Gateway to EuropeInvestment in Cyprus
Who we areAzzurro Homes is a Developing and Construction Company based in Cyprus, which provides via a third PartyPermanen...
Cyprus at a glance                                                                                         practice or obs...
Cyprus Permanent Residence (Category ‘F’)Category F was initially directed to people that arrived in Cyprus and remained i...
Cyprus – Double Tax TreatyRepublic of Cyprus signed treaty for avoidance of double taxation and the prevention of fiscal e...
.Cyprus TaxesThe Cyprus tax system is comparably much simpler than in India.Income Tax:                                   ...
Residential Property Price Index 110 105      The value of beach front properties has          remained static or has incr...
Property Rental ReturnThe rental yield on a property in Cyprus will depend on its geographicallocation within the island, ...
Universities in Cyprus           European University                   University of Nicosia                     Frederic ...
Average Temperatures – degrees centigrade                                                                                 ...
Invitation Letter for Cyprus Visa ApplicationThe following information is required by us in order to send you an invitatio...
Required Documents for Permanent Residence ApplicationPERMANENT RESIDENCE – REQUIRED DOCUMENTS                            ...
8     HEALTH INSURANCE POLICY      This is required as non-European Union nationals do not qualify for free health care an...
Corporate Services                                                SECTION 1: SERVICES & COSTSSTANDARD INCORPORATION SERVIC...
NOTES TO PRICE LIST                                                                      loss, of whatever nature, attribu...
ADDITIONAL                                                                                                                ...
SHARE CAPITAL AND SHAREHOLDERS3.        Proposed Share Capital of the Company                                             ...
DIRECTORS25.     Provide the details below for each of the proposed director(s). Provision of nominee directors can be arr...
SECRETARY6.   Provide the details below for the proposed secretary. Provision of Company Secretary can be arranged by us. ...
SECTION B                                                                             •     All major contracts should be ...
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Permanent residence pack azzurro homes

  1. 1. Gateway to EuropeInvestment in Cyprus
  2. 2. Who we areAzzurro Homes is a Developing and Construction Company based in Cyprus, which provides via a third PartyPermanent 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: Cyprus Double Tax Treaty 5 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: 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 consultant2 of 21
  3. 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,3 of 21
  4. 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 2009regarding Category F by providing incentives to third country citizens. This regulation was further amended on 22 August 2012 to create a new andaccelerated 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 issueImmigration 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 andmore 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.4 of 21
  5. 5. Cyprus – Double Tax TreatyRepublic 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 50countries 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 individualor company applying for the avoidance of double tax.Resident - Individual Permanent Establishment - BusinessThe Agreement defines what a ‘Resident’ is in determining in which state In order to qualify for taxation in Cyprus a ‘Permanent Establishment’ oftaxes should be paid. business must be set up. The usual types include: a place of management, aWhere an individual is a resident of both states then the following shall be branch of a company, an office, factory, workshop, mines, and building sitesthe 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.TaxationIncome from Immovable Property enterprise in India, or vice versa. This allows for profits to be included in justIncome from property sold in Cyprus will be taxed in Cyprus. In the case of one of the enterprises and taxed owned by a Cypriot company, capital gains tax of 20% is imposedon the profits of the sale. Royalties Royalties and fees arising from India may be paid to a resident of Cyprus andBusiness Profits taxed in Cyprus. In Cyprus royalties are taxed at 5% compared with India atIn general only profits attributable to business operations of a Cyprus will be taxed in Cyprus. Profits attributable to a company operatingin India will be taxed in India. Independent ServicesAdjustment of taxes by both authorities can be carried out for ‘Associated Professional or Independent services are taxable in the state where theEnterprises’. 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 an5 of 21
  6. 6. .Cyprus TaxesThe 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 fromThe 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 sellCrore (€144.000) plus 35% for the remaining €5.371. The total corporation being €45.400 for a domestic company in India compared with €15.000 inCyprus. 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 taxed6 of 21
  7. 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. 45 407 of 21
  8. 8. Property Rental ReturnThe rental yield on a property in Cyprus will depend on its geographicallocation within the island, the type of property, be it residential or commercial YIELD per year based on a propertyand in some instances holiday homes will have seasonal variation. whose value is €300.000This 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%8 of 21
  9. 9. Universities in Cyprus European University University of Nicosia Frederic University Neapolis University Bachelor | Masters | Doctorate Bachelor | Masters | Doctorate Bachelor | Masters Bachelor | MastersCourses 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 | EnglishLanguage 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 | ManagementInformation 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 CyprusUniversity of the West of England UWE Bristol is the highest ranking UK University to offer degrees on the island, Studying a UK course in Cyprusat 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 theat 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 Stat The University of Nicosia George’s and is based on its own successful course. This programme is subject to validation by St Georges in June 2011.University of Hertfordshire Barry Hunt, Pro Vice-Chancellor for International at the University of Hertfordshire, said: “This is a fantasticat 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 thisat 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 withat 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 year2008/2009, the largest body of foreign students in Cyprus.9 of 21
  10. 10. Average Temperatures – degrees centigrade 38°c 638°c 9 Avg. Temperature Avg. Temperature 36°c36°c34°c Avg. Avg. Max Temperature Min Temperature LARNACA 8 34°c 32°c Avg. Avg. Max Temperature Min Temperature NICOSIA 532°c Avg. Rain Days30°c Avg. Rain Days 30°c 728°c 28°c26°c 26°c 4 6 24°c24°c22°c 22°c 5 20°c20°c 318°c 18°c 4 16°c16°c14°c 14°c12°c 3 12°c 210°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 Dec10 of 21
  11. 11. Invitation Letter for Cyprus Visa ApplicationThe 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 number2. Residential address3. Profession4. 2 passport photographs5. Accompanying visitors names (spouse or children)6. Flight booking/reservation showing dates of travel11 of 21
  12. 12. Required Documents for Permanent Residence ApplicationPERMANENT RESIDENCE – REQUIRED DOCUMENTS ORIGI LEGAL NOTES ON REQUIRED DOCUMENTS NAL ISED 1 PASSPORTMAIN 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 1VALID PASSPORT (copy) ü see note 2 2 UTILITY BILLUTILITY BILL ü This is used to show the name of the applicant and their home address and needs to be see note 3CV/RESUME ü for the preceding three months. see note 4AFFIDAVIT OF INCOME ü 3 CV/ResumeCYPRUS 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 6PROPERTY SALE AGREEMENT ü 4 AFFIDAVIT OF INCOME see note 7STATEMENT OF NON EMPLOYMENT ü This is used to prove the applicant has a secured annual income of at least €30.000 (fromHEALTH 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 AffidavitMEDICAL CERTIFICATE see note 9 ü ü please include supporting evidence: bank statements, confirmation of salary and bonusesTesting: VDRL (Syphilis), HBsAg (Hepatitis B), HCV Hepatitis C, AIDS from employer, statement of dividend for shares or company secretary confirmation ofHIV I & II dividend etc.CRIMINAL RECORD CERTIFICATE see note 10 ü ü 5 CYPRUS BANK ACCOUNT STATEMENTDEPENDANTS (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 ofCHILDRENS 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 AGREEMENTDependants under 18 years of age do not require: utility bill, cv/resume, affidavitof income, Cyprus bank account statement, property sale agreement, statement Contract of sale of a built property in Cyprus of a minimum market value of €300.000of 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.12 of 21
  13. 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. endocument9 MEDICAL CERTIFICATE Cyprus Consulates: This is required to monitor applicants with STDs. A positive result on these tests does not automatically disqualify an applicant. enDocument10 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 copyTRANSLATION AND LEGALISATION OR1 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 government seal and/or certified by the Cyprus embassy or Consulate and/or notarised and apostilled. It is hereby certified that the signature13 of 21 Appearing above overleaf is the ................ signature of Mr. .................................... .................................................... and the seal
  14. 14. Corporate Services SECTION 1: SERVICES & COSTSSTANDARD INCORPORATION SERVICES BANK ACCOUNTSRegistration & Company Secretarial for the first year €3500 Bank account - setting up of a main account in your chosen denomination, debit €1000Including: government fees and registered address. Please see card and online banking servicesbelow for nominee service charges. Additional accounts €200Name check for each proposed name €70 Bank signatories (per person) €400Company Secretarial retainer for subsequent years €200Government fees for subsequent years €350 ADDITIONAL BANKING SERVICES Banking secretarial (per year) €400ADDITIONAL SERVICES • Inward, outward, and balance information, confirmation of payment executionNominee 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 ofNominee Exclusive1Secretary €300 per month payment from the bank Signatory service (Payment instructions to be signedNominee Shareholder(s) €250 by Azzurro Homes)VAT Registration in Cyprus €250 • Verification Service (Azzurro Homes Directors verify signature of authorizedVIES 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 €500Increase 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 €600Change of registered shareholders €700 • Bank of Cyprus (Nicosia, Cyprus)Strike off €750Power 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 €50Copy 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 alone14 / 21
  15. 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 shareholdersRegistration 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 employeeletterhead. or employees to act as professional director(s) and/or nominee shareholder(s) of the Company. When nominee shareholders are ordered, the owners will alsoAnnual 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 aAnnual service fees include the registered address, secretary (secretarial support), fee) or where Azzurro Homes sees it fit. Azzurro Homes shall not be liable for anyprofessional directors and nominee shareholders are included in the initial costs incurred by the beneficiary or the Company as a result of any change in theregistration. 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 isreserves 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 nomineecover only the provision of the legal structure and filing of the annual return of the director/shareholder for any other by the secretary. Any other services whatsoever will be charged extra inaccordance with the fees for additional services specified in this price list. For any OTHER SERVICESservices 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 documentsAnnual Government Fees Preparation of an invoice with information €30 provided by the clientGovernment fees are always paid for the first year upon registration to the Translation of a document from or into English €30 per pageGovernment of the relevant jurisdiction. Thereafter, these fees are payable Invitation Letter €50annually in advance. If these fees are not paid, the company is liable to penalties Arranging for Cyprus visa €300and possible strike off procedures.Address and Secretarial SupportAddress and secretarial support fees are charged for the provision of registeredoffice and local registered agent as required by law, and secretary, handlingminimum statutory formalities and filing of annual return. Additional fees will becharged for forwarding correspondence and communications sent to thecompany’s registered address or to the designated fax or email address or suchother address as provided by Azzurro Homes Azzurro Homes reserves the right toopen and review mail received at the registered office. Azzurro Homes shall notincur any liability for any loss occasioned by its decision in this respect or for any15 / 21
  16. 16. ADDITIONAL SERVICESFixed Fee Assignments Termination of CompanyFixed fees apply to specific assignments expected to be performed within a normal When a company closure is required, the owner has the responsibility to informtime frame, and without unusual circumstances or problems. In the case of Azzurro Homes before the Anniversary date of the company. All bookkeeping andurgent, problematic assignments, or where Azzurro Homes is called upon to audit (where applicable) must be done up to date with relevant fees paid, as wellassume additional responsibility, Azzurro Homes reserves the right to charge extra as all outstanding invoices. The closing fee is €400 . For liquidation, the fees mustfees. be agreed in advance.Contract Review and Execution Fees TaxesReview 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 initialon 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 VAThour. Documentation relating to projects where due diligence will be carried out (currently 15%). Any future increase in the rates/amounts of taxes/charges will bewill be priced individually for that project. automatically reflected as increase in your invoice.IMPORTANT NOTICEAzzurro 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:______________________16 / 21
  17. 17. SECTION 2: WHAT YOU NEED TO PROVIDESECTION A - GENERAL INFORMATION REGARDING THE REGULATION OF THE COMPANY1. 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 theuse 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 thecompany 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. ........................................................................................................................................................................................................................................................ ............................................................................17 / 21
  18. 18. SHARE CAPITAL AND SHAREHOLDERS3. 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 companys 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).18 / 21
  19. 19. DIRECTORS25. 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 3Full 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 thatthe 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 inCyprus. 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 Company19 / 21
  20. 20. SECRETARY6. 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 3NOTE In case the secretary is non-resident, the appointment of a resident assistant secretary is advisable. Name, address of company secretary and registered office. Theseare services our firm provides. The registered office must be in Cyprus. Provision of a company Secretary can be arranged by us.20 / 21
  21. 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 companys 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 companyPLACE 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 actualJanuary 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. TIMINGIncorporation 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 affordedto Cyprus incorporated companies. A company which is incorporated in Cyprus butwhich is managed and controlled in another country may find itself in a positionwhere provisions of a double tax treaty will not be afforded to it. A companyshould be in a position to demonstrate that its management and control is inCyprus, its effort to achieve this, we suggest that the company pays particularattention 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.21 / 21
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