If you wish to apply for PR Program of Cyprus or wish to invest in Cyprus, please email at amit@azzurrohomes.com

1. Gateway to Europe
Investment in Cyprus

2. Who we are
Azzurro Homes is a Developing and Construction Company based in Cyprus, which provides via a third Party
Permanent Residence in Cyprus by acquisition of property.
Contact info: Index
Telephone: 00357 26 622932 Cyprus at a glance 3
Fax: 00357 26 621723 Cyprus Permanent Residence 4
Email: reservations@azzurrohomes.com Cyprus Double Tax Treaty 5
info@azzurrohomes.com Cyprus Taxes 6
Skype: azzurrohomes
Residential Property Price Index 7
Property Rental Return 8
Universities in Cyprus 9
Amit Gupta Average Temperatures 10
Head - Business Development Invitation Letter requirements 11
Mobile: +91-981 115 6812 Required Documents for PR Cyprus 12
E-mail: amit@azzurrohomes.com Corporate Services 14
Personnel:
Andreas Mitas Managing Director
Antreas Elia Managing Director
Mustafa Zahri Marketing Manager
Amit Gupta Head Business Development
Joanna Christodoulou Advocate and Legal consultant
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3. Cyprus at a glance
practice or observance, either individually or collectively, in private or in public,
• Cyprus is a centre trading point for three main continents, Europe, Africa and and to change his religion or belief”....“The use of physical or moral compulsion
Asia. for the purpose of making a person change or preventing him from changing his
• Over decades Cyprus has transformed its economy to become a leading centre religion is prohibited.
for
• financial services • The main religion of Cyprus is Christian (Greek Orthodox), however there is a
• shipping registration and management Turkish Cypriot community who are in the main part Muslim.
• corporate services
• real estate and tourism
• The island joined the European Union in May 2004 and joined the Euro currency
in 2008
• The population is almost 800,000 and it is the third largest island in the
Mediterranean
• Cyprus has friendly and hospitable people with low crime rates a high standard
of living, excellent medical system and excellent road infrastructure
• The official languages of Cyprus are Greek, Turkish and English
• Cyprus has a flexible migration policy European Union member since 2004 - Euro currency since 2008
• The lowest corporate tax rate in Europe at only 10%.
• Macroeconomic stability with successful economic performance
• Cyprus is one of the most attractive locations for foreign investments with
proven track records
• We have efficient legal, accounting and banking services
• An advanced telecommunications network and infrastructure
Buddhist temple
• Highly qualified and multilingual work force Hindu Temple
Nicosia
• Reputable International Shipping Centre Athienou near Larnaca
• We have a high standard of education and
excellent international schools Famagusta
• No traffic jams
Larnaca
• No pollution
Paphos Gurdwara Sangatsar Sahib
• We use the Common law system
• We are a Member of the commonwealth
• Cyprus is a fantastic island in which to live and Limassol
work and a popular Holiday Destination
2
• 3rd largest island in the Mediterranean: 9,251km
• Under The Cyprus Constitution Article 18 states
that....“Every person has the right to freedom of
thought, conscience and religion”....“All religions are
equal before the law”....“Every person is free and has the right
to profess his faith and to manifest his religion or belief, in worship, teaching,
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4. Cyprus Permanent Residence (Category ‘F’)
Category F was initially directed to people that arrived in Cyprus and remained in Cyprus as tourists and have their income arrive from abroad.
During the peak of the financial crisis the Minister of Interior decided to combat the ongoing crisis by presenting a new regulation on the 28 of May 2009
regarding Category F by providing incentives to third country citizens. This regulation was further amended on 22 August 2012 to create a new and
accelerated procedure for granting Immigration Permits to applicants who are third country nationals and intend to invest in the Republic of Cyprus.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue
Immigration Permit to applicants, who are third country nationals, provided that they fulfil the following criteria:
(a) The applicant must prove that he has at his disposal a secured minimum (d) It is noted that the amounts mentioned in paragraphs (b) and (c) should
annual income of €30.000, from sources other than employment in be proven to have been transferred to Cyprus from abroad.
Cyprus. The required income of €30.000 could derive from salaries of
(e) The applicant must submit a Criminal Record Certificate (if the applicant
employment abroad and not in Cyprus, pensions, stock shares, rents,
resides abroad), which must be issued by the Authorities in his country
etc. The necessary minimum annual income is increased by €5.000 for
of origin, and he should not constitute in general any threat against
each dependent person.
public order or security in Cyprus.
(b) The applicant must submit the application form accompanied with a Title
(f) The applicant should submit a Statement that he does not intend to work
of ownership or contract of sale, of a property in Cyprus, a house,
or be engaged in any form of business in Cyprus.
apartment or other building, of a minimum market value of €300.000 and
proof of payment for at least €200,000. The contract of sale should (g) The applicants should visit Cyprus at least once every two years.
already have been submitted to the Department of Lands and Surveys. (h) ‘The immigration permit, is also valid as a permanent permit in Cyprus
(c) The applicant must submit a confirmation letter from a Cypriot Bank and it’s holders are exempt from time consuming immigration procedures
stating that he has deposited a minimum capital of €30.000 in an which are necessary for other categories of citizens of third world
account, which will be pledged at least for a three year period. countries who wish to enter Cyprus (e.g. Consulate valuations, renewals
of residency permits, re-entry permits etc).’
The applicants are allowed to apply for the permanent residency which gives them the right to reside for life. Applicants that reside in Cyprus for 8 years and
more can apply for the Cypriot Citizenship.
The approval for the Category F applicants are subject:
1. To their application and whether it qualifies and;
2. Upon the approval by the Governmental Committee appointed to decided on this matter.
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5. Cyprus – Double Tax Treaty
Republic of Cyprus signed treaty for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital with 50
countries so far.
The following notes are for information purposes only. The agreement imposes rules on what taxes may be imposed and where depending on the individual
or company applying for the avoidance of double tax.
Resident - Individual Permanent Establishment - Business
The Agreement defines what a ‘Resident’ is in determining in which state In order to qualify for taxation in Cyprus a ‘Permanent Establishment’ of
taxes should be paid. business must be set up. The usual types include: a place of management, a
Where an individual is a resident of both states then the following shall be branch of a company, an office, factory, workshop, mines, and building sites
the state in which he is taxed: & construction.
• ‘centre of vital interests’ i.e., where his personal and economic relations The main exception is where a business is set up to merely store, display or
are closer; or deliver goods. The use of a Cyprus company to advertise services from the
company in India is not sufficient to qualify as a Permanent Establishment.
• where his habitual abode is located; or
NOTE: The fact that a company which is a resident of a State controls or is
• the place of effective management; or controlled by a company which is a resident of the other State, or which
• by mutual agreement of the two tax authorities. carries on business in that other Contracting State shall not of itself constitute
either company a permanent establishment of the other.
Taxation
Income from Immovable Property enterprise in India, or vice versa. This allows for profits to be included in just
Income from property sold in Cyprus will be taxed in Cyprus. In the case of one of the enterprises and taxed accordingly.
property owned by a Cypriot company, capital gains tax of 20% is imposed
on the profits of the sale. Royalties
Royalties and fees arising from India may be paid to a resident of Cyprus and
Business Profits taxed in Cyprus. In Cyprus royalties are taxed at 5% compared with India at
In general only profits attributable to business operations of a Cyprus 15%.
company will be taxed in Cyprus. Profits attributable to a company operating
in India will be taxed in India. Independent Services
Adjustment of taxes by both authorities can be carried out for ‘Associated Professional or Independent services are taxable in the state where the
Enterprises’. An Associated Enterprise is where one enterprise in Cyprus resident stays for an aggregate of 183+ days a year.
participates directly or indirectly in the management, control or capital of an
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6. .Cyprus Taxes
The Cyprus tax system is comparably much simpler than in India.
Income Tax: Defence Tax on Dividends: 17% of the dividend
CYPRUS INDIA An individual who stays less than 183 days a year is deemed a non-taxable
TAX EURO RUPEE EURO equivalent resident (despite being a Permanent Resident Permit holder) and no dividend
(exchange 1Rupee= €0.01434)
tax is levied.
0% 0 - 19,500 1 – 200,000 0.01 – 2,868
10% - 200,001 - 500,000 2,868 – 7,170 For tax purposes, a company is deemed a resident company if it is managed
20% 19,501 - 28,000 500,001 – 1,000,000 7,170 – 14,340 and controlled in Cyprus. A person is considered a resident if they have lived
25% 28,001 - 36,300 - - in Cyprus for more than 183 days in the same tax year.
30% 36,301 + 1,000,001 + 14,340 + A local company or an overseas company which is not resident in the
Republic but has a permanent establishment in the Republic is exempt from
The Indian income tax for a yearly salary over €14,340 is 30%, the tax this tax where dividends are derived from an overseas company.
bracket in Cyprus for the equivalent amount of Rupee in Euro is 0%
Corporation Tax: 10% Defence Tax on Interest: 15%
CYPRUS INDIA + surcharge This tax is deducted at source by the government at 15%
€15.000 €30.000 + €15.400 Domestic company: 30%
€40.000 + €18.480 Foreign company: 40% Capital Gains Tax: 20%
with the addition of surcharge for income above INR 1 Crore (€144.000 This tax is imposed on profits from the sale of immovable property & shares
equivalent) - 5% for domestic companies | 2% for foreign companies of companies where the company is the owner of the immovable property.
The Indian tax for a company showing profits of €150.000 is 30% for the first This tax of 20% is imposed on residents and non-residents who own and sell
Crore (€144.000) plus 35% for the remaining €5.371. The total corporation property.
tax being €45.400 for a domestic company in India compared with €15.000 in
Cyprus. Exceptions:
The tax office allows for a one off reduction in capital gains on an immovable
property which does not tax the first €17.100 for sales by INDIVIDUALS not
companies
For the sale of the main residence of an individual the first €85.500 is not
taxed
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7. Residential Property Price Index
110
105 The value of beach front properties has
remained static or has increased even during
100 the economic crisis owing to the limited
coastline.
95 At present it is a depressed market and it is
now the best time for foreign investors to enter
90 the Cypriot property market.
85
80
The residential price index is based on a 100 mark in Q1 of 2010
During the first quarter of 2012, the rate of decrease in residential property prices
75
exhibited a slight slowdown. Specifically, the residential property price index (houses
70
and apartments) registered a quarterly decline of 1% in the first quarter of 2012,
compared with a quarterly decline of 1.8% in the fourth quarter of 2011. The
65 respective quarterly decreases in house and apartment prices were 1.1% compared
with 1.9%, and 0.6% compared with 1.9%, respectively.
60 The slight deceleration in the rate of decrease of residential property prices can, to a
large extent, be attributed to the implementation of new legislative measures which
55 were aimed at directly revitalising the housing market. These measures included the
significant reduction (and in some cases abolition) of transfer fees and value-added-tax
50 payable by first time buyers for the acquisition of a primary residence. Nonetheless,
these measures did not reverse the downward trend in residential property prices.
45
40
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8. Property Rental Return
The rental yield on a property in Cyprus will depend on its geographical
location within the island, the type of property, be it residential or commercial YIELD per year based on a property
and in some instances holiday homes will have seasonal variation. whose value is €300.000
This table shows the yield per year for a property whose value is €300.000. 14.0%
The highest yield at present is in Larnaca. 12.0%
10.0%
In addition Cypriot law allows for the increase of rent by a maximum of 14% every 8.0%
two years. 6.0%
4.0%
2.0%
0.0%
75 sq. 120 200 75 sq. 120 200 60 sq. 80 sq. 120 60 sq. 85 sq. 120
m. sq. m. sq. m. m. sq. m. sq. m. m. m. sq. m. m. m. sq. m.
NICOSIA LIMASSOL PAPHOS LARNACA
Gross Rental Yields - Cyprus Compared to Continent
11.0%
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
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9. Universities in Cyprus
European University University of Nicosia Frederic University Neapolis University
http://www.euc.ac.cy http://unic.ac.cy/all-programmes/ http://www.frederick.ac.cy/ http://www.nup.ac.cy
Bachelor | Masters | Doctorate Bachelor | Masters | Doctorate Bachelor | Masters Bachelor | Masters
Courses such as: Accounting, Banking & Finance | Applied Multimedia | Architecture | Banking and Finance | Business Administration | Clinical Psychology |
Communications | Computer Engineering | Computer Science | Education | Economics | Electrical Engineering | Energy, Oil and Gas Management | English
Language and Literature | Estate Valuation | European Politics, Law and Economics | General Business | Graphic Communication | Hospitality Management |
Human Biology | Information Systems | Interior Design | International Relations and European Studies | LLB in Law | Management | Management
Information Systems | Music | Nursing | Nutrition and Dietetics | Physiotherapy | Psychology | Public Relations, Advertising and Marketing | Social Work |
Speech and Language Therapy | Sports Management & Science | Tourism, Leisure and Events Management.
Tuition fees vary depending on the type of course. Fees for non-EU nationals are slightly higher than local/EU residents.
Please check the University website for more information.
UK university campuses in Cyprus
University of the West of England UWE Bristol is the highest ranking UK University to offer degrees on the island, Studying a UK course in Cyprus
at Alexander College, Larnaca means half the cost of living and studying in the UK, The College is situated in a safe environment, equipped
with the latest technology and facilities.
The University of Central Lancashire Has been granted its academic license by the Cyprus Ministry of Education & Culture for the establishment of the
at Larnaca (Pyla area) First British University in Cyprus. UCLan Cyprus will commence operations in October 2012 at a new, €53 million
University campus situated in Larnaca (Pyla area).
St George’s, University of London The University of Nicosia will offer a four-year graduate entry medicine degree that has been designed by St
at The University of Nicosia George’s and is based on its own successful course. This programme is subject to validation by St George's in
June 2011.
University of Hertfordshire Barry Hunt, Pro Vice-Chancellor for International at the University of Hertfordshire, said: “This is a fantastic
at The University of Nicosia opportunity for students to study a high quality degree at one of the best private universities in Cyprus. As well
as benefiting from a substantial financial package.”
Middlesex University Business School A two-year top-up for the BA (Honours) degree in Business Administration. Students who enrol on this
at Intercollege Limassol programme will cover the same material and be assessed in exactly the same way as the students who enrol at
the University in London.
University of East London Achieving a University of East London qualification in Cyprus will offer a significant cost reduction compared with
at Intercollege Limassol studying in the UK. This, coupled with the affordable living costs in Cyprus means you can gain a quality degree
at a very reasonable cost.
The number of Indian nationals studying in Cyprus for the academic year 2007/2008 was just over 1000, this rose to over 2500 for the academic year
2008/2009, the largest body of foreign students in Cyprus.
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10. Average Temperatures – degrees centigrade
38°c 6
38°c 9 Avg. Temperature
Avg. Temperature 36°c
36°c
34°c Avg.
Avg.
Max Temperature
Min Temperature
LARNACA 8
34°c
32°c
Avg.
Avg.
Max Temperature
Min Temperature NICOSIA 5
32°c Avg. Rain Days
30°c Avg. Rain Days 30°c
7
28°c 28°c
26°c 26°c 4
6 24°c
24°c
22°c 22°c
5 20°c
20°c 3
18°c 18°c
4 16°c
16°c
14°c 14°c
12°c 3 12°c 2
10°c 10°c
8°c 2 8°c
6°c 6°c 1
4°c 1 4°c
2°c 2°c
0°c 0 0°c 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
38°c 10
36°c Avg. Temperature
34°c
32°c
Avg. Max Temperature PAPHOS 9
Avg. Min Temperature
30°c 8
Avg. Rain Days
28°c
26°c 7
24°c
22°c 6
20°c
5
18°c
16°c 4
14°c
12°c 3
10°c
8°c 2
6°c
4°c 1
2°c
0°c 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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11. Invitation Letter for Cyprus Visa Application
The following information is required by us in order to send you an invitation letter in order for you to apply for a Visa to Cyprus.
1. Valid passport copy, showing:
a. Name & Surname
b. Date of birth
c. Place of birth
d. Sex
e. Nationality
f. Passport number
2. Residential address
3. Profession
4. 2 passport photographs
5. Accompanying visitors names (spouse or children)
6. Flight booking/reservation showing dates of travel
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12. Required Documents for Permanent Residence Application
PERMANENT RESIDENCE – REQUIRED DOCUMENTS ORIGI LEGAL NOTES ON REQUIRED DOCUMENTS
NAL ISED
1 PASSPORT
MAIN APPLICANT
A legalised copy of the passport is submitted for the application. The original passport(s)
4 PASSPORT SIZED PHOTOS ü will need to be sent to Cyprus for the official PR stamp. Alternatively a letter from the
Migration authority can be used instead of a stamp in the passport.
see note 1
VALID PASSPORT (copy) ü
see note 2
2 UTILITY BILL
UTILITY BILL ü
This is used to show the name of the applicant and their home address and needs to be
see note 3
CV/RESUME ü for the preceding three months.
see note 4
AFFIDAVIT OF INCOME ü 3 CV/Resume
CYPRUS BANK ACCOUNT STATEMENT see note 5
ü This is required to show any academic qualifications for the main applicant only. This may
be supported with copies of academic certificates, diplomas etc.
see note 6
PROPERTY SALE AGREEMENT ü
4 AFFIDAVIT OF INCOME
see note 7
STATEMENT OF NON EMPLOYMENT ü
This is used to prove the applicant has a secured annual income of at least €30.000 (from
HEALTH INSURANCE POLICY see note 8
ü sources other than employment in Cyprus plus €5.000 for each dependent person) to be
able to live without engaging in work in Cyprus. For each income entry in the Affidavit
MEDICAL CERTIFICATE see note 9 ü ü please include supporting evidence: bank statements, confirmation of salary and bonuses
Testing: VDRL (Syphilis), HBsAg (Hepatitis B), HCV Hepatitis C, AIDS from employer, statement of dividend for shares or company secretary confirmation of
HIV I & II dividend etc.
CRIMINAL RECORD CERTIFICATE see note 10
ü ü 5 CYPRUS BANK ACCOUNT STATEMENT
DEPENDANTS (spouse and children under 18, for each) This statement should show that the €300.000 for the property purchase and the €30.000
have been deposited into the Cyprus bank account and have arrived from outside of
CHILDRENS BIRTH CERTIFICATE(S) ü Cyprus. A bank confirmation letter stating that the €30.000 has been blocked for three
years.
MARRIAGE CERTIFICATE ü
6 PROPERTY SALE AGREEMENT
Dependants under 18 years of age do not require: utility bill, cv/resume, affidavit
of income, Cyprus bank account statement, property sale agreement, statement Contract of sale of a built property in Cyprus of a minimum market value of €300.000
of non employment, criminal record certificate (original or true copy) duly stamped by the Stamps Commissioner and the Department of
Lands & Surveys and proof of payment for at least €200,000.
Copies of the receipts of payment for the property will be required as proof.
ALL DOCUMENTS MUST BE OFFICIALLY TRANSLATED INTO ENGLISH 7 STATEMENT OF NON EMPLOYMENT
AND LEGALISED WHERE SHOWN
Official Statement by the applicant, spouse and children over the age of 18 that he/she
does not intend to work or be engaged in any form of business in Cyprus.
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13. 8 HEALTH INSURANCE POLICY
This is required as non-European Union nationals do not qualify for free health care and to 2 LEGALISATION: There are two options for the legalisation of documents
avoid unexpected health care costs the insurance is a requirement. A Cyprus registered
insurance company will provide the health cover required for each applicant and his/her Cyprus Embassies:
family. http://www.mfa.gov.cy/mfa/mfa2006.nsf/protocol04_en/protocol04_en?op
endocument
9 MEDICAL CERTIFICATE
Cyprus Consulates:
This is required to monitor applicants with STDs. A positive result on these tests does not http://www.mfa.gov.cy/mfa/mfa2006.nsf/protocol06_en/protocol06_en?Op
automatically disqualify an applicant.
enDocument
10 CRIMINAL RECORD CERTIFICATE The Cyprus Embassy or Consulate can legalise documents by affixing the
This must be issued for the applicant and his/her dependants over the age of 18, by the following stamps on documents. The document will normally have to be
Authorities in the applicants’ country of origin/residence, and should not constitute in stamped by the Ministry of Foreign Affairs of the clients home country
general any threat against public order or security in Cyprus. before it is taken to the Cyprus Embassy or Consulate.
It is vitally important that the translation is accurate, official and legalised. Where, for example, a passport copy needs to be legalised it must also be
certified as a true copy
TRANSLATION AND LEGALISATION OR
1 TRANSLATION Notarised by a public notary or certifying officer and Apostilled
All documents (except for passports) must be officially translated into This process varies from country to country. The original document (or
English. In Cyprus this task is performed by the Public Information Office certified copy) is first stamped by a Certifying Officer or Public Notary. An
(PIO) which is a department of the Ministry of Interior. Each country has example is not shown as each country has its own certifying stamp.
its own official government translation department which must be used. The document is then presented to the Ministry of Justice and Public Order
(or equivalent) for Apostille.
This link shows a list of countries which are signatories to the Hague
There may be companies that have a licence to translate for the
Convention and thus provide Apostille:
government, but it is vitally important that translated documents bear the
http://en.wikipedia.org/wiki/Apostille_convention
government seal and/or certified by the Cyprus embassy or Consulate
and/or notarised and apostilled.
It is hereby certified that the signature
13 of 21 Appearing above overleaf is the
................
signature of Mr. ....................................
.................................................... and the seal

14. Corporate Services
SECTION 1: SERVICES & COSTS
STANDARD INCORPORATION SERVICES BANK ACCOUNTS
Registration & Company Secretarial for the first year €3500 Bank account - setting up of a main account in your chosen denomination, debit €1000
Including: government fees and registered address. Please see card and online banking services
below for nominee service charges. Additional accounts €200
Name check for each proposed name €70 Bank signatories (per person) €400
Company Secretarial retainer for subsequent years €200
Government fees for subsequent years €350 ADDITIONAL BANKING SERVICES
Banking secretarial (per year) €400
ADDITIONAL SERVICES
• Inward, outward, and balance information, confirmation of payment execution
Nominee Director(s) €250 sent by fax/email, bank report of funds movement on the account.
Nominee Exclusive1 Director(s) €300 per month • Coordination Service including receiving payment instructions from the client,
Nominee Secretary €250 sending instructions to the bank, tracing payment, receiving confirmation of
Nominee Exclusive1Secretary €300 per month payment from the bank Signatory service (Payment instructions to be signed
Nominee Shareholder(s) €250 by Azzurro Homes)
VAT Registration in Cyprus €250 • Verification Service (Azzurro Homes Directors verify signature of authorized
VIES Registration in Cyprus €100 signatory for the bank) including preparation of the payment instructions,
check codes, confirmation of payment by telephone, execution of payment.
The charges above are yearly unless otherwise indicated.
Where Azzurro Homes is requested to provide bank signatories and sign
payment instructions, we reserve the right to query payment instructions.
ADDITIONAL DOCUMENTS • Reissue of Test Key Codes for active companies.
Increase of authorised capital €500 + stamp duty • Issue of Debit Card.
Increase of issued capital €500
Increase of authorised and issued capital (same time) €600 + stamp duty We can introduce you to the following banks:
Change of directors /secretary €500
• Alpha Bank (Nicosia, Cyprus)
Change of beneficial owners €600
Change of registered shareholders €700 • Bank of Cyprus (Nicosia, Cyprus)
Strike off €750
Power of Attorney apostilled with affidavit in Cyprus €400 • Hellenic Bank (Nicosia, Cyprus)
Liquidation (depending on capital of the company) €8800 (minimum) • Marfin Popular Bank, Laiki (Nicosia, Cyprus)
Copy of passport or utility bill notarized in Cyprus €50
Copy of passport or utility bill apostilled in Cyprus €100 • Societe Generale (Nicosia, Cyprus)
Registration of pledge €500
• FBME Bank (Nicosia, Cyprus)
We can provide bank signatories. Please contact us for further details as prices
depend on the individual banks.
1
where you require a person who will be director for your company alone
14 / 21

15. NOTES TO PRICE LIST loss, of whatever nature, attributable to delay in the Beneficiary receiving mail or
other communications forwarded pursuant hereto.
Registration:
Professional directors and nominee shareholders
Registration fee includes the provision of Memorandum and Articles (in English);
Certificates of registration, legal address, directors and secretary, shareholders Azzurro Homes provides full nominee structure for anonymity of ownership and
(where applicable); first resolutions of shareholders and directors; share management of the company in the interests of the beneficiaries. To this end,
certificates, stamp (additional seal is kept by the secretary by law); company Azzurro Homes will appoint a company or companies and/or a suitable employee
letterhead. or employees to act as professional director(s) and/or nominee shareholder(s) of
the Company. When nominee shareholders are ordered, the owners will also
Annual Services receive declarations and instruments of share transfer. The persons and/or
companies so appointed may be changed at any time on client’s request (for a
Annual service fees include the registered address, secretary (secretarial support), fee) or where Azzurro Homes sees it fit. Azzurro Homes shall not be liable for any
professional directors and nominee shareholders are included in the initial costs incurred by the beneficiary or the Company as a result of any change in the
registration. For subsequent years, these fees are paid annually prior to the professional director(s) and/or nominee shareholder(s) on client’s request.
expiration of the prepaid period. If these fees are not paid in time, Azzurro Homes Additional costs apply where an exclusive nominee is required by the client; that is
reserves the right to cease rendering any services to the Company. These fees a nominee who acts only for the client and does not operate as a nominee
cover only the provision of the legal structure and filing of the annual return of the director/shareholder for any other company.
company by the secretary. Any other services whatsoever will be charged extra in
accordance with the fees for additional services specified in this price list. For any OTHER SERVICES
services not specified in this price list, please contact your Client Service Officer.
Annual services paid in advance are not refundable. Courier €100 per each ½ kilo
documents
Annual Government Fees Preparation of an invoice with information €30
provided by the client
Government fees are always paid for the first year upon registration to the Translation of a document from or into English €30 per page
Government of the relevant jurisdiction. Thereafter, these fees are payable Invitation Letter €50
annually in advance. If these fees are not paid, the company is liable to penalties Arranging for Cyprus visa €300
and possible strike off procedures.
Address and Secretarial Support
Address and secretarial support fees are charged for the provision of registered
office and local registered agent as required by law, and secretary, handling
minimum statutory formalities and filing of annual return. Additional fees will be
charged for forwarding correspondence and communications sent to the
company’s registered address or to the designated fax or email address or such
other address as provided by Azzurro Homes Azzurro Homes reserves the right to
open and review mail received at the registered office. Azzurro Homes shall not
incur any liability for any loss occasioned by its decision in this respect or for any
15 / 21

16. ADDITIONAL SERVICES
Fixed Fee Assignments Termination of Company
Fixed fees apply to specific assignments expected to be performed within a normal When a company closure is required, the owner has the responsibility to inform
time frame, and without unusual circumstances or problems. In the case of Azzurro Homes before the Anniversary date of the company. All bookkeeping and
urgent, problematic assignments, or where Azzurro Homes is called upon to audit (where applicable) must be done up to date with relevant fees paid, as well
assume additional responsibility, Azzurro Homes reserves the right to charge extra as all outstanding invoices. The closing fee is €400 . For liquidation, the fees must
fees. be agreed in advance.
Contract Review and Execution Fees Taxes
Review of contracts (or other documentation) on behalf of the client will be priced All services ordered after the initial company formation and not paid with the initial
on a case by case basis. The standard hourly fee for such legal counsel is €200 per order as documented by this price list, are additionally liable for the Cyprus VAT
hour. Documentation relating to projects where due diligence will be carried out (currently 15%). Any future increase in the rates/amounts of taxes/charges will be
will be priced individually for that project. automatically reflected as increase in your invoice.
IMPORTANT NOTICE
Azzurro Homes company reserves the right to amend all fees.
Payment of all invoices is due within two weeks of issue. Any overdue amounts beyond these terms may be subject to a 10% annual interest surcharge.
We hereby confirm our acceptance of the above conditions, and undertake to abide by them, settling all fees incurred in a timely manner.
1. Signatory Name:_________________________________________________________________
Signature:_________________________________________________Date:______________________
2. Signatory Name:_________________________________________________________________
Signature:_________________________________________________Date:______________________
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17. SECTION 2: WHAT YOU NEED TO PROVIDE
SECTION A - GENERAL INFORMATION REGARDING THE REGULATION OF THE COMPANY
1. PROPOSED NAME AND ACTIVITIES OF THE COMPANY
(a) Proposed company names (in order of preference). Names must not be general or misleading.
i. ...................................................................................................................................
ii. ...................................................................................................................................
iii. ...................................................................................................................................
(b) Any particular reason(s) for selecting the specific name (this will assist the approval process).
...................................................................................................................................
NOTE : Where the proposed name has been approved in another jurisdiction, i.e. Name of the parent company, please provide us with a letter of consent with regards to the
use of the name from the other company. The proposed company names should be sent to us by email or facsimile as soon as possible, as obtaining the approval of the
company name from the Registrar of Companies is the only procedure that delays the registration of an international company.
2. Briefly describe the principal activities of the proposed company.
........................................................................................................................................................................................................................................................
............................................................................
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18. SHARE CAPITAL AND SHAREHOLDERS
3. Proposed Share Capital of the Company
NUMBER OF SHARES VALUE IN EURO (PER SHARE)
AUTHORISED CAPITAL
ISSUED AND PAID CAPITAL
Note: This should be at least €1.700 (approx.) or €17.000 if it is the company's intention to set up a fully-fledged office and/or employ expatriate personnel. There are
no share capital restrictions where the applicant is a Citizen of the European Union, or a Company incorporated within the European Union.
4. Provide the details below for each of the proposed shareholder(s) and their shareholding:
DATE OF BIRTH
ADDRESS OF PERMANENT OR NUMBER OF
FULL NAME OCCUPATION NATIONALITY
RESIDENCE DATE OF INCORPORATION SHARES
(FOR A LEGAL ENTITY)
1
2
3
NOTE
i. For individuals the shareholder(s) are to provide a passport copy. For Companies a certificate of incorporation must be supplied.
ii. The shareholder(s) are to provide a bank letter as to their financial standing, respectability, business integrity and credit worthiness. The bank reference should
ideally originate from the country, in which the beneficial owner(s) resides or carries out his business.
iii. Shares may be held by trustee companies for the benefit of beneficial shareholder(s). A trust Deed is signed by the trustee in order to safeguard the interests of the
beneficial shareholder(s).
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19. DIRECTORS2
5. Provide the details below for each of the proposed director(s). Provision of nominee directors can be arranged by us.
DATE OF BIRTH
AND
PASSPORT NUMBER
ADDRESS OF PERMANENT OR
FULL NAME OCCUPATION NATIONALITY
RESIDENCE DATE OF INCORPORATION
AND
INCORPORATION DATE
(FOR A LEGAL ENTITY)
1
2
3
Full name, address, occupation, passport number, date of birth and nationality of each proposed director. There is no necessity to have local directors but it is advisable that
the majority of the board of directors are resident in Cyprus, to enable to demonstrate, if the need arises, that effective management and control of the company is in
Cyprus. It will also be necessary to specify whether the director(s) are director(s) in other companies.
2
Please see paragraph below on Place of Management and Control of the Company
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20. SECRETARY
6. Provide the details below for the proposed secretary. Provision of Company Secretary can be arranged by us.
DATE OF BIRTH
AND
PASSPORT NUMBER
OR
FULL NAME ADDRESS OF PERMANENT RESIDENCE OCCUPATION NATIONALITY
DATE OF INCORPORATION
AND
INCORPORATION DATE
(FOR A LEGAL ENTITY)
1
2
3
NOTE In case the secretary is non-resident, the appointment of a resident assistant secretary is advisable. Name, address of company secretary and registered office. These
are services our firm provides. The registered office must be in Cyprus. Provision of a company Secretary can be arranged by us.
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21. SECTION B • All major contracts should be signed in Cyprus with the local directors being
involved in such signings.
7. Do you wish the Law Firm we are working with to arrange for the provision
of: • Wide and general powers of attorney to non-residents should be avoided.
YES NO • The company's bank accounts should be managed from Cyprus.
i. Nominee Shareholder(s):
ii. Nominee director(s): • The Memorandum and Articles of Association of the company should include
the necessary provisions to eliminate the risk of appearing to have a taxable
iii. Company secretary / assistant presence in another country (e.g. Requirement that all board meetings
secretary: should be held in Cyprus).
iv. Registered office:
• The seal of the company should only be authorised to be used in Cyprus
* Please indicate where you require EXCLUSIVE nominee services
The directors are not expected to be experts on all kinds of activities the company
PLACE OF EFFECTIVE MANAGEMENT AND CONTROL is planning to be engaged on and hence they are entitled within their duties to
employ experts to carry out the day to day business of that specialised activity.
Management and Control and its effect Cyprus tax residency as from 1 The employment of the experts is expected to be in the country where the actual
January 2003 business is carried out and it should be noted that the place of business is not
relevant is determining where the management and control is.
Under the provisions of the new tax legislation, a company will be tax resident,
and thus taxable, in Cyprus only if it is managed and controlled in Cyprus. TIMING
Incorporation in Cyprus is no longer the criterion for tax residency. However,
"Management and Control" is not defined in the Law. Management and control is The time needed to register an international company in Cyprus is 2 - 3 weeks.
also required in order to ensure that double tax treaty protection will be afforded
to Cyprus incorporated companies. A company which is incorporated in Cyprus but
which is managed and controlled in another country may find itself in a position
where provisions of a double tax treaty will not be afforded to it. A company
should be in a position to demonstrate that its management and control is in
Cyprus, its effort to achieve this, we suggest that the company pays particular
attention to the following matters:
• There should be a majority of directors resident in Cyprus and they should
form a quorum for a board meeting.
• All Board meetings should be held in Cyprus and they should be properly
convened and minuted.
• All major policy decisions for the company should be taken at theses Board
meetings.
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