Anastasiadis met the developers

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The problems of the industry were discussed

A delegation of the Board of Directors of the Pancyprian Association of Land Development and Construction Entrepreneurs, under the President of the Association Mr. Pantelis Leptos, had today a meeting with the President of DISY and candidate for the Presidency of the Republic Mr. Nikos Anastasiadis… 

During the meeting, all the problems faced by the industry were discussed and the delegation handed over to Mr. Anastasiadis a memorandum with specific suggestions that could contribute to the revival of the real estate market, the inflow of funds from Cypriot and foreign investors, to increase its revenues. state and the creation of new jobs.

The basic position of the representatives of the Association of Land Development and Infrastructure Entrepreneurs during their meeting with Nikos Anastasiadis
First of all, we would like to thank you for the meeting, which unfortunately takes place under unfavorable conditions for our economy and industry.

The current situation of our economy and especially the real estate sector that has been hit hard, imposes the need to take immediate and bold measures that will contribute to a faster way out of the crisis and the shielding of the economy in view of the risks posed by politics and economic uncertainty in Greece.

We therefore call for the immediate implementation of specific measures for the development of the real estate sector. Our suggestions:

• assist in the inflow of new capital from Cypriot and foreign investors
• stimulate the capital adequacy of banks
• enhance market liquidity
• increase state treasury revenues by hundreds of millions
• reduce unemployment by creating new jobs
• contribute to reducing property prices, making it easier for Cypriot citizens and especially young couples to obtain housing.

1. Immediate Measures

1.1 Tax Amnesty for investment from repatriated funds, meaning that they will be invested for the purchase of real estate and exemption from "where did you come from" and the property declarations concerning all land and real estate purchases within Cyprus, submitted to the Land Registry for a period of 2 years. Only from this part, the state will be able to immediately raise hundreds of millions of euros in fees and rights, revenues that were otherwise lost.

1.2 Concession of tax deduction / credit on income tax (Cypriot Individuals or companies) and / or on Capital Gains tax (companies or foreigners) of 20% on the amount of investment of each buyer of new housing units, offices, shops, etc. Discount will correspond to 20% of the amount of investment that will be paid within 2 years from the implementation of the measure, will be granted and transferred in stages for 5 years and in case of possession of the property, up to 10 years.
1.3 Transfer of Capital Gains Tax resulting from the sale of real estate meaning that within 6 months, the owner will purchase another real estate (as is done in cases of exchange of Real Estate).

1.4 Accelerated depreciation of investments in the construction industry for a period of at least five years as the main incentive for new capital investments in real estate, which due to market uncertainty and high financing costs have frozen.

1.5 Immediate provision of the possibility of obtaining a permanent residence (permanent residency) for those citizens of third countries who buy a house in Cyprus, amounting to € 300.000 or more, if they submit an application and meet the other conditions. The Ministry of Interior seems to be in favor of such a proposal. We have prepared and put at your disposal a relevant bill-proposal on this.

1.6 Reduction of the capital that must be introduced in Cyprus for the acquisition of citizenship by foreigners and simplification of procedures.

1.7 Utilization and Coordination of Public Services for sales promotion
Informing foreign buyers about the possibility and advantages of obtaining permanent residence and / or citizenship through the purchase of housing and capital investment in Cyprus by the Ministry of Commerce, Industry and Tourism, the Investment Promotion Agency (CIPA) and CTOs in cooperation with embassies of the Republic abroad ..

2. Parallel Measures

2.1 Restructuring and consolidation of all real estate taxes into acquisition tax and possession tax, so that the citizen pays a bill once and the state collects the income due to it with low administrative costs.

2.2 Provision of specialized incentives for large development projects (eg for marinas increase the duration of the time lease from 90 to 125 years and for golf increase the building factor). For standard projects increase up to 20% of the building rate with effect for projects that have started in 2012.

2.3 Immediate promotion
(a) Separate Legislation for the management of community-owned buildings separately from the registration of co-ownership and issuance of securities. To this end, we have already prepared relevant legislation that has been pending for years now before the Ministry of Interior
(b) Bill for final regulation of the Swimming Tanks.

2.4 Promotion of single-door access so that all development permits are reviewed by all those responsible and issued within 3 months (one stop shop).

2.5 Extension of the institution of self-control so that this measure that was implemented after many years of struggles of our Association to be further extended so that with the combined implementation of 2.4 above, to achieve rapid issuance of all permits, from urban planning to final approval and title deeds.

Source: In Business