Few words from our Group of Companies.

The activity of the Tryfonos Group of Companies began in 1987.
Starting as a family estate agents company was gradually expanded by the addition of new personnel and new activities to a dynamic fast expanding group of companies.

Our major activities are:

1. Developing.
We develop constantly a variety of flats, penthouses, ground floors apartments, houses, holiday villas, luxurious villas, offices and shops.

Developing is the flag of our group. We keep going building every project with top quality professionalism and care trying to achieve perfection. We have build more than 220 flats and 140 villas up to now.

Our expertise and our experience guarantee that we will make you the villa of your dreams.

2. Estate Agents.
We are official licensed Estate Agents.
We can find you whatever property you are looking for (residential, offices, hotels industrial) all around Cyprus: Limassol, Pafos, Agia Napa, Nicosia, Larnaca). We have sold more than thousand properties and some of them were among the biggest in Cyprus.

3. Building Contractors
We are official licensed building contractors. We have completed successfully more than 100.000 m² of building and we keep going on. We can undertake every project you want to build.

4. Before and after sale services:
* Free contracts
* Free application for obtaining the Council of Ministers Permit
* Obtaining a Specific Performance
* Help in opening a bank account in USD or CYP or EURO
* Help in obtaining a Pink form and a resident permit
* Assistance to open an offshore company
* Helping in register the children in high standard schools
* Assistance in buying duty free cars and furniture
* Two years guarantee to all our property
* Credit facilities up to 10 years

5. Maintenance and renovations.

We began as a family business and in the years passed we kept construct buildings, houses, villas of high quality always with professionalism and to take personal care of our clients

We are members of the following associations:
* Cyprus Civil Engineers and Architects Association
* Cyprus Land and Building Developers Association
* Cyprus Real Estate Agents Association (CREAA)
* International Real Estate Federation (FIABCI)
* Cyprus Chamber of Commerce and Industry
* Cyprus Building Contractors Association

• All our properties are freehold.
• First class architecture.
• Very high quality of building materials..
• The only company that gives two years guarantee for all our buildings.
• Free sale-purchase contracts and free application to the Council of Ministers.
• Personal supervision from ourselves, from the beginning to the end of construction.
• Assistance in opening of an external bank account.
• Assistance in children registration in high standard English or Russian schools.
• Assistance in opening an offshore (IB) company.
• Assistance in residence permit obtaining.

Tryfonos Group welcomes you to Cyprus.

Cyprus is situated in the eastern Mediterranean, lying at the hub of 3 continents and close to the busy trade routes linking Western Europe with the Arab World and the Far East.

Cyprus' total area is 9.251 sq. kms and is comparable in size to Lebanon in the Middle East or Connecticut in the United States. The island's time zone is 7 hours ahead of New York and 7 hours behind Tokyo.

The island enjoys the best type of Mediterranean climate with about 300 days of sunshine per year. The bulk of the rain falls during the period from November to March. The coldest month is January with minimum and maximum mean temperatures of 6 degrees C and 13 degrees C, respectively, while in August, the hottest month, the corresponding minimum and maximum mean temperatures are 21 degrees C and 36 degrees C.

Cyprus' estimated population is 755.000 of which 85 percent belongs to the Greek Cypriot community and 12 percent to the Turkish Cypriot community, whilst the remaining 3 percent are foreign residents. Greek and Turkish are the official languages of the Republic but English is widely spoken and understood, and is regularly used in commerce and government.
Apart from the capital, Nicosia, with an estimated population of 194.000, all major cities are located on the coast. Limassol is the second largest city and the island's biggest port. Larnaca and Paphos, which are popular holiday resorts, are the third and fourth largest cities, respectively

Cyprus has an open free market economy. The role of government is limited to regulation and the provision of public utilities. The island is often aptly referred to as a European country in the Middle East. Per capita GNP is over USD18.000, one of the highest in the Mediterranean.
Considering other socioeconomic indicators such as the excellent housing conditions, the pollution free environment and the low crime rate, one may conclude that the quality of life is better than that reflected by per capita income alone. Furthermore, the cost of living is substantially lower than in most countries offering a comparable standard and quality of life.
Nicosia ranks as eleventh least expensive of the leading 58 international business centers surveyed in Prices and Earnings Around the Globe, published by the Union Bank of Switzerland in August 2000.

The economy is driven by thriving tourist and service sectors and a fast growing export-oriented industry. In terms of their contribution to GNP the 3 most important sectors of the economy are: trade, restaurants and hotels; finance, insurance and business services; and manufacturing.

The performance of the economy has been such that it has combined high real growth with low inflation and low unemployment. Moreover, the economy is characterized by a low external debt service to exports ratio and a high international reserves to imports ratio.

Of the USD 4,7 billion annual gross foreign exchange earnings, 40 percent originate from tourism, 20 percent from exports, 9 percent from transportation and over 9 percent from international business and shipping companies.

Trade, hotels and restaurants is the economy' s most important sector. In fact, earnings from tourism have, in general, grown faster than domestic exports. Over 78 percent of tourist arrivals originate from the European Union.

Cyprus' main exports are pharmaceuticals, clothing, cigarettes, potatoes and citrus fruit. Manufactured goods and agricultural products account for 77 and 18 percent of domestic exports, respectively. With regard to imports, intermediate inputs and consumer goods are the most important categories, accounting for 29 and 24 percent of total imports, respectively. Cyprus' main trading partner is the European Union accounting for about 54 percent of imports and 43 percent of exports.

By 1st of May 2004 Cyprus will become a full member of European Union.

Perfect climate, with 320 sunny days per year.

The European standard of living.

Rather low cost of living.

Low crime rate.

Modern network of roads served by taxi and buses.

Archeological monuments.

The European quality and rather low prices in cafes and restaurants

Fresh fruits and vegetables all the year round.

Aircraft service with many countries of the world and cities of CIS.

Highly developed system of telecommunications.

Effective post service, speed delivery to the European countries - some 4 days

High standard international schools.

Rather inexpensive and accessible high-quality health services.

Wide use of the English language and opportunity of dialogue on many others
.
Satellite TV broadcasting English, Russian, German, and other foreign channels.

Full member of EU after 1st of May 2004

The cost and conditions of insurance:
Life (per person per year) 90 CYP
Property (with 100.000 CYP value) 100 CYP
Car (average per year) 80 CYP
Medical (per person per year) 1051 CYP

The cost of personnel:
Housekeeper (per day) 20 CYP
Gardener (per day) 30 CYP

Maintenance cost:
Public utilities (common per year) 35 CYP
Hot and cold water (per month) 5 CYP
Electricity (average per month) 25 CYP

Additional information:
Local call (per min) 0.01 CYP

It is situated between two of the most important ancient city-kingdoms Amathous and Kourion. Limassol has a large variety of scenery and a large number of cultural attributes. The history of Limassol was undeniably recognized with the arrival of King Richard the Lionheart in Cyprus.

At present Limassol is a resort consisting of a ten mile seashore, an active shopping center and innumerable restaurants, taverns, bars, clubs and cafes.

With free wine, special tasting, Cypriot food and traditional music and dancing, the Limassol wine festival offers a great night out for tourists and Cypriots alike. In fact, the Wine Festival is today's equivalent of the ancient celebrations dedicated to the God of Wine, Dionysus, and to Aphrodite, Goddess of Love and Beauty.

Limassol Wine Festival was first organized in 1961, one year after the island gained its independence, to offer Cypriots and visitors the opportunity to taste Cypriot wine and enjoy themselves. Since then it has been established as an annual event of festive joy, not just for the town of Limassol but for the whole of Cyprus.

History records that such festivals as this were a tradition of the ancient celebrations in honor of Dionysus. Then the inhabitants of Attica sat at common banquets, offered free by the state, tasted the new wines and took part in dances, songs, poetry reading and drama. During the festivities a number of slaves were set free, while those still in slavery were allowed a spell of entertainment and independence.

Foreigners are permitted to purchase for their own use either an apartment or plot of land for construction of property , or a house on the plot of land the total area of which does not exceed 3 donums (43,200 sq.ft = 4,012 sq.m), i.e. one title deed per person is permitted. However, the permission for the larger area can be obtained should there be special reasons.

The legal protection of foreign investments including purchasing of property is provided by International regulations, which were signed and ratified by the Republic of Cyprus ( for example "The World Bank Convention on settling Investment disputes between states and citizens of different counties", which was ratified by the Law # 64 dated 1966 as a part of internal Legislation of Cyprus).

2. Signing the Sale - Purchase Agreement with the clear identification of the property and terms of payment. The Agreement has to be signed in duplicate.

3. Obtaining the Council of Ministers Permit for purchasing of property. For this, the Purchaser has to prepare and provide the following list of documents:
Application to the Ministerial Committee.
Copy of passport ( including the number, date of issue, valid period and citizenship)

4. Obtaining a Specific Performance from the Land's Registry Department for executing purchasing of property after examining ownership documents and checking the title deeds of the property regarding sale, services and other restrictions in use of the property.

5. Opening a bank account in USD or CYP or EURO for executing transactions to the property Seller. Payment has to be provided in foreign currency. Bank cheques and transfers are permitted.
The requirements are as follows:
- To provide an application to the bank according to the set form.
- To provide a guarantee of solvency.
- To obtain a Central Bank permit to open an account.

6. Payment of stamp duties for legalizing the purchasing of property in the Inland Revenue Department. The payment is made once not later than a month from the date of signing the Sale - Purchase Agreement according to the following schedule:

0,15% - for each thousand CYP invested into property, if the price of the property does not exceed 100,000 (One hundred thousand) CYP.
0,2% - from the price exceeding 100,000 (One hundred thousand) CYP.

For example:
1. The price of the property equals 90,000 CYP, in this case the stamp duties equal 90,000x0,15%-135 CYP.
2. The price of the property equals 150,000 CYP, in this case the stamp duties equal 150,000x0,15%+50000x0,2%=150+100=250 CYP.

7. Providing documents to the District Land Office not later than 2 months from the date of signing the Sale - Purchase Agreement to include purchased property into property register and execute a blockade from using your property without notice. Obtaining the Registration Certificate.

8. Finalizing transactions with the property Seller.

9. Obtaining the final Council of Minister's Permit for purchasing of property (approx. 150 CYP).

10. Obtaining from the Land Department the ownership documents regarding the purchased property (Title Deeds). Informing the Purchaser.

11. Payment of the Registration Fees according to the following schedule:
Price of property, CYP Registration Fees,%
Up to 50.000 = 3%
50.000-100.000 = 5%
More than 100.000 = 8%

12. Transfer the Title Deeds into the Purchaser's name. Registration of the ownership documents.

Property value, CYP Tax per 1000, %
100.001-250.000 0,2
250.001-500.000 0,3
More than 500.000 0,35

In this case the first 100,000 (one hundred thousand) CYP is paid while providing the basis for calculation of the above tax.
Payment of the property tax is provided annually in September.

Property resale.
Since Cyprus is an attractive place for sale investments and holidays, your property is easy to be resold. In this case, money has to be removed from the country as follows:

- the sum equals the purchase price - immediately, after concluding Sale - Purchase Agreement;
- the balance, which is the part of your profit - by parts, but not exceeding 50,000 CYP per year, starting from the year following the sale.

It is important to remember that fro safety, the Permit from the Central Bank of Cyprus is required proving the original foreign origin of the currency, which was used for purchasing the property. In case your profit from resale equals more than 50,000 CYP, you have to pay a Gains Tax in amount of 20% from the sum exceeding 50,000 CYP.

Currency transfer into Cyprus.
Any money transfers to Cyprus are easy to provide due to the well - developed banking system of the island. The transfers of pensions, salaries and other investments are executed quickly and effectively.

Investments.
All foreign businessmen are released from investment taxes; profit taxes for offshore companies are reduced to 4,2%; double taxation with Cyprus is excluded.

Duty-free import and purchasing of goods.
A foreign citizen has a right to import his car into Cyprus, as well as his own personal belongings and items duty-free.

This category includes TV and video appliances, refrigerators, washing machines, carpets, curtains, mats, bedroom linen, kitchen utensils, crockery and furniture - almost all the important household items.

To obtain a duty-free permit you have to stay in Cyprus not less than 365 days. You should also provide an application to be resident in the island and all the proofs required. It's sufficed to provide the Contract for purchasing of property and the Employment Contract.

Inheritance, will.
Inheritance Tax was abolished as of 1st January 2000.

It's quite easy to obtain a Pink Form if an applicant fulfils certain requirements. Personal presence in Immigration office is required where an application has to be handled. The required documents are as follows:

* Local bank statement proving that an applicant has a bank account and amount of money sufficient for living;
* Passport;
* 3 photos;
* Copy of the Contract for rent or purchasing of a property;

Usually the Pink Form is provided for 6 months or one year.

To obtain the Resident Permit an applicant has to prove that his annual income is sufficient for himself and the family. For example, a family where a husband earns 3,800 CYP for himself plus 1,800 CYP for his wife and 1,800 CYP for each of his children can meet the requirements.