
OFFICIAL GAZETTE
OF THE REPUBLIC OF CYPRUS
APPENDIX THREE
PART I
REGULATORY ADMINISTRATIVE ACTS
Number 5914 Friday, 20 December 2024 2867
Number 424
About the Facilitation of Strategic Development Projects (Criteria for Development Characterization as
Strategic Development Project) Regulations of 2024, which were issued by the Council of Ministers,
by virtue of the articles 8 and 25(2)(c) of the Law on the Facilitation of Strategic Development Projects, after
were submitted to the House of Representatives and approved by it, are published in the Official Gazette
Gazette of the Republic according to sub (3) of the article 3 of the Deposit to the Parliament of
Representatives of the Regulations Issued by Authorization of Law, Law (N. 99 of 1989 such as
amended by the Laws 227 of 1990 until 3(I) of 2010).
THE LAW ON THE FACILITATION OF STRATEGIC DEVELOPMENT PROJECTS (LAW 84(I) OF 2023)
___________________
Regulations under the articles 8 and 25(2)(c)
84(I) of 2023.
The Council of Ministers, exercising the powers conferred on him by the
article 8 and from the paragraph (c) of the territory (2) of the article 25 about her
Facilitation of Strategic Law Development Projects, issues the following
Regulations.
Summary
title.
1. The present Regulations shall be referred to as those concerning the Facilitation of Projects
Strategic Development (Criteria for Characterizing Development as a Project
Strategic Development) Regulations of 2024.
Interpretation. 2.-(1) In these Regulations, unless it appears from the text
different concept-
Ch. 224.
3 of 1960
78 of 1965
10 of 1966
75 of 1968
51 of 1971
2 of 1978
16 of 1980
23 of 1982
68 of 1984
82 of 1984
86 of 1985
189 of 1986
"general assessment value" has the meaning assigned to that term by the provisions
of the article 2 of Real Estate (Possession, Registration and Evaluation)
of Law;
12 of 1987
74 of 1988
117 of 1988
43 of 1990
65 of 1990
30(I) of 1992
90(I) of 1992
6(I) of 1993
58(I) of 1994
40(I) of 1996
31(I) of 1998
144(I) of 1999
123(I) of 2001
57(I) of 2005
5(I) of 2006
55(I) of 2006
136(I) of 2006
120(I) of 2007
121(I) of 2007
150(I) of 2007
165(I) of 2007
27(I) of 2010
61(I) of 2010
82(I) of 2010
83(I) of 2010
48(I) of 2011
45(I) of 2012
155(I) of 2013
110(I) of 2014
178(I) of 2014
180(I) of 2014
41(I) of 2015
48(I) of 2015
54(I) of 2015
15(I) of 2016
66(I) of 2016
67(I) of 2016
32(I) of 2017
138(I) of 2017
139(I) of 2017
71(I) of 2018
78(I) of 2018
79(I) of 2018
42(I) of 2019
43(I) of 2019
145(I) of 2019
54(I) of 2021
130(I) of 2022
131(I) of 2022
107(I) of 2023
124(I) of 2024
150(I) of 2024.
"Law" means the Facilitation of Strategic Development Projects
Law.
(2) Terms not specifically defined in these Regulations have the meaning
attributed to them in the Law.
Criteria
characterization
development as
strategy project
development.
3.-(1) Subject to the provisions of the article 8 of the Law, development may
characterized as a strategic development project, provided it falls within one
at least from the strategic areas of health and social care,
of education, of culture, of sports, of the environment, of agriculture
development, of industry, of tourism, of energy, of shipping, of research
and development and technology.
(2) For purposes of compliance with the objective criteria which
provided for in the provisions of the paragraph (1) of the article 8 of the Law, order
development to be characterized as a strategic development project, the applicant owes as
prove, through a business plan, that it meets the following conditions:
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(a) The provided in the paragraph (a) of the territory (1) of the article 8 of
By law, the capital investment of the project amounts to at least €25,000,000,
of which a rate of seventy-five percent (75%) at least
comes from-
(i) primary funds, i.e. news, fluids, available funds, where
are directly related to the project, which come from the indivisibles
company profits, from loan capital, from her funding
European Union or from the issuance of shares for its implementation
project; and/or
(ii) external funds, which enter the Republic from
foreign as an inflow to the capital account; or
(b) those provided for in the paragraph (b) of the territory (1) of the article 8 of
By law, new permanent jobs concern at least eighty (80) new ones
permanent jobs; or
(c) capital investment and the creation of new permanent jobs, such as
provided for in the paragraph (c) of the territory (1) of the article 8 of the Law,
concern the following:
(i) Minimum capital investment of €15,000,000, of which
a rate of seventy-five percent (75%) at least
comes from primary funds, i.e. news, fluids, available
funds, directly related to the project, which come from
the undistributed profits of the company, from loan capital, from
funding from the European Union or from the issue of shares for
the implementation of the project; and/or
(ii) external funds which enter the Republic from
foreign as an inflow into the capital account; and
(iii) creating at least thirty (30) new permanent jobs; or
(d) the landmark company investment (anchor company), as provided in
paragraph (d) of the territory (1) of the article 8 of the Law, concerns company n
which is a well-known multinational of international repute, develops business
activity in the Republic and is registered in relevant international
lists, such as FORBES 2000, NASDAQ 500 and FTSE 350:
Of course that, in case of mixed development, the amount of capital investment
and/or the number of new permanent jobs concerns only her department
development that can be characterized as a strategic development project, according to
with the provisions of the article 8 of the Law and the provisions of these Regulations:
Provided further that, in case of capital investment, according to
provisions of the paragraphs (a) and (c), in terms of development that includes
immovable property directly related to the project, as the value of real estate
the general assessment value is determined.
Exceptions. 4. Subject to the provisions of the paragraph (3) of the article 8 of the Law, are excluded
from their characterization as strategic development projects the developments which
related to the following activities:
(a) Trading in financial instruments;
(b) research into human cloning;
(c) use of live animals for experimental and scientific purposes,
for which compliance with the European is not guaranteed
Convention for the Protection of Vertebrate Animals which
are used for experimental or other scientific purposes;
(d) weapons production, ammunition and military, police officer and
other equipment, as well as infrastructure creation, which have as
resulting in the restriction of individual freedoms and rights or
they violate human rights.
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