Discussions are currently underway regarding legislation for the promotion of economic development in the areas under British sovereign rule in Limassol. Following the agreement between the Republic of Cyprus and the British Bases, the next step is to define frameworks and development zones.
Much of the groundwork has already been laid out in the meetings held between the two parties. The aim is to establish zones and legislation that correspond to what is already in place in the territories of the Republic of Cyprus. Within this framework, both Cypriot and other EU nationals will have the opportunity to invest in property and development projects. As the discussions are still in process, at this time there is nothing specific to be announced.
Nevertheless, the process taking place at the moment and the attitude of both parties towards this matter, is an ominous sign for the future outcome. The goal is to lift current restrictions in the economic development of the British sovereign area and allow both permanent residents and other interested parties to invest in development zones, where only restricted housing developments are now allowed.
