Supporting Documents. Property documentation. Purchase Procedure

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1 Supporting Documents Property documentation 1 Title Deeds of individual Apartments 2 Original Contracts of Sale 3 Valuations 4 One Page Presentations 5 Site Layout 6 Google Map 7 Description of Location and Project 8 Property Management 9 Rent Form Purchase Procedure 10 Reservation agreement (SAMPLE) 11 Agreement of sale (SAMPLE) 12 Tax Office receipts & Land Registry (SAMPLE) 13 Tax and Government Incentives 14 Housing Loan facility 15 Permission to buy (SAMPLE) 16 Permanent Residency - Checklist & Application 17 VAT Claim application & 5% VAT Approval (SAMPLE) 18 Bank details

2 Larnaca Tersefanou/ EMERALD HEIGHTS Emerald Heights is a 2 level, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a short 15 minute drive to the centre of Larnaca Apartments 8 Description of Apartments 1 & 2 beds / Penthouses Total Apartments m2 730m2 Title Deeds Yes Building Condition Completed/New Purchasel Cost 599,000 0% CAPITAL GAINS TAX! 8 APARTMENT UNITS TITLE DEEDS IMMEDIATE RENTAL RETURN 3 PENTHOUSE APARTMENTS INCLUDED NEW UNITS PRIVATE PARKING STORAGE UNITS VAT MAY BE APPLICABLE Tel.: Fax: info@livadhiotisdevelopers.com 50 Nikolaou Rossou Str., P.O.Box 42800, 6021 Larnaca - Cyprus

3 Awarded for the International Residential Project 2011 Emerald Heights INVESTMENT PACKAGE PROPOSAL 1. GUARANTEED 5% RENTAL RETURN FOR 2 YEARS 2. BUY BACK OPTION + 10% APPRECIATION IN 4 YEARS FOR EXCHANGE WITH OTHER PROPERTY OF EQUAL OR HIGHER VALUE TOTAL INVESTMENT (599, %VAT) 701,600 REVENUE GUARANTEED RENTAL REVENUE 1ST YEAR (5%) 35,080 GUARANTEED RENTAL REVENUE 2ND YEAR (5%) 35,080 PROJECTED MINIMUM RENTAL REVENUE 3rd YEAR 35,080 PROJECTED MINIMUM RENTAL REVENUE 4th YEAR 35,080 TOTAL RENTAL REVENUE 140,320 GUARANTEED 10% PROPERTY APPRECIATION YEAR 4 59,900 AVERAGE ANNUAL ROI % 7.1% TOTAL ROI 200,220 TOTAL ROI % 28.5% Tel.: Fax: info@livadhiotisdevelopers.com 50 Nikolaou Rossou Str., P.O.Box 42800, 6021 Larnaca - Cyprus

4 Larnaca Tersefanou/ EMERALD HEIGHTS Investment Package Unit Number Beds Baths/WC Total Area m2 Net PACKAGE PRICE ACTUAL Net SELLING PRICE VALUATION 2015 *16/ ,000** 86,000 60,000 16/ , ,136 92,000 *17/ , ,000 95,000 17/ ,000 86,182 60,000 17/ ,000 86,182 72,000 17/ , ,840 92,000 18/ , ,612 92,000 18/ , ,697 92,000 TOTALS , ,649 COST/ SQM ,299-36% Since last valuation in 2015 the current market value has seen an increase of 2% in the first quarter of 2016 *UNITS NEVER SOLD VALUE ADDED FOR COMPARISON - **VAT NOT APPLICABLE Tel.: Fax: info@livadhiotisdevelopers.com 50 Nikolaou Rossou Str., P.O.Box 42800, 6021 Larnaca - Cyprus

5 GROUP SERVICES With over 40 years of experience in real estate development and construction regulated by the Royal Institute of Chartered Surveyors (RICS) we offer the following services and complete turnaround solutions in relation to these investment and citizenship projects The complete renovation of the project to convert it into the desirable outcome The management of the premises, for a management fee for a period of time, until it may be handed to you Our management may guarantee the investor a fixed annual % return on the investment If needed to sell the property after a period of time(ie after 3 years when allowed ), we will promote and sell it via our network of international agents, securing your investment Identifying more properties that meet investment requests L. Livadhiotis & Sons Ltd assumes no liability for inaccuracies, errors or omissions and shall not be liable for any damages arising out of the information contained herein. All dimensions and specifications are approximate. Maps, site plans, floor plans, drawings and elevations are for informational purposes only. Product availability, prices, site locations, floor plans are subject to change without notice or obligation L. Livadhiotis & Sons Ltd, All rights reserved. Larnaka - Cyprus Tel Fax info@livadhiotisdevelopers.com

6 EMERALD HEIGHTS Tersefanou - Larnaca, Cyprus

7 EMERALD HEIGHTS Tersefanou - Larnaca, Cyprus

8 EMERALD HEIGHTS Tersefanou - Larnaca, Cyprus

9 EMERALD HEIGHTS/ Measurements Location: Tersefanou - Larnaca Τοποθεσία: Τερσεφάνου - Λάρνακα DESCRIPTION ΠΕΡΙΓΡΑΦΗ Project borders the proposed PGA Golf course Communal pool and landscape gardens Extensive use of stone Includes clubhouse and gym Communal Laundry room Gated community Storage units available for sale Συνορεύει με το προτεινόμενο γήπεδο του γκολφ Κοινόχρηστη πισίνα - κήπους Διακοσμητική πέτρα στα κτίρια Υπάρχει clubhouse και γυμναστήριο Κοινόχρηστος χώρος πλυντηρίου Ελεγχόμενη είσοδος Διαθέσιμες αποθήκες προς πώληση Total Number of Apartments: 62 Ολικός αριθμός διαμερισμάτων: 62 Number of Available Apartments: 8 Αριθμός διαθέσιμων διαμερισμ.: 8 Court No. Apt. No Beds Bath/r Floor Level Apartment Area m² Covered Veranda m² UnCovered Veranda m² Storage m ² Extra Parking Garden *Total Area m ² Direction Αρ. Κτιρίου Αρ. Διαμ. Υπνοδ. Μπάνια Επίπεδο ορόφου Εμβαδό διαμ. τμ Καλυμμένη βεράντα τμ Ακάλυπτη βεράντα τμ Αποθήκη τμ Έξτρα Χώρος στάθμευσης Κήπος Ολικό εμβαδό τμ Προσανατολισμός Column2 Column1 3 Column4 Column5 Column8 Column9 Column10 Column11 Column12 Column13 Column14 Column st 48,98 6,44 Yes 55,42 Green nd 66,43 5,39 49,50 Prov. Jacuzzi/BBQ Yes 121,32 Pool/Green st 78,57 11,10 Yes 89,67 Pool st 50,74 7,10 Yes 57,84 Pool st 55,12 7,10 Yes 62,22 Pool ,5 2nd 67,97 5,40 49,80 Prov. Jacuzzi & BBQ Yes 123,17 Pool st 84,56 11,05 Yes 95,61 Proposed Golf ,5 2nd 70,55 5,48 49,24 Prov. Jacuzzi & BBQ Yes 125,27 Proposed Golf You can use the MLS code given for further information on our website All the prices quoted may change without any prior notice, dimensions quoted are approximate. Οι τιμές που αναγράφονται, πιθανό να αλλάξουν. Οι διαστάσεις είναι κατά προσέγγιση.

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30 No 3 EMERALD HEIGHTS VALUATION OF 2015 Comparison to OUR selling price's A16-18 Court No. Apt. No *Total Area m² Direction VALUATION MARKET VALUE 2015 OUR NET SELLING PRICE Column2 Column1 3 Column4 Column5 Column8 Column9 Column10 Column11 Column12 Column13 Column14 Column16 C C Column Valuation carried out in Green 60, APARTMENT FOR SALE 0.00 Green 59, Valuation carried out in 2015, this is a identical apartment to the below apartments for sale 0.00 Pool/Green 92, APARTMENT FOR SALE 0.00 Pool/Green 79, APARTMENT FOR SALE 0.00 Pool 79, APARTMENT FOR SALE 0.00 Proposed Golf 79, Valuation carried out in 2015, this is a identical apartment to the below apartment for sale 0.00 Pool 72, APARTMENT FOR SALE 0.00 Pool 65, Valuation carried out in 2015, this is a identical apartment to the below apartment for sale 0.00 Pool 60, APARTMENT FOR SALE 0.00 Pool 59, Valuation carried out in 2015, this is a identical apartment to the below apartment for sale 0.00 Green 95, APARTMENT FOR SALE 0.00 Pool 95, Valuation carried out in 2015, this is a identical apartment to the below apartment for sale 0.00 Green 102, APARTMENT FOR SALE 0.00 Proposed Golf 84,000 You can use the MLS code given for further information on our website All the prices quoted may change without any prior notice, dimensions quoted are approximate. Οι τιμές που αναγράφονται, πιθανό να αλλάξουν. Οι διαστάσεις είναι κατά προσέγγιση.

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46 VALUATION 2015 TRANSLATED IN ENGLISH 1 INTRODUCTION 1.1 Purpose of the Report The purpose of this report is to identify the Market value of apartments in Tersefanou for the purposes collateral / mortgage. 1.2 Time of the assessment The date on which the estimated Market Value of apartments is the date of the report, namely June 22, Field inspection Following the realized autopsy to apartments on 18 June 2015, took place a complete market research for the region, with a view to documentation to estimate the market value of specific departments. 1.4 Documents / projects / investigations that relied in preparation of this assessment were based on the most following information: Property Title field. Policy Statement. Approved floor plans of the apartments. Table with analytical areas of apartments from Architect 'Y. Demetriou». Planning permission (Ref. Application: Lahr / /2008). Building Permit (Ref. License: /09). Lands Plan Area on which appears the property being valued. Comparative Sales as we obtained from cadastre form CD. Field inspection. 2. ISSUES - Requested 2.1 Instructions They are given to me in writing by the Department of Assessments and Property Management Alpha Bank following instructions: To calculate the date of the valuation ( ), the Market Value and Value Compulsory Sale of apartments To calculate the Value of Insurance apartments at the date of assessment (06/22/2015). 3. EVENTS 3.1 Area -apartment Location The complex in which the apartments are located Located in Tersefanou, in the northeastern part of Housing Area and 700 meters northeast Church of Agia Marina in the village square. The present residential development surrounding area mainly apartment s.

47 3.2 Physical Features apartment The complex in the name «EMERALD HEIGHTS» on which are the apartments are aged 5 and consists of three blocks «AVGOULLA COURT 16, 17 and 18 '. We are commanded only to assess the following 11 apartment: Four apartments no. Port 101, 108, 112 and 204, which are part of the block «AVGOULLA COURT 16». Six compartments Nos. Port 11, 13, 14, 102, 111 and 112, which are part of the block «AVGOULLA COURT 17».. An apartment no. 101 port, which is part the block «AVGOULLA COURT 18». The floors in the apartments are covered with ceramics plates. The sanitary ware and wooden constructions they include apartments are all common quality, differing only in color. The inner and outer frames are wooden. The windows are double. The complex has a communal pool (infinity) gym and club house. Also the green area west of the complex used as mini golf. Internal inspection took place only in the apartment 108 block «AVGOULLA COURT 16», the question that other apartments were rented. The apartments are described in detail in the attached Table. 3.3 Services The apartments feature all common facilities utilities such as electricity, water, telephone, etc. 3.4 Legal Characteristics Registration Number, and Reference Plan. The plot on which stands the complex under the apartment s assessment is covered with No. Registration 0/6534 (old no. Record 5672) and appears as piece 966 (pal. pcs. 53 ) Sheet / Plan 50/29, scale 1: The issuance of separate title deeds of the apartment They are in the final stage Ownership and Tenure According to the Certificate of Registration of Immovable Property No.5672 Registration (old no. Registration), the field for which is the complex of being valued apartments owned by Mr Vassos Michael Tsiavli (6/200 share), Mr. Neoklis Chrysiliou Neocleous (25/200 share) and the company Av. LEIVADIOTIS & SONS LIMITED (169/200 share) Urban Elements The field covered by the Residential Zone H2 with maximum building factor 90 % and 50% coverage in 2 floors height 8.30 meters. 3.5 Methodology

48 The method used to estimate the Market value of the apartments is the Comparative Method, which, in our view, is the ideal assessment methodology of this type of apartments. The comparison was made after taking into account comparative sales similar apartments (making similar adjustments), in the study area, which referred to in Section 3.6 below as well as the Sales attachment Comparative Table with digits "A" and "B" digit. 3.6 Events that were considered Comparative Sales Comparative Sales of apartments in the same complex «EMERALD HEIGHTS» in , which ranging between / t.m.- 1,559 / sqm. Shown in yellow and marked with numbers 1-6 in the accompanying drawing and described in more detail in the attached Table Comparative Sales of "A" digit Other factors (events) taken into account the special features of the apartments, as the size, floor, orientation, quality, functionality, etc. The special features of the complex, such as, size, quality, etc. The planning of the immediate surrounding areas. The supply and demand in the immediate vicinity and the character in the use of concrete, region. 4. VIEW 4.1 Grounds assessment and determination of market value Comparative Table "A" with the 4, 5 and 6 regarded as safe for such that all three apartments sold at the same date and much higher than the comparative 1, 2 and 3 in the same table. Our view is supported by sales apartments Property Title similar groups in the study area, which are shown blue and appear with the numbers 1-6 accompanying drawing and described in detail above Comparative Sales in attached Table with digit "B". 4.2 Findings Market Value Given the comparative sales table "A" and "B" as well as all the factors (events) described in the previous section, we calculated the market value of apartments in 1,250 / sqm. Remarks : [1 ]. Relationship covered verandas for Closed Area 30: 100. [2 ]. Link uncovered verandas to Covered Area 20: 100. [3 ]. The apartment is one bedroom and shown in Architectural Plans which have been sent to us by the Bank, in apartment The property as collateral Considering all the above, the apartments considered as normal collateral. Common areas

49 the band kept clean, apartments they are in good condition and due to relatively low value targeted by anyone also soon expected to be issued separate titles Property and therefore the apartments are expected to be sold relatively easily / quickly. 5. COMMENTS The estimate of the market value of the property based on freely available to the market as holding also the reasonable period of time to the property to attract a similar demand OR Objectivity of the assessment is not binding to a positive supply for the operation of the property which can be achieved due to special interest. Note that according to company policy us this report is confidential and content addressed exclusively to consignee and for that purpose. Our company assumes no liability to third parties Yours sincerely, Disclaimer The official language used for the content of the Office of Administrative ' website is English. A free translation service provided by Google is available through the links provided that offer immediate translation of our web pages using Google's software. Computerized translations are only an approximation of the website's original content. The translation should not be considered exact and in some cases may include incorrect or offensive language. The Office of Administrative Hearings does not warrant the accuracy, reliability or timeliness of any information translated by this system. In addition, some applications, files or items cannot be translated including graphs, photos or portable document formats (pdfs). Any person or entities that rely on information obtained from the system does so at his or her own risk.

50 No 4 One Page Presentation Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A16-Unit 108 Unit Information Beds 1 Baths 1 Floor level 1st Unit Area 49,98 m 2 Veranda 6,44 m 2 Total Area 55,42 m 2 Completed/New Total No of Apts 20

51 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A16-Unit 203 Unit Information Beds 1 Baths 2 Floor level 2nd Unit Area m 2 Veranda 54,89 m 2 Total Area 121,32 m 2 Completed/New Total No of Apt s 20 Pool/Green View

52 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A17-Unit 101 Unit Information Beds 2 Baths 1 Floor level 1st Unit Area 78,57 m 2 Veranda 11,10 m 2 Total Area 89,67 m 2 Completed/New Total No of Apts 20

53 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A17-Unit 103 Unit Information Beds 1 Baths 1 Floor level 1st Unit Area m 2 Veranda 7.10 m 2 Total Area m 2 Completed/New Total No of Apt s 20 Pool View

54 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A17-Unit 106 Unit Information Beds 1 Baths 1 Floor level 1st Unit Area m 2 Veranda 7.10 m 2 Total Area m 2 Completed/New Total No of Apt s 20 Pool View

55 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A17-Unit 203 Unit Information Beds 1 Baths 1,5 Floor level 2nd Unit Area 67,97 m 2 Veranda 55,20 m 2 Total Area 123,17 m 2 Completed/New Total No of Apt s 20 Pool View

56 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A18-Unit 105 Unit Information Beds 2 Baths 2 Floor level 1st Unit Area 84,56 m 2 Veranda 11,05 m 2 Total Area 95,61 m 2 Completed/New Total No of Apt s 20

57 Emerald Heights is a 2 storey, 3 block development comprising 62 units. The project has a selection of 1, 2 and 3 bedroom apartments as well as 4 houses. This development is set on elevated land, directly overlooking the approved PGA golf complex. Each apartment benefits from the exclusive self contained resort facilities including; a large communal pool, club house and gym all surrounded by beautifully landscaped gardens. Emerald Heights is located on the outskirts of the traditional village of Tersefanou and is a 15 minute drive to the centre of Larnaca Emerald Heights A18-Unit 201 Unit Information Beds 1 Baths 1,5 Floor level 2nd Unit Area 70,55 m 2 Veranda 54,72 m 2 Total Area 125,27 m 2 Completed/New Total No of Apt s 20

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62 EMERALD HEIGHTS Tersefanou - Larnaca, Cyprus No.7 Description & Location of Project Magnificent and majestic describes L. Livadhiotis & Sons Ltd project, Emerald Heights located on the outskirts of the picturesque village of Tersefanou. Architecturally designed to compliment the beautiful location, these prominently positioned residences are elegant, spacious and exceptionally appealing. Emerald Heights consist of three structures comprising of 24 one bedroom 38 two bedroom and 2 three bedroom apartments, a haven between the rolling hills and the sea and the closest residential site to the proposed golf course of Tersefanou. Set on elevated land overlooking the proposed course, our project features exclusive resort facilities such as a communal pool (with changing rooms), gymnasium set within beautifully landscaped gardens. The properties are based on a classically traditional Cypriot design with timber and natural stone finish cleverly grouped to provide an attractive gated residential area. The apartments were built to our own high specifications and boast many extras such as large balconies, luxuriously equipped en suite bathrooms for double bedrooms, satellite and intercom installation also feature split level town house units and villas to satisfy even the most discerning buyer. The proximity to the proposed golf course and the exclusivity and luxury of Emerald Heights sets the way for the ideal investment opportunity of a lifetime. HIGHLIGHTS Unobstructed views of the Proposed golf course Excellent investment opportunity All year round rental opportunities Situated only 4km from Larnaca international airport 15 minutes from Larnaca centre Within close proximity to the traditional villages of Kiti, Pervolia and Meneou Easy access to highways linking Larnaca to the rest of Cyprus An exclusive development of only 62 apartments Private parking in a secure gated community Communal pool & Changing facilities Storage rooms (Optional) 10 year structural guarantee

63 TECHNICAL SPECIFICATIONS Framework: Reinforced concrete. Walls: Hollow bricks, internally three coats plastering and three coats emulsion paint and externally rendered in three coats and exterior sandex paint. Floor Finishes: (a) Common areas: marble 68.00/m². (b) Living areas, kitchen: ceramics tiles 12.00/m². (c) Bedrooms: ceramics tiles 10.00/m². (d) Veranda, patios: ceramic tiles 9.00/m². Wall Finishes: (a) Bathroom area glazed tiles 10.00/m². (b) Kitchen: glazed tiles 10.00/m². Internal Doors: Doors will be ready made of Italian origin. Sliding Doors: Wooden oil painted and externally of coloured double glazed aluminium. Windows: Coloured double-glazed aluminium. Kitchen Units: Ready made of Italian origin. Wardrobes: Bedroom wardrobes will be ready made of Italian origin. Sanitary Fittings: First quality white colour. Plumbing and Sanitary installation: According to British standards. P.V.C. pipes for drainage and C.P.V.C. for cold water supply and insulated copper pipes for hot water supply. Water Supply: Solar panels to be installed at roof level. Water tank and fresh water supply to kitchen sink. Antenna: Installation of a central antenna system for all apartments for local channels. Satellite Dish: Satellite dish for Hot Bird installed for all apartments with a choice of over 600 channels. Air Conditioning: Provisions for A/C units. Parking: Parking space provided. Entrance: Luxury decorative entrance to the buildings. Garden: Mature communal garden. LOCATION The properties for sale in Larnaca is located in a great location in the picturesque village of Tersefanou, with enchanting views of Larnaca city. Traditional Cypriot taverns, shops, supermarkets and cafes are plenty in the village, which will more than cover daily necessities. The traditional rural village of Tersefanou has become a significant area for property development as well as tourist growth and elite golf courses, giving its properties a great advantage in Cyprus. Moreover, it has been nominated as the perfect location to create the first professional 18-hole golf course in Larnaca. Tersefanou has gradually developed into a village which perfectly blends its traditional charm with its contemporary character. Adding to its assets, the village enjoys a key location near Larnaca International Airport, which is just 8 kilometres away, and has direct access to the main road network of Cyprus which links the major cities of the island.

64 No 8 Property Management Communal Property Management Lefteris Livadhiotis & Sons endeavors to maintain our projects to the highest possible standard. With Communal Property Management in place with the annual maintenance fees, our Company undertakes the maintenance, up keep of all external communal areas. These services include: The Maintenance of the project includes the following services: Cleaning services communal areas. All communal areas to be cleared of visible litter. All car-parking areas to be swept & cleaned. Communal windows to be cleaned. Elevator to be cleaned / polished. Stairs, corridors to be brushed and mopped Garden services communal areas. Communal gardens will be maintained and weeded. Pool Maintenance (where applicable) Maintenance of pool and cleaning Elevator Maintenance. Elevators will be maintained and inspected once per month as per manufacturers recommendations. Septic Tank. Septic waist tanks will be cleared as required. Internal & External basic upkeep of the building & minor repairs. Minor repairs to lights, doors, elevator, plumbing, etc. will be carried out as and when required. Communal Insurance Provision of Insurance cover for Communal areas of Buildings for Fire & Build Public liability insurance for the communal areas Management Services Fees All administration, collecting & banking of maintenance & insurance payments, pursuit of late and non-payers. Management accounting system showing income and expenditure, including personal statements of account for each apartment. Facilitating the payment of communal utility bills, (electricity, water, lift maintenance, garden maintenance, cleaning and any other bills Tel.: Fax: info@livadhiotisdevelopers.com 50 Nikolaou Rossou Str., P.O.Box 42800, 6021, Larnaca - Cyprus

65 Personalized Property Management: Lefteris Livadhiotis & Sons aim to offer an extensive personalized service to all the clients who have purchase & invested in property with our Company. All services can be tailored to the individual needs of the client & property. These services have been designed to give homeowners peace of mind in knowing that their property is being maintained and monitored in their absence. 1. Basic Management Services - services include: Pool Maintenance including labour & chemicals (once per week) Garden Maintenance including, pruning, spraying and labour (once per month) Post collection (once per month) Facilitating payment of utility bills, including electric bills, water bills, Tax bills etc, upon instructions of the owner. Prior to payment bills will be sent to the owners so that the necessary funds can be sent over. In the case of a standing order being set up at the bank these payments will take place automatically. Cleaning of the property, including a general clean, flushing of toilets, airing of property and general inspection of property for any problems, damp or leak checks. (once per month) Costs may apply 2. Additional cleaning requested A Pre Visit Deep Clean including all internal areas, windows and outdoor areas. This will be an in-depth clean upon request before the client s arrival to stay in the house. Costs apply 3. Car Hire Arranging of Car Hire upon arrival to Cyprus 4. Refurbishing & Repairs Being abroad it is difficult for owners to arrange any refurbishing or repairs that need to be carried out within the property. Our Company will undertake to liaise with the decorators & technicians. Clients will be informed of the costs prior to any works being carried out. 5. Purchasing Items for the House Upon request we can arrange to stock up your fridge and home with groceries and perishables of your choice. This cost will depend on the items required 6. Furniture & Electric packs & Blinds Our Company can provide personalised furniture, blinds & electrical packs according to the requests / requirements of the clients. Tradesmen will be allowed access to the property by a member of our staff, and any liaising with the suppliers can be carried out through our Company.

66 Personalized Property Management: 7. Building Insurance As a homeowner, ensuring you can safeguard your largest asset is vital. A suitable building insurance policy is very important and will protect the structure and permanent fixtures and fittings of your property. The Hazard insurance with Pancyprian Insurance Company protects a property owner against damage cause by fire or severe storms. Below is a brief list of the coverage concerning the standard policy. The insurance only covers the building and includes: Fire and earthquake Lightning Explosion Storm/Tempest/Cyclone Impact Bursting of pipes Malicious damage The costs of Fire & Build Insurance for a property valued at (this is the value of the building not including the land) will be a premium of approximately per year (with an un-occupancy clause). 8. Contents Insurance To insure the furniture, fittings, electric goods and items in the property up to the value of there will be an additional charge of approximately 50 per year. 9. Renting your Property By filling in the rental application form your property will be listed on our rental availability & website. Any potential tenants will be accompanied by a member of our staff to the property. Upon successful viewing the legal documentation will be prepared by our Company. Upon successful renting of the property, the fees charged by the agent are the equivalent of one months rent. 10. Tenant Management Services Once a property is rented on a long term basis, Lefteris Livadhiotis & Sons will oversee the property whilst the tenant is staying in the apartment. Our Company will be the first point of contact for any issues regarding the property for both the tenant & the landlord. Some Services are: Key holders of the property Point of contact for tenant & landlord Liaison with technicians for any repairs or maintenance work that needs to be carried out Collection of monthly rent & payment to the landlord s bank account. Once the property is vacated by the tenant then a final check will be carried out and the landlord will be informed of the status of the property For these services the monthly charge is a 10% of the agreed monthly rent

67 No 9 RENT Application FORM Project Flat Name of Owner Bed Rooms Furniture Description Please attach FULL inventory Electric Goods Description Please attach FULL inventory Blinds / Curtains Airconditions Preferred Rent amount Minimum amount Bank account or details for payment of rent amount to the landlord Other Agents Informed ALL key holders Other Comments Signature Date Renting Your Property By filling in the rental application form your property will be listed on our rental availability & website and distributed to local agents. Any potential tenants will view the property. Upon successful viewing the legal documentation will be prepared by our Company. For these services the charge is a percentage of the agreed monthly rent. Tenant Management Services Once a property is rented on a long term basis, Lefteris Livadhiotis & Sons will prepare all the documentation. Our Company will be the first point of contact for any issues regarding the property for both the tenant & the landlord. Some Services are: Key holders of the property Point of contact for tenant & landlord Liaison with technicians for any repairs or maintenance work that needs to be carried out Collection of monthly rent & payment to the landlord (unless a bank account is provided to the tenant & the rent will be monitored by the landlord). For the above services a monthly charge of 10% of the rental amount is payable. ** A Finders fee equivalent to one months rent will be payable to the agent as commision for finding the tenant With this form I confirm that If L.Livadhiotis & Sons Ltd has been given a set of keys to my property their responsibility is to hold the keys for the purpose of rental viewings and are not responsible for the actual property or any contents within the property. L.Livadhiotis & Sons Ltd is not liable for any items lost. To protect the appearance of the community, all visible changes to the property must have prior written approval. This includes all changes from the original construction and design. Patio furniture and umbrellas are permitted only (a) of an approved colour (b) an appropriate commercial design and (c) compliant with regulations covering flammability. The Vendor reserves the right to determine the appropriate colour to ensure a consistency with the overall architectural scheme and which meet the aforementioned specifications.

68 No 10 Reservation Agreement Date Project Information EMERALD HEIGHTS APARTMENTS Project: Personal Details Name: DOB Mobile: Address: Passport: Purchase Price 599,000 Net selling price plus vat Reservation fee upon signing of this Reservation Agreement (Non Refundable) To be paid on or before the../../. together with the signing & deposit of the Agreement of Sale into the Land Registry simuteonously with the issuance of the Title Deeds of the Property 49, , ,000 Mr. Panikos Livadhiotis (Name) (Managing Director) Holder of... Passport No:... L.Livadhiotis & Sons Ltd does not warrant the accuracy or completeness of any information (including text, graphics and renderings) contained on our site, linked sites or forwarded correspondence. L.Livadhiotis & Sons Ltd assumes no liability for inaccuracies, errors or omissions and shall not be liable for any damages arising out of the information contained herein. All dimensions and specifications are approximate. Maps, site plans, floor plans, drawings and elevations are artist renderings and are for informational purposes only. Term & Condition; If the Contract of Sale has not been signed within 30 days following the date of the Reservation Agreement, L.Livadhiotis & Sons Ltd has the power at it's absolute descretion and without the foresaid clients consent to extend, renew or cancel this Reservation Agreement and will withhold all payments received. Delayed payments will occure interest of 9%. Product availability, prices, site locations, floor are subject to change without notice or obligation.

69 SAMPLE No11 AGREEMENT OF SALE AGREEMENT OF SALE THIS AGREEMENT is made today the of between the following contracting parties: VENDOR: L.Livadhiotis & Sons Ltd Reg. No.E Nikolaou Rossou Street, P.O.Box Larnaca Cyprus Tel: Fax: PURCHASER: NAME Holder of.. Passport No: ADDRESS: .. WHEREAS the Vendor is the registered owner of a bedroom apartment No. (Door No..) situated on the.. floor of the development known as Emerald Heights, Avgoulla No.. and including parking space No.. and Storage No.. under registration number., Sheet/Plan 50/29, Plot number ΕΠΙ 966, location Kavkaloudin, in the village of Tersefanou, within the District of Larnaca (hereinafter called the Property ). A copy of the separated title deed is hereby attached as (Appendix A ) forming an integral part of this Agreement and; WHEREAS The Purchaser has duly inspected the said Property and hereby declares and confirms by purchasing the same in its present state and condition as it stands today and that he is fully satisfied of the physical and legal condition of the said Property. IT IS HEREBY AGREED as follows: 1. The Purchase Price of the Property has been said at.. (.. Hundred.. Thousand Euros). The method of payment of the above agreed purchase price shall be made as following: (A) The amount of (. Thousand Euros) has already been paid by the Purchaser to the Vendor as a reservation deposit. This amount is non-refundable. 1

70 (B) The amount of. ( Hundred & Thousand Euros) to be paid together with the Title Transfer of the Property onto the Purchasers name, simultaneously with possession and delivery of the keys to the Property, within 30 days from the day that the Vendor notifies the Purchaser that he is ready to make the title transfer 2. The time and way of payment of the aforesaid purchase price are to the essence of this Agreement. 3. In case of a cancellation of the Present Agreement and disposition by sale of the Premises pursuant to the above, the Vendors shall be entitled to keep out of the proceeds any balance due by the Purchaser and any accrued interest and other amounts due pursuant to this Agreement and all costs for such disposition of the Premises including, but without limitation, commissions and generally any losses which the Vendors may suffer as a result of such cancellation of this Agreement. It is further agreed that the Purchaser shall be under obligation to the Vendors to pay to them, together with interest, any shortfall in the event that the proceeds of such disposition are not sufficient to cover the unpaid balance of the agreed purchase price, the interest and costs of disposition. 4. In respect to the Property and upon the transfer of ownership the property WILL be free of any legal encumbrance as well as any outstanding payments, Taxes, Loans, Property Management fees and Utilities, if any. 5. From the date of signing this Agreement of sale the Purchaser WILL not become responsible for any previous debts, if any, whatsoever. 6. The Purchaser has to appear at the land registry within 1 month the latest from the date he receives the notice from the Vendor that the separate title is ready to be transferred onto the Purchaser s name. Failure to do so, gives the right to the Vendor to cancel the agreement, by giving 30 days written notice. The Purchaser, once he acquires possession of the Apartment, will not be entitled to use it in any way that may cause nuisance to the occupants of neighboring apartments or buildings. It is agreed that the Apartment shall be used only for residential purposes. The Purchaser agrees to allow or suffer without protest the continuation by the Vendors of the construction works and or any other works necessary for the completion of the apartments which form part of a building complex known as Emerald Heights or any part of the apartments thereof without any right to claim compensation on any other relief or remedy for disturbance, annoyance, nuisance or otherwise. 7. No marketing sign or banners may be placed on the balconies or outside areas of the apartment, as it may affect the appearance of the whole building. Anything in this description is illegal and the Vendor has the right to remove it immediately. The Purchaser agrees that he accept and he will fulfill his obligations according to the present clause. 8. The Purchaser accepts that he is obliged to comply with the management and administration of the communal areas of the development which is governed by the Cyprus legislation (Law 6(1) 1993). For this reason, an Administration Committee must be formed by all the owners of the building complex. 2

71 9. The purchasers, by their purchase become shareholders of the commonly owned areas and in this capacity the Purchasers acquire the right and accept the liabilities and obligations arising consequently. The purchasers shall be liable to pay and/or debited with their share to any common expenses in running the building that may calculated by the Vendors or other wise imposed. Communal and/or maintenance fees will be paid up to the next period upon taking possession of the Property. 10. For a better settlement of the above described rights and obligations of the PURCHASER, as far as the Apartment, Common and-or Communal Areas, Sections, Installations and in relation to the relations of the PURCHASER with the rest of the owners on the above described section and with the Management and administration of the Building Complex as whole the Contracting Parties will sign an Additional Agreement which will be called GENERAL AGREEMENT that it will be an Integral part of the Present Agreement and the GENERAL AGREEMENT and the AGREEMENT OF SALE will bind the VENDOR and the PURCHASER and the successors of the PURCHASER with the way provided in the present Agreement. The provided obligations of the PURCHASER in relation to the obligation of any successor and/or tenant and/or licensee are applicable to the present Agreement. This term is of essence of the agreement. 11. It is further agreed: a. No Purchaser and/or tenant and/or any one who is entitled to possess any of the Properties of the Building Complex can change the agreed use of his Property to any other use that is in contradiction or is prohibited by the terms of the present Agreement. b. The keeping of pets from the Purchasers is allowed only after the grant of written consent from the Administration Committee. This consent can be taken away any time if this is decided by the majority of the Purchasers after voting in a General Meeting. The same applies where the Administration Committee denies to a Purchaser to keep a pet whereas that Purchaser can bring the subject to the Annual General Meeting for voting. c. The Purchaser will not leave, place or preserve any kind of goods on the main or the rears entrances, the stairs, the landings, the corridors, the roof, the lift or in any other place of the communal areas. d. The Purchasers is not allowed to change the color of the windows, doors, verandahs, fencing or the outside walls of the communal areas and generally to change anything on the outside walls or parts of the communal areas. e. It is not permitted to place any tents or air-conditioning compressors on any verandahs, windows, walls or anywhere else on the outside part of the communal areas or up and down of them without the prior written consent and approval of the Vendor and the Administration Committee in relation to their position, color, size and shape. f. The Purchaser is permitted within the ground/area of the veranda to place plants/flowers. 3

72 12. Until the successful formation and approval of a committee for the building, the Vendor has the absolute control over the running of the building. 13. From the date on which the Property is delivered to the Purchaser, the Purchaser shall be under an obligation to pay to any governmental, local or other authorities and/or to any public corporations any kind of taxes, duties, charges, fees, levies and burdens of whatsoever nature relating to the Property, to pay his share of all taxes, duties, charges, fees, levies and burdens payable, of which the Property forms part (including the charges for the operation of telephones, for the consumption and/or use of electricity and water) and of all the burdens which are in any way related or attributable to the ownership, occupation, possession or use of the Property (including the charges and fees payable for the removal of rubbish, for the disposal of waste, for the cleaning of the commonly owned and commonly used areas for the provision of lighting, for the consumption of water in the commonly used areas etc.,) and this irrespective of whether or not such taxes, duties, charges, fees, levies and burdens are payable by the registered owner and/or owner or the occupier, and in the event of the payment of such taxes, etc., or of a part thereof by the Vendor, to repay immediately to the Vendor so much of the sum, so paid as shall correspond to the period in which such taxes etc., ought to have been paid by the Purchaser. In the event of a deposit or advance payment having been paid or made by the Vendor for such taxes, duties, charges, fees, levies or burdens for a period extending beyond the date on which the Property shall have been delivered to the Purchaser, the Purchaser shall refund the Vendor the proportion of the said deposit or advance payment corresponding to the period beyond such date. 14. The Vendor undertakes to make good any proven structural fault due to defective workmanship and/or materials according to the Architects opinion that may appear or become apparent, as well as any defective electrical that are already supplied and installed inside the Property for a period of twelve (12) months beginning from the day of the title transfer and delivery of the Property to the Purchaser 15. From the date of the delivery of the Property to the Purchaser, the Purchaser shall adequately insure the Property for their full value against fire, flooding, lighting, explosion and earthquake, with a reputable insurance company of their choice. 16. If the Purchaser does not comply with the above paragraph to take immediate steps to obtain a policy for Property insurance, the Purchaser is fully liable for restoration/replacement of any damages to the Property through the non obtainment of Property insurance. 17. In case the approval and/or consent of the Government of the Republic of Cyprus is required for the transfer and registration of the Apartment in the name of the Purchaser, the Purchaser shall take all necessary steps to secure such approval, permit or consent. 18. Provided that if such approval, permit or consent is not granted, this Agreement will be cancelled unless the Purchaser within 30 days of such a rejection indicates another individual to have the apartment registered to, that either has a permission to buy or does not need one. 4

73 19. Any notice to be given under this Agreement may be given by registered mail and/or sent to the Purchaser s address mentioned herein or to his last known address. 20. The expressions The Vendors, and The Purchaser, where the context so admits, includes their and his heirs and successors in title and that where the Purchaser consists of two or more persons all covenants by and with the Purchaser and any limitation imposed upon the Purchaser shall be deemed to be by and with such persons jointly and severally. 21. Vendors and Purchasers obligations and rights are outlined in the Agreement of Sale and/or reservation agreement signed prior. All other offers either verbal or written are not valid. 22. The invalidity, illegality or unenforceability of any provision of this Agreement shall not effect the continuation in force of the remainder of this Agreement. 23. The Law applicable to this agreement is the Cyprus Law. 24. All the terms of this Agreement are of the essence thereof. 25. This agreement was made in FOUR copies and each one of the contracting parties received one. Date:.. THE CONTRACTING PARTIES Witnesses The Vendors 1... L. Livadhiotis & Sons Ltd The Purchaser Name Holder of.. Passport No: 5

74 No12 Tax Office Rec

75 Land Registry Rec

76 No 13 Tax Incentives

77

78 Tax Insights from Tax Advisory Services Tax law amendments enhance Cyprus corporate and personal tax competitiveness Other amendments Issue N , July 17, 2015 In brief On July 16, 2015 a number of amendments to the Cyprus corporate and personal tax laws were published in the Cyprus Government Gazette. The main amendments are analysed in our Newsletter N , July 17, The remaining amendments which are analysed in this Newsletter include: Income Tax Law taxability of widowers pension under general tax rules which may reduce the tax cost for individuals Capital Gains Tax Law an exemption from future capital gains tax for properties (land and land with buildings) purchased by the end of 2016 Special Contribution for Defence Law imposition of special contribution for defence on dividends declared to a company where the interposition of the company in the structure aims at avoiding/minimising the tax cost Land and Surveys Law Land transfer fees Further we understand that bills in relation to a number of additional tax amendments have been sent to Parliament. We expect Parliament to consider these additional proposals in September following the summer recess. The main proposals tο be considered in September are analysed in our Newsletter N , July 17, The remaining proposals which are analysed in this Newsletter include: Income Tax Law extension of the definition of the term «Republic» so that any business activities relating to Cyprus natural resources carried out within Cyprus s exclusive economic zone and continental shelf are subject to income tax clarification that 80% of losses resulting from the leasing or sale of intellectual property registered in Cyprus, is not deductible for tax purposes extension of the accelerated tax depreciation available on industrial buildings and hotels (7%) and plant & machinery (20%) until the end of 2016 the modernisation of the tax framework regarding group relief provisions the introduction of a fee for the issuance of tax rulings extension of the list of companies included in Appendix I Capital Gains Tax Law determination of cost in the case of sale of separated plots

79 PwC Tax Insights In detail Enacted laws Income Tax Law Taxability of widowers pension As per the previous law such income was subject to income tax as per special rules (i.e. for income up to the rate was 0% and for income exceeding the rate was 20%). The amendment gives the option to the taxpayer to either continue being taxed under the special rules as above or be taxed under the general rules (i.e. widowers income will be included in the total taxable income net of allowable deductions). The amendment is effective from tax year 2014 onwards. PwC Observation The option to be taxed under general rules could potentially reduce the tax cost of individuals. Capital Gains Tax Law Exemption from future capital gains tax for properties (land and land with buildings) purchased by the end of 2016 Land and land with buildings acquired at market value (excluding exchanges and donations) from unrelated parties from the effective date of the amendment (which is the date of its publication in the official gazette of July 16, 2015) until 31 December 2016 will be exempt from Capital Gains Tax upon future disposal. The above exemption will not apply in case the above properties are acquired under foreclosure procedures based on the new foreclosure law. The amendment is effective from the date of its publication in the Official Gazette of the Republic of July 16, PwC Observation This proposal aims to enhance investment in the Cyprus real estate market. Special Contribution for Defence Law Imposition of special contribution for defence on dividends declared to a Cyprus company As per enacted laws analysed in our Newsletter N , only individuals who are both Cyprus tax residents and Cyprus domiciled will be subject to the special contribution for defence. The amendment provides that in case of dividend payment to a Cyprus company which is not 100% directly owned by a Cyprus tax resident individual and in the Commissioner s judgement the interposition of the Cyprus company receiving the dividend does not serve a real commercial/economic purpose but the aim is to avoid, reduce or postpone the imposition of special defence contribution, the Commissioner may deem that the dividend was paid to the Cyprus tax resident individual who directly/indirectly controls the Cyprus company receiving the dividend and demand the payment of special defence contribution on the dividend. The amendment is effective from the date of its publication in the Official Gazette of the Republic of July 16, PwC Observation The amendment is antiavoidance measure for deemed dividend distribution purposes. Land and Surveys Law Land transfer fees Based on the previous law, the following applied for contracts relating to immovable property that were signed and submitted to the Land Registry between the period 2 December December 2016 irrespective of the transfer date of the immovable property: (a) no transfer fees applied if the same transaction was subject to VAT and (b) transfer fees were reduced by 50% on the condition that the immovable property (plots, buildings or part thereof) was sold for the first time following the issue of the relevant planning or building permit. Based on the amendment: (a) no transfer fees apply if the same transaction is subject to VAT and (b) transfer fees are reduced by 50% for any immovable property on the condition that: (i) the transfer takes place by 31 December 2016 irrespective of the date of the signing of the contract or its submission to the Land Registry, or (ii) the contract was signed and submitted to the Land Registry between the period 2 December December PwC

80 PwC Tax Insights 2016 irrespective of the transfer date. The 50% reduction in transfer fees will not apply in case the transfer involves immovable property acquired under foreclosure procedures based on the new foreclosure law. The amendment is effective from the date of its publication in the Official Gazette of the Republic of July 16, PwC Observation This proposal aims to enhance investment in the Cyprus real estate market. Amendments expected to be considered by Parliament in September Income Tax Law Definition of the term «Republic» The definition is extended to include explicitly amongst others the exclusive economic zone (EEZ) of Cyprus and its continental shelf and any constructions or plants located in these zones. The amendment will be effective from 1 January PwC Observation By extending the definition, business activities relating to Cyprus natural resources carried out within the above zones will be subject to income tax. Intellectual Property (IP) Regime Currently only 20% of profits from leasing or sale of intellectual property owned by Cyprus tax resident companies (after the deduction of direct expenses) are subject to income tax. With this proposal, it is clarified that in the case of a loss (after the deduction of direct expenses), 80% of this loss will not be tax deductible. When the company claims notional interest deduction (NID) on new capital introduced based on the new enacted article 9B or claims a deemed deduction based on the revised article 33 (related party transactions) which is expected to be discussed in September, both these deductions will be considered as a direct expense and consequently 80% will be nondeductible. PwC Observation The IP regime is becoming more attractive since NID and other deemed deductions can be included in the calculation of the taxable profit/loss. Extension of the accelerated tax depreciation available on industrial buildings, hotels and plant & machinery acquired until the end of 2016 Plant and machinery purchased in benefited from 20% per annum tax depreciation. Industrial buildings and hotels purchased in benefited from 7% per annum tax depreciation. The proposal extends the period for which accelerated depreciation is available to purchases made in PwC Observation The proposal is aimed to encourage business investment in qualifying fixed assets. Group relief provisions In order to harmonise and align the tax framework with European Court of Justice judgments, a Cyprus tax resident company can include in the calculation of its taxable profits, tax losses (as computed under Cyprus tax law) of a company which is a tax resident of another EU country as long as both companies are part of the same group according to Cyprus group relief provisions. As per the amendment, the surrendering EU company must first exhaust all possibilities available to utilise the losses in its country of residence or in the country of any intermediary EU holding company. In addition, in order to establish whether two Cyprus tax resident companies are part of the same tax group, the interposition of a non-cyprus tax resident company will not affect the eligibility for group relief as long as the interposed non-cyprus tax resident company is tax resident: (a) in a EU country or (b) in any other country with which Cyprus has signed a Double Tax Treaty or an Exchange of Information Agreement The amendment will be effective from 1 January PwC Observation The above amendment will increase the scope for application of group relief in Cyprus. Fee for issuance of tax rulings The fee will be set by the cabinet of ministers. PwC Observation It is expected that this measure will expedite the issuance of rulings by the Tax Authorities. PwC

81 PwC Tax Insights Extension of the list of companies included in Appendix I The list is extended to include the below companies for which the European Council Directives apply: As per Bulgarian Law събирателното дружество, командитното дружество, дружеството с ограничена отговорност, акционерното дружество, командитното дружество с акции, неперсонифицирано дружество, кооперации, кооперативни съюзи държавни предприятия which have been established as per Bulgarian Law and are of a commercial nature. As per Romanian Law societăţi pe acţiuni, societăţi în comandită pe acţiuni, societăţi cu răspundere limitată, societate in comandita simpla, societate in nume colectiv. The amendment will be effective from 1 January 2007 (i.e. from the date on which Bulgaria and Romania joined the EU) PwC Observation Inter alia this amendment means that participation in these companies qualifies for the titles exemption, i.e. there will be no tax in Cyprus upon disposal (unless the companies hold Cyprus located immovable property). Capital Gains Tax Law Plots separation Based on current law, in the case of immovable property acquired prior to , which was separated into plots without new titles being issued, and one of the plots is then sold, the value of the sold plot as at will be deemed to be the market value allocable to the plot just prior to the separation of the immovable property, i.e. no capital gains tax is levied on the increase in value from the date of acquisition of the immovable property until the separation into individual plots. Based on the amendment, the issuance or not of new titles following the separation into individual plots does not affect the above. The amendment will be effective from the date of its publication in the Official Gazette of the Republic. PwC Observation The current incentive provided to immovable property owners for plots separation is further enhanced by this removal of the non-issuance of title deeds condition. Accordingly, irrespective of whether or not title deeds are issued, taxpayers who satisfy the other conditions may benefit. The takeaway The amendments voted and published in the Cyprus Government Gazette as well as the proposals expected to be discussed in September aim to make the Cyprus tax system even fairer and even more competitive and should ultimately contribute positively to the local economy. PwC

82 PwC Tax Insights Let s talk For an in-depth discussion of how these proposals might affect you or your business, please contact: Theo C Parperis Partner Head of Tax & Legal theo.parperis@cy.pwc.com Marios S Andreou Partner In charge of Tax Advisory marios.andreou@cy.pwc.com Nicos P Chimarides Partner In charge of Corporate Compliance nicos.chimarides@cy.pwc.com Eftychios G Eftychiou Partner Tax Advisory eftychios.eftychiou@cy.pwc.com Antonis C Christodoulides Partner Tax Advisory antonis.christodoulides@cy.pwc.com Chrysilios K Pelekanos Partner In charge of Indirect Tax chrysilios.pelekanos@cy.pwc.com Christos S Charalambides Partner Tax Advisory christos.charalambides@cy.pwc.com Charalambos A Sergiou Director Tax Advisory charalambos.sergiou@cy.pwc.com Or your usual PwC contact PwC Cyprus Julia House 3 Themistocles Dervis Street CY-1066 Nicosia, Cyprus P O Box CY-1591 Nicosia, Cyprus PwC This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors PricewaterhouseCoopers Ltd. All rights reserved. PwC refers to the Cyprus member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details.

83 No14 List of Documents needed for the Credit Assessment of NATURAL/ LEGAL Persons Client Name: PART A: Income Verification of the Borrower and the Guarantor A. Employees of Private or Public Sector " " 1 Declaration of current employment. The declaration shall be signed by the employer and shall state among other the current salary amount and date of employment and probable duration of employment (if applicable). 2 Original salary slips for the last three (3) months. 3 Original bank statement for the last six (6) months to verify salary (if salary is deposited in bank account). 4 Copy of income tax return submitted for the last two (2) years. 5 Original income tax assessment of the last two years (2) available. 6 Original latest annual social insurance statement. 7 Documents supporting any other type of income (for example alimony income, interest income, income from immovable property, income from welfare benefits). B. Self-employed and Freelancers " " 1 Confirmation of income by the Borrower s/guarantor's accountant if available. 2 History of income or 3rd party verification of income or evidence of seasonal or irregular sources of income. 3 Proof of payment to income tax. 4 Copy of social insurance statement for the last two (2) years. 5 Copy of income tax return submitted for the last two (2) years. 6 Original income tax assessment of the last two (2) years available. 7 8 Copy of Value Added Tax (VAT) statements submitted since last balance sheet date, if available/applicable and VAT Return forms Documents supporting any other type of income, for example alimony income, interest income, income from immovable property, income from welfare benefits. C. Legal Entities " " 1 Audited financial accounts for the last three (3) financial years. In case the Borrower has no audited financial accounts for the last financial year, then unaudited financial accounts shall be provided for that year. 2 All quarterly financial accounts for the current year for listed legal entities. 3 All management accounts since last financial accounts for non-listed legal entities. 4 Copy of income tax return submitted for the last three (3) years. 5 Original of income tax clearance for the last three years (3) available. 6 Copy of VAT statements submitted since last balance sheet date, if available / applicable and VAT return forms. 7 Budgeted cash flows at least for the next two (2) years. Part B: Assets / Liabilities Need to obtain: a) Statement of immovable property from the land registry, b) The purchase contract of a property registered with the land registry, in case a separate title deed does not exist c) Statements of deposits with other ACIs and d) Certificates and or statements, depending of the case, of any other asset for example shares and or other investments. For natural persons submission of the Personal Financial Statement (PFS) is also required, properly completed and signed (you may be provided with the PFS from any branch of the Bank or download it from the Bank's official site at In case the borrower/ guarantor enjoys or guarantees other credit facilities in any other Credit Insitution, he has to submit to the Bank a written confirmation from that Credit Institution, to certify the initial amount of the credit facility, the balance, the amount and days in arrers, the interest rate, the amount and frequency of the loan instalment and the security granted. Note: The Bank reserves its right to ask any other information and additional documentation it deems necessary for the proper assessment of credit applications.

84 Started in 1925 to evolve in 2009 to USB BANK PLC and in 2011 to become a member of the International BLC Bank FRANSABANK Group. With an innovative and dynamic approach, USB Bank aims to support its customers with integrity and professionalism, offering flexible solutions tailored to their traditional and newly formed needs. HOUSING LOANS FOR RESIDENTS / NON RESIDENTS OF CYPRUS LOANS FOR PURCHASE/ CONSTRUCTION /RENOVATION OF A HOUSE TO RESIDENTS AND NON-PERMANENT RESIDENTS OF CYPRUS Main Characteristics: Currency: Loan Amount: EURO From 75,000 to 500,000 for Purchase / Construction. From 20,000 to 150,000 for Extension / Renovation. Repayment Period: From 10 to 40 years with maximum age of applicant at loan maturity the 65th year of age. The loan is to be repaid in monthly installments. Grace period: Interest Rate: Up to 2 Years. During the grace period, client is liable to pay interest only. Variable interest rate based on the Bank s Housing Base Rate, for the entire loan period. RESIDENTS - 1st Home / Renovation of 1 st Home PLAN Contribution Description Interest Rate APR* 30% Housing Base Rate* + Margin 3.00% HBR % 3.75% 3.80% 40% Housing Base Rate* + Margin 3.00% HBR % 3.50% 3.55% 50% Housing Base Rate* + Margin 3.00% HBR % 3.25% 3.30% RESIDENTS - Investment plan / Professional Premises 40% Housing Base Rate* + Margin 3.00% HBR % 4.75% 4.81% 50% Housing Base Rate* + Margin 3.00% HBR % 4.50% 4.56% NON RESIDENTS - 1st Home / Renovation / Investment Plan 40% Housing Base Rate* + Margin 3.00% HBR % 4.75% 4.81% 50% Housing Base Rate* + Margin 3.00% HBR % 4.50% 4.56% * The Annual Percentage Rate (APR) has been calculated based on a 100,000 loan repayable over 20 years with arrangement fees of 1% and documentation fees of 50, based on the variable interest rate. ** The Housing Base Rate is 3% as of 02/03/2015. Documentation Fees: 50 for loans up to 100,000 / 100 for loans above 100K. Arrangement Fees: 1% on the loan amount. For more information on the loans, interest rates and full Terms & Conditions you may visit any of our branches. Warning The loan will be subject to further terms and conditions, included in the loan agreement and/or any other agreement that shall be executed between the Bank and the Customer in respect of the loan. The Bank reserves the right to reject any application for a loan at its discretion and may withdraw or modify the above loan offer at any given time. The approval of a loan is subject to the procurement of tangible and intangible collateral, including a mortgage or an assignment of the financed house, assignment of life and fire and earthquake policies and personal guarantees, which will be foreclosed and enforced in the event you fail to pay your loan instalments. The interest rate and loan instalment will depend on the amount and term of the loan and may be varied by the lender from time to time. The Bank reserves the right to change the interest rate, withdraw or alter the product at its discretion. The execution of any transaction will be subject to any restrictive measures that may be applicable at the time. Customer Teleservice Center: I International Calls: I 02/03/2015