Components: [D] Economic and Territorial Development Targeted audience: Owners of listed buildings Aims / Content: Provision of economic incentives for owners of listed buildings Year / Duration: 1985 - Ongoing Online material: www.moi.gov.cy/tph Cyprus Listed Building’s Economic Incentive Scheme eritage preservation and enhancement form a major component of town and country plan- ning policies in Cyprus, aptly reflected in the planning legislation. — The Town and Country Planning Law (enacted in 1972 and put into operation in 1990) is an import- ant tool for the protection and enhancement of ar- chitectural heritage. With the provision of this Law, more than 6.000 buildings and other constructions were designated as Listed Buildings. — For restoration work, as well as any alteration, change of use, partial demolition etc., carried out on a listed building, a special Consent is required in ad- dition to the regular planning and building permits. Restoration work is regularly inspected, while ap- propriately trained personnel periodically provide on-site guidance during the progress of work. — The aim of the Listed Building’s Economic Incentive is to encourage the restoration and revi- talization of listed buildings. The Scheme has been introduced in 1985 by the Department of Town H Planning and Housing, Ministry of Interior and is revised periodically to accommodate rises in resto- ration costs and other needs that arise. — The current incentive scheme includes: „ direct cash grant for up to 50% of resto- ration costs, with a maximum ceiling of €90.000 as well as “provided plot ratio”, a bonus square meter of such an amount that when sold, will yield half of restoration cost of the project „ tax deduction, including the exemption of restoration costs and rent obtained there upon from income tax, the refund of prop- erty registration fees and the exemption from the property tax „ transfer of development rights that gives the owner the right to sell the remaining permitted plot radio of a listed property to specified commercial and tourist zones „ subsidy for urgently needed stabilisation work in collapsing listed properties. — The Incentive Scheme has been very effective and has resulted in creating interest for the reha- bilitation and reuse of listed buildings. Moreover, it facilitates the control over the restoration works carried out on the buildings. — Every year approximately 90 listed properties are restored with the use of the Scheme. Sources: www.moi.gov.cy/tph European Cultural Heritage Strategy for the 21 st century „ Page 80