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Ease of Doing Business in

Cyprus

Cyprus Download Profile (1731.5KB, pdf)
Region Europe & Central Asia
Income Category High income
Population 1,165,300
GNI Per Capita (US$) 25,930
City covered Nicosia

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 45 41 down
4
72.65 72.48 down
0.17
Starting a Business 53 60 up
7
91.21 89.19 up
2.02
Dealing with Construction Permits 125 122 down
3
64.01 63.95 up
0.06
Getting Electricity 63 68 up
5
78.33 75.18 up
3.15
Registering Property 91 89 down
2
63.43 63.39 up
0.04
Getting Credit 62 42 down
20
60.00 65.00 down
5.00
Protecting Minority Investors 27 25 down
2
66.67 66.67
-
Paying Taxes 34 36 up
2
84.45 83.74 up
0.71
Trading across Borders 45 45
-
88.44 88.44
-
Enforcing Contracts 139 139
-
48.59 48.59
-
Resolving Insolvency 16 16
-
81.38 80.60 up
0.78

Positive= Doing Business reform making it easier to do business.Negative= Change making it more difficult to do business.

DB 2017 Rank:

125

DB 2016 Rank:

122

Change in Rank:

down3

DB 2017 DTF (% points):

64.01

DB 2016 DTF (% points):

63.95

Change in DTF (% points):

up0.06

STANDARDIZED WAREHOUSE
Estimated value of warehouse EUR 1,038,432
City Nicosia
Indicator Cyprus Europe & Central Asia OECD high income
Procedures (number) info_outline 8 15.1 12.1
Time (days) info_outline 507 160.7 152.1
Cost (% of warehouse value) info_outline 1.1 4.2 1.6
Building quality control index (0-15) info_outline 11 11.3 11.3
  • Measure of efficiency
    No. Procedure Time to Complete Associated Costs
    1

    Request copy of the site plan

    Agency: Department of Lands and Surveys

    This document is required in order to prepare the application for the Town Planning Permit.

    1 day EUR 2
    2

    Apply for the town planning permit at the Town Planning Department

    Agency: Town Planning Department

    In order to apply for this permit, BuildCo must submit the following information:
    • Land title
    • Site plan, which indicates the plot boundaries and access
    • Spatial plan, which indicates the position of the building and any existing buildings or any buildings to be demolished
    • Plans, sections and elevations which show the use of the building, internal dimensions, the type of construction, and accessibility provisions
    • Relevant application form

    90 days EUR 4,125
    3

    Apply for building permit at the Municipality of Nicosia

    Agency: Municipality of Nicosia

    The application should be accompanied by the following documents:
    • Original and recent two sets of architectural plans signed by the owner of the immovable property and the responsible architect/civil engineer;
    • Original and recent two sets of topographical plans signed by the responsible architect/civil engineer;
    • Original and recent title of deeds or bank certificate regarding mortgaged property;
    • Original town planning permit as issued by the Town Planning Department;
    • Original and recent certificate of incorporation of company (for legal entity);
    • Original and recent certificate of registered office address (for legal entity);
    • Original and recent certificate of directors and secretary for legal entity);
    • Original and recent certificate of shareholders for legal entity);
    • Original and recent certified copy of memorandum and articles of association (for legal entity);
    • Original and recent proxy statement for the company's representative (for legal entity);
    • Declaration of the responsible architect/civil engineer;
    • Certificate by the Cyprus Scientific and Technical Chamber regarding the architectural works, civil engineering works, and authorization of responsibility;
    • Application fee (by cash or check) depending on the type of development (see Regulation 62 of the Streets and Buildings Regulation);
    • Three extra sets of architectural drawings, one extra set of sewerage drawings and one extra set of plans and sections (to be sent to the Fire Department, Sewerage Department and Electricity Authority to receive their consent).

    The Municipality will share the application with several local agencies for clearance and approval (telecom, sewerage, public works, archaeological department and fire brigade).

    100 days EUR 3,983
    4

    Apply for final approval and final inspection

    Agency: Municipality of Nicosia

    75 days EUR 199
    5

    Receive final inspection and obtain certificate of final approval

    Agency: Municipality of Nicosia

    Staff from the Municipality will visit the construction. During the inspection they will verify if the construction was completed in compliance with the original construction plan. Inspectors will also verify if the building is in compliance with security regulations. The certificate of final approval is issued after the final inspection and is necessary for the registration of the new building (update of the land title).

    1 day no charge
    6

    Update land title

    Agency: Department of Lands and Surveys

    Application package includes:
    • Certificate of registration (title) of the property
    • Building permit with all plans and terms attached
    • Certificate of approval of building

    This procedure is required in order to sell property and use property as collateral. This procedure can take between 6 to 8 months and sometimes up to 2 years.

    240 days EUR 115
    * 7

    Request and obtain sewerage connection

    Agency: Nicosia Sewerage Board

    10 days EUR 100
    * 8

    Request and obtain water connection

    Agency: Nicosia Water Board

    BuildCo must apply in person but the forms can be downloaded online. BuildCo must submit the following along with the application: building permit, property deed and topographic plan.

    10 days EUR 2,439

    * Takes place simultaneously with previous procedure.

  • Measure of quality
    Answer Score
    Building quality control index (0-15) 11.0
    Quality of building regulations index (0-2) 1.0
    How accessible are building laws and regulations in your economy? (0-1) Available online; Free of charge. 1.0
    Which requirements for obtaining a building permit are clearly specified in the building regulations or on any accessible website, brochure or pamphlet? (0-1) List of required documents; Fees to be paid. 0.0
    Quality control before construction index (0-1) 1.0
    Which third-party entities are required by law to verify that the building plans are in compliance with existing building regulations? (0-1) Licensed architect; Licensed engineer. 1.0
    Quality control during construction index (0-3) 2.0
    What types of inspections (if any) are required by law to be carried out during construction? (0-2) Inspections by in-house engineer; Inspections at various phases. 1.0
    Do legally mandated inspections occur in practice during construction? (0-1) Mandatory inspections are always done in practice. 1.0
    Quality control after construction index (0-3) 3.0
    Is there a final inspection required by law to verify that the building was built in accordance with the approved plans and regulations? (0-2) Yes, final inspection is done by government agency; Yes, in-house engineer submits report for final inspection. 2.0
    Do legally mandated final inspections occur in practice? (0-1) Final inspection always occurs in practice. 1.0
    Liability and insurance regimes index (0-2) 0.0
    Which parties (if any) are held liable by law for structural flaws or problems in the building once it is in use (Latent Defect Liability or Decennial Liability)? (0-1)  No party is held liable under the law. 0.0
    Which parties (if any) are required by law to obtain an insurance policy to cover possible structural flaws or problems in the building once it is in use (Latent Defect Liability Insurance or Decennial Insurance)? (0-1) No party is required by law to obtain insurance . 0.0
    Professional certifications index (0-4) 4.0
    What are the qualification requirements for the professional responsible for verifying that the architectural plans or drawings are in compliance with existing building regulations? (0-2) Minimum number of years of experience; University degree in architecture or engineering; Being a registered architect or engineer. 2.0
    What are the qualification requirements for the professional who supervises the construction on the ground? (0-2) Minimum number of years of experience; University degree in engineering, construction or construction management; Being a registered architect or engineer. 2.0