Presentation by Charis Charalambides Partner at George Charalambides & Co LLC

A. CYPRUS The new procedure was introduced in August 2012 and revised in May 2013

1. Investment/Financial Criteria a. PROPERTY i. Value of the property must be at least (V.A.T. is not included therein). ii. At least (excluding V.A.T.) must be paid before filing the application. iii. Full payment shall be settled in an account in a financial institution in Cyprus. iv. The amounts must be proven to have been transferred to Cyprus from abroad. v. The applicant may purchase up to two housing units (apartments or houses). vi. The said purchase must be in relation to a property sold for the first time by a development company.

b. DEPOSIT IN BANK ACCOUNT i. A minimum capital of must be deposited into a bank account in Cyprus and be pledged for a period of at least three years. ii. It must be proved that the said amount has been transferred to Cyprus from abroad.

c. INCOME i. The applicant should prove a secured annual income of at least ii. This annual income should increase by for every dependant person

2. Applicants family a. The Immigration Permit issued to an applicant covers his spouse and children under the age of 18. b. Dependant children aged between 18 and 25 c. Not financially dependant children

3. Qualitative Criteria a. Clean criminal record for the applicant and his spouse. b. Confirmation that they do not intend to be employed in Cyprus. c. Must visit Cyprus at least once every two years.

Procedure for the Submission and Examination of an Application a. Applications must be submitted directly to the Civil Registry and Migration Department (CRMD) b. Time schedule for issuing an Immigration Permit

Scheme for Naturalisation of Investors in Cyprus by Exception Announced by the Government on May 2013 A non-Cypriot citizen may by exception apply, if he/she meets one of the following criteria

Criteria a. Mixed investments and a donation to a state fund: 2,0 million Investment and 0,5 million donation b. Direct Investments of at least 5,0 million c. Deposits in banks of at least 5,0 million for three years d. A Combination of mixed Investments and a Donation to a State Fund (a.), Direct Investments (b.) and Deposits in Cypriot Banks (c.) of at least 5,0 million e. Business Activities f. Persons whose deposits with the Bank of Cyprus or Popular Bank have been impaired due to the measures implemented in both Banks after the 15 th March 2013.

Terms and Conditions a. Clean Criminal Record b. Must hold a permanent privately-owned residence in the Republic of Cyprus, the market value of which must be at least , plus V.A.T.

B. GREECE The Law was issued in April The provisions of Article 6 relate to issues of immigration laws.

1. Beneficiaries The Beneficiaries of the right of entry and residence for five years are: i. Citizens of Non-EU Member States who hold or intend to, in a documented manner, acquire real estate in Greece, if at minimum the property amounts to two hundred and fifty thousand (250,000) euros; ii. Citizens of Non-EU Member States which have entered into at least ten-year lease of hotel accommodation or tourist furnished houses in tourist accommodation complex if the lease, at minimum, amounts to two hundred fifty thousand (250,000) euros; iii. Members of the families of those aforementioned citizens of Non-EU Member States

The right of residence applies in cases where the applicant is the owner, either personally or via a legal entity, of more than one property, with a total value of at least two hundred fifty (250,000) thousand euros.

2. Entry and Residence In order to be granted a residence permit for this purpose, the applicant must reside legally in Greece. A person, which fulfills the requirements of Part 1 (Beneficiaries), shall apply for a residence permit, after the entry into the country and before the expiry of the visa. Applications for the granting of residence permits can be submitted personally or by proxy.

If the required documents are complete, a confirmation of submission of the application, the duration of which is annual will be issued. The applicant is then considered as lawfully residing in the country and has the possibility to conduct any transaction concerning the execution of the investment and to deal with all the competent services. If the conditions are fulfilled, a five-year residence permit will be issued.

3. Entry and Residence of Family Members The applicant may be accompanied by his/her family members. The members of the family concerned are granted residence permits of the same duration as the applicant.

4. Renewal of the Residence Permit Residence permits are renewed for an equal period, provided that the real estate remains, in the ownership, allocation and possession of the person concerned. Any periods of absence from the country are not a hindrance to the renewal of the residence permit.

5. Other Clarifications Insurance issues The residence permit does not establish any right of access to any form of work The period that the person is residing in Greece may not be added to the period counted for granting nationality to third country nationals.

C. PORTUGAL GOLDEN RESIDENCE PERMIT The Golden Residence Permit Programme (GRPP) was published in January 2013.

1. Investment a. QUANTITATIVE REQUIREMENTS There are three non-cumulative requirements to grant a residence permit by investing in Portugal: i. Transfer of capital in an amount equal to or greater than EUR ii. Creation of at least 10 jobs; or iii. Acquisition of real estate in a value equal to or greater than EUR

b. TEMPORAL REQUIREMENTS i. The investment must have been made prior to application for the residence permit ii. Must be maintained for a minimum period of five years from the date the residence permit is granted.

c. MORTGAGE – LEASE i. Properties acquired for the purposes of obtaining a residence permit may be mortgaged or charged on any part of their value over and above the required minimum of EUR ii. May also be leased or assigned for commercial, agricultural or tourism purposes.

d. APPLICANTS DECLARATION The residence permit application must be accompanied by an affidavit signed by the applicant, who undertakes to comply with the minimum quantitative requirements and with the minimum investment time of the investment activity.

e. VALIDITY PERIOD OF RESIDENCE PERMIT i. The temporary residence permit is valid for a period of one year ii. Is renewable for successive periods of two years iii. May become permanent after five years

f. RENEWAL Applicants must demonstrate that they have stayed in Portugal for at least 7 days in the first year and 14 days in each subsequent period of two years.

2. Qualification Criteria, Restrictions The general conditions for granting a temporary residence permit which applies to investors are the following: a. Inexistence of any fact that are known to the competent authorities that should be an obstacle to granting the permit; b. Not having been convicted for any crime punishable with prison sentence greater than one year; c. Not being subject to an order to leave the country after a measure prohibiting the reentry into Portuguese territory; d. Absence of any alert in the Schengen Information System for purposes of refusing the entry; e. Absence of any alert in SEFs (Portuguese Immigration and Borders Service) Integrated Information System for purposes of refusing the entry.

3. The Application Process For Residence Permit a. APPLICATION STEPS i. Foreign nationals must regularize their stay in Portugal within 90 days as of their first entry into the country. ii. Direct or indirect participation of the Investor in the application process iii. Term for the approval of the application

4. Family Reunion a. The applicant may be accompanied by his/her family members.

CYPRUS GREECE PORTUGAL Minimum Investment Number of Properties Up to 2 Properties ANY ANY Time for examining the application Up to 2 months 60 – 90 days 30 – 60 days Able to work NO NO YES Schengen Visa Not automatically YES YES Validity period of residence permit Indefinite as long as you visit once every 2 years 5 years renewable for equal periods One year and renewable for successive periods of 2 years and then permanent Qualify for citizenship if residing in the Country permanently YES NO YES Need to visit after residence permit is granted Once every 2 years NO 7 days the first year and 14 days in each subsequent period of 2 years Approved Applications until end of August 2013 More than 1000 Approximately 150 First one on August 2013