The Cyprus Chamber of Commerce & Industry has commented the issue of the revised framework concerning the acquisition of real estate by foreigners, underlining the seriousness and strategic importance of the issue for the Cypriot economy.
The CCCI emphasises that this is an issue with direct implications for investment activity, the competitiveness of the economy and the international image of the country.
Therefore, any modification of the existing framework must be preceded by a substantive, in-depth and well-structured consultation with all stakeholders involved.
The absence of adequate consultation on such a critical issue may lead to unintended consequences, negatively affecting investor confidence, the functioning of the real estate market and economic activity more broadly. Particularly in today's volatile international environment, the need for careful, balanced and evidence-based decisions becomes imperative, the CCCi notes.
The CCCI also points out that the timely involvement of social partners is not only an institutional obligation, but a basic prerequisite for the formulation of effective and sustainable policies.
In this context, the CCCI says it requests that the revised legislative framework be placed immediately before the competent bodies and that sufficient time be given for substantive consultation, before its submission for voting in Parliament.
At the same time, the Chamber expresses its readiness for an immediate meeting with the competent Committee, with the aim of a detailed presentation of the positions and suggestions of the business community.
(Source: InBusinessNews)
