The following general terms and conditions apply to any business relationship between clients and all offices of Privacy Management Group Limited in Cyprus (hereinafter called 'PMG').

Any changes to these general terms and conditions will be delivered to the client in text form (electronic) at least a month before they come into effect. The client can then accept or refuse these changes before the proposed effective date. It will be assumed that the client has accepted the changes unless the client explicitly rejects the changes within the timeframe provided.

PMG provides all services exclusively based on these general terms and conditions (Terms & Conditions). A client may not deviate from these general terms and conditions, even in the case where PMG does not expressly contradict them. As a matter of principle, PMG does not recognise any terms and conditions of the client that contradict or differ these terms and conditions, unless PMG expressly approves their legitimacy in writing. PMG's general terms and conditions apply even when PMG provides services to the client in the knowledge that the client has conflicting or deviating conditions.

PMG regularly reviews and updates the information provided on its websites. Despite extensive due diligence, facts presented may have changed in the meantime. PMG, therefore, cannot assume liability or provide guarantees as to the relevance, completeness or accuracy of the information provided by PMG. The same applies to any websites that are accessed through hyperlinks and PMG is not responsible for the content of any sites that are accessed through such links. Furthermore, PMG reserves the right to make amendments or additions to the content provided. In addition to the content and structural copyright protection rights of Privacy Management Group websites, the reproduction of information or files, in particular the use of texts, extracts or images, is prohibited without the prior written consent of Privacy Management Group. None of the content on any of the Privacy Management Group web pages represents an individual recommendation, nor is it to be understood as an invitation to trade, default or purchase.

PMG reserves the right to make changes to its websites at any point in time. All content on the PMG website, apart from the General Terms & Conditions, Data Protection and Legal Details, are non-binding. PMG explicitly does not assume liability for any damages a client may incur due to errors on the websites.

Every client is obliged to seek expert advice from qualified lawyers and/or tax advisors separately. The content provided in PMG publications is not a substitute for seeking such specialist advice.

PMG also expressly points out that clients should seek advice from experienced tax consultants and/or lawyers, in particular for any cross-border activities. The client is solely responsible for fulfilling all tax obligations appropriately, whether domestically or internationally. PMG expressly does not assume any liability in this matter.

Privacy Management GroupLtd. holds the official certification from the Institute of Certified Public Accountants of Cyprus. Certification number is E411/2013.

Legal Validity

The contract remains valid even when these terms and conditions are not incorporated wholly or partly in the agreement or should they prove to be ineffective.

In cases where specific provisions have not been incorporated in the contract, or they have proven to be ineffective, the substance of the contract will be based on statutory law.

The contract will be deemed void in cases where adherence to the contract would cause an excessive hardship for one of the contracting parties, even taking into account the changes provided for in paragraph 2.

Additional to the above paragraphs under "Legal Validity":

The validity of the terms and conditions as well as contracts based on these general terms and conditions remain unaffected even when certain provisions prove to be ineffective or even unfeasible, whether this becomes evident before or after conclusion of the contract.

Any provisions that are proven to be ineffective or unfeasible shall be replaced by appropriate conditions whose effects reflect the same economic objective pursued by the contracting parties through the provisions now deemed to be unviable.

The above-mentioned provisions apply in the event that the general terms and conditions presented here and/or any contracts based on these prove to be incomplete.

Information- and Contractual Language

The standard language for the contractual relationship and any communication between PMG and the client is generally English and on the client's specific request may be in German. All information sent to the client will be in English or after prior arrangement by the parties, in German.

Data Protection

PMG manages any personal data in accordance with the data protection regulations of the Republic of Cyprus. PMG collects, stores and processes any personal data only insofar as these are necessary to fulfil and comply with contractual as well as legal obligations. Whenever an online form (contact-, appointment-, application-, order-, client forms, etc.) is used to provide information, data such as the IP address, time of dispatch and retrieval etc. is also saved and stored. Primarily this data is stored to serve as proof of use of the service and contractual relationship. These measures simultaneously serve as a deterrent to commit fraud. PMG utilises automated processes that recognise and prevent fraudulent access attempts, and in these cases, the IP address and other data are also stored for up to 14 days.

As a rule personal data is not transferred to third parties outside of the company, unless this is necessary in order to fulfil contractual services. For example in cases where the client makes a payment through service providers such as PayPal or uses a credit card, the data required for the processing of the payment will be forwarded to the respective financial provider. Furthermore, PMG on occasion, uses the services of third parties to fulfil its contractual commitments. In such cases, PMG ensures that only personal data absolutely necessary for the fulfilment of the respective services are forwarded to the third party.

In some cases, PMG may use an external service provider to send emails to clients. PMG assures that PMG carefully selects such external service providers with particular focus given to the protection of personal data. We reserve the right to utilise technical methods enabling us to prove emails were accessed or opened by the recipients. You can find the current service provider used for sending transactional emails in the data protection regulations.

PMG also collects personal data as part of the registration process. However, this data is used exclusively for processing contracts and supporting the client, as well as for internal verification.

The client gives consent in advance to this and the data will not be passed on to any unauthorized third parties outside of the company.

Profiling and automated decision-making

The processed personal client data will not be used for any automatic decision-making that may affect the client legally or otherwise.

However, the personal client data is used to present clients with targeted recommendations through PMG websites and/or newsletters/reports, provided through pseudonymous profiles. The legitimate interest of PMG provides the legal basis for the creation of the profiles and their use for the purpose of individualisation, whereby the sending of the newsletter itself is based on the consent that the client declares by contacting PMG, although at the latest by contracting the services of PMG. The legitimate interest of PMG is to recommend suitable information and products for the client and thus to promote sales for PMG and positively highlight PMG on the market.

No obligation to provide data

There is no obligation as such on the part of the client to provide data. However, PMG may require the client's data to carry out a consultation, service or order. Should the client not provide personal data requested and required by PMG and where the client was informed through the data protection declaration, PMG will not be able to enter into a contractual relationship with the client or may not be able to fulfil a contract that has already been concluded.

If the client, for example through technical methods, is preventing PMG from accessing certain of client's data necessary for using the PMG website, it may then prevent the client from fully utilising PMG's websites. This also applies to cases where the client chooses not to provide data required by PMG, in which case PMG will not be able to offer any services.

Password-protected client account – PMG Alpha-Client Connect Centre

With the conclusion of a contractual relationship between PMG and a client, PMG will create a personal account (password protected client account) for the client that is intended to provide the client with the best possible user experience. With this, PMG offers the client a permanent storage facility for personal data with direct and secure access to contractually relevant documentation and information through password protected client account/user accounts or through Apple/Android applications.

The processing of the client and related company data follows the applicable data protection regulations.

An SMS verification and activation process has to be completed before the client first accesses the client account. For this purpose, PMG sends an SMS containing the automatically generated code to the mobile phone number provided by the client. By entering the provided code, the client activates the client account and is consequently registered in the PMG system. After activation of the client account, it is not necessary to input any data again. Additionally, the client can view and amend any stored client and company data by accessing the client account.

PMG recommends that the client, at the account activation stage, immediately changes the automatically generated personal password of the client/user accounts or Apple/Android applications as this is used in conjunction with the email address to access the client account.

The client is obliged to keep any data used to access client accounts confidentially to avoid any unauthorised access by third parties. The client herewith acknowledges that unless he/she actively logs out of the system, he/she remains logged in even when leaving the page. The client has the option of deactivating and deleting the client account at any point in time by contacting PMG's Data Protection Officer. The deactivation and removal of the client account do not automatically ensure that the data, previously given to PMG at contract/order stage, is deleted. In principle, the deletion of client data occurs only after the expiry of commercial and tax retention obligations applicable to PMG.

The legal basis for these continued data retention procedures is the data protection requirements of the Republic of Cyprus, whereby the legitimate interest lies in making the data available for future legal necessities.

The provision of the client/user account or Apple/Android application does, in no case pose a legally binding component to the offer of services through the contractual relationship between PMG and the client. PMG, therefore, has the right, at any time and without any obligation to provide a reason, to partly or fully suspend the offer of the client/user account or Apple/Android application. In such cases, PMG will notify the client in writing. For the client, the use of the client/user account or the Apple/Android application is entirely voluntary. The client may send a written request, by email, upon which all communication and exchange of documents and information will be conducted electronically.

PMG is expressly not liable for the relevance, completeness and correctness of the content provided in the ALPHA-CLIENT CONNECT CENTRE and the client's personal account. This provision also applies if the client chooses to utilise the content of the Client-Kit for personal use.

The Client's Obligations and Duties of Cooperation

The client is obliged and solely responsible for the truthful and complete transfer of data to PMG, necessary for the fulfilment of the agreed services (notification obligation). PMG must be notified in writing (electronically) of any changes, in particular to the current postal/residential address, telephone number, mobile phone number, email, etc., immediately or at the latest within seven working days of the change occurring. In addition, further legally binding notification obligations, in particular related to the Money Laundering Act, may arise.

In instances where the client violates one or more of his notification obligations, PMG is legitimately entitled to terminate the contract. Alternatively, the parties may agree that PMG is entitled to terminate the contract at the latest when the client does not respond appropriately within seven working days of receiving a request with a deadline and termination notice from PMG to complete/update the necessary data.

Should the client omit to provide PMG with information on any changes to the address, mobile phone number and/or email address as prescribed above, any declarations sent by PMG to the previously known address, mobile phone number or email are in principle deemed to have been received by the client.

In the event that PMG has been commissioned by the client to provide accounting and tax advice, the client is obliged to submit all related receipts and documentation to PMG in full and on time. In this regard, the client must ensure that PMG is able, on an ongoing basis, to prepare the sales tax, corporation tax and, if applicable, income tax accounting as well as the related declarations in due time and, if so agreed, to forward them to the responsible authorities. If the client does not comply with this obligation, PMG is entitled to separately invoice the client for the additional time required due to the delayed or incomplete submission of the accounting documents.

Additionally, the following provisions also apply in relation to bookkeeping: The documents must be transferred to PMG correctly, completely, continuously and in a timely and orderly manner. All business transactions must be traceable in their origin and processing, changes must be clearly recognisable, and the documents of a company must be such that an expert accountant can get an overview in a reasonable time. If PMG and the client have agreed an annual flat rate for the provision of accountancy services, tax advice and annual financial statements (the number of book entries determines the annual fees) and the client exceeds the previously agreed number of book entries within one year, the client is obliged to provide compensation for the additional expenses (difference between the payment already made and the corresponding flat-rate fee according to the agreement). When the previously agreed number of book entries has been reached, PMG will inform the client accordingly and send a corresponding invoice detailing the difference in book entries. PMG can arrange advance tax payments, VAT payments, corporation tax payments, the annual levy and other payment obligations of the client after a prior written agreement with PMG. A mandatory requirement for this service, however, is that the full amount to be paid, including bank and transfer charges, have been credited to the business account provided by PMG in advance, although at the latest 14 working days before the payment due date. All transfer costs incurred are borne by the client. In the event of late payment, the client must expect late fees and late payment surcharges for which he is solely responsible.

The client must avoid giving any impressions in legal as well as business dealing where the content for which the client is responsible could be attributed to PMG. Additionally, the client is obliged to only list addresses, persons or companies related to PMG in publications when this has expressly been approved by PMG in writing for this specific purpose. In cases where the client uses the PMG service within the scope of utilising a registered office and/or registered agent, the client is not entitled to include the addresses of the registered office and/or agent in any label or for other legal and business transactions. Furthermore, the secretary of a company is in principle, not an external representative of a company. Thus, the client is also prohibited from using the secretary's name in legal and business dealings.

The client must in general provide PMG with all information, documents and evidence as required to provide the contractually agreed services at the latest within five working days of receiving a notification from PMG sent by email/SMS and at the latest within seven working days after the delivery date of a notification sent by post. The client must also inform PMG immediately of any occurrences that are relevant to the contract implementation/service provision by PMG. This also applies in the event that these circumstances occur while the service provision is already in progress.

In principle it is the client's responsibility to check the content, company names, product names, logos, domains etc. used by the client and where necessary sent to PMG, for any existing copyrights, trademark or other rights of third parties. PMG and agents employed by PMG are explicitly not liable in the event of a violation of third party rights, neither to the third parties nor to the client himself. It is the client's sole responsibility to ensure that any third party rights are not violated during the clients' commercial activities. In this regard, the client exclusively bears the full responsibility and liability risk.

The content of orders sent by the client must be clear and unambiguous. Orders that are not clearly formulated can result in queries, which in turn will lead to delays. Above all, the client must ensure the comprehensiveness of the information provided when sending orders, questions and other concerns to PMG. Changes, confirmations or revisions of contracts sent to PMG must be clearly marked as such. An explicit written notification needs to be submitted in cases where the client needs the urgent execution of a service. This is particularly the case for orders placed using a form and a separate written notification, for example by email, must be sent. The client must immediately check all documents received from PMG, in particular, documents and information related to bookkeeping and accounting, invoices, company data, personal data, notifications about the execution of orders, evaluations and payment instructions, for correctness and completeness and PMG must be notified straight away in writing (electronically) of any objections. If the client has not received information regarding accounting or other tax matters, the client must inform PMG immediately. This obligation also applies in cases where the client has not received other expected notifications.

If the client violates any of these obligations, PMG is entitled to terminate the contract legitimately after a reminder (warning) and the expiry of a specified period. The provisions in the General Terms and Conditions are binding and particular note should be taken to the corresponding requirements under 'Notice periods' provided in these terms and conditions.

Right of Disposal in the Event of a Client's Death

After the death of a client, PMG may request the submission of the certificate of inheritance or executorship or any other necessary documents to clarify the right of disposal. Foreign documents are to be submitted in English upon PMG's request.

PMG may waive the submission of the certificate of inheritance or executorship if PMG is instead presented with a copy or a certified copy of the will (testament, inheritance contract) together with the associated opening protocol.

PMG is entitled to consider the person named therein as the heir or the executor of the will as the eligible person. This does apply if it was known to PMG that the person named therein (for example after contestation or nullification of the will) is not entitled to availment, or if this was not known as a consequence of negligence.

Service Fee, Settlement Date, Late Payment and Consequences

Unless otherwise agreed in writing between PMG and the client, PMG is entitled to request full payment, in advance, of all agreed fees/remunerations for each individual service. The fees/remunerations arranged in advance between the client and PMG generally cover all PMG services that were agreed between the parties. Any service charges not expressly agreed to in writing between the client and PMG are to be paid for separately by the client. PMG reserves the right to change service charges, such as remuneration and fees, should PMG experience cost reductions or increases after the conclusion of a contract, in particular due to price increases by third parties. At the request of the client, PMG will provide justification for the reasons of the cost reduction or increase and provide evidence in an appropriate format.

In principle, service fees agreed with PMG are due for payment immediately after the invoice has been issued but no later than five working days after receipt of the invoice (electronically). In case of default by the client, PMG is entitled to charge the client interest at the rate of four per cent p.a., in accordance with the corresponding bank rate. In cases where PMG is able to prove that higher damage was incurred due to delay caused by the client, PMG is entitled to claim reimbursement for the damages from the client. In addition, PMG has the right to partially or completely suspend all services agreed with the client, after a written (electronic) reminder was issued but in no case later than 14 days after the client is in default of payment. In such instances PMG is not obliged to issue any further notices to the client in regards to the partial or complete cessation of the agreed services. Where PMG has a legitimate claim against the client on the basis of the same legal relationship to which other obligations are connected, PMG can also refuse those outstanding services until the client has fully settled the claim raised by PMG. In the event of outstanding claims, PMG is also entitled to withhold all correspondence, papers, receipts, documents and services, whether in paper or digital format, until the client has fully settled the outstanding claims. PMG reserves the right to extraordinary termination.

The client must raise any objections to invoices issued by PMG in writing, immediately after receipt, but in no case later than five working days after receipt (electronic). In case PMG accepts the client's objections in whole or in part, PMG will immediately make the appropriate correction. If the contractual partner initiates a return debit without demonstrating a cause for such action, the associated costs will be borne by the client. This action also entitles PMG to terminate the entire contract legitimately.

The client is only entitled to offset the issued invoice if his counterclaim is legally valid and PMG has accepted this. Additionally, the client is only permitted to exercise his right of retention if his counterclaim based on the same (individual) contractual relationship. Additional provisions, complementary to these terms and conditions apply.

PMG retains the right for compensation in cases where the client revokes a legally valid contract or in some other way dissolves a legitimate agreement between the parties without just cause, for example by not providing written notice of termination in due time, unjustified termination or dispute.

If there is an agreement between PMG and the client, the beneficial owner or actual owner of the company, regarding the administration or/and management of a client's company and the client defaults on payments to the registrar, PMG is entitled to file for bankruptcy of the client's company, (formerly) managed by the client, and if necessary may take posession of the company or delete the company from the register at the expense of the client. In the event of late, incomplete or complete omission of payment, PMG explicitly reserves the right to take civil action against the client. In this case, i.e. a civil legal action against the client, the client should in principle assume that PMG will present all necessary documents and materials required for judicial evidence, or which PMG deems to be suitable, to the competent court to resolve the existing claims against the clients. In case of late, incomplete or complete omission of payments by the client, PMG is entitled to use the aforementioned documents and materials, both to present to debt collection companies as well as courts. In addition, PMG is entitled to hand over existing claims against the client to third parties.

Liability and Limitations of Liability

Privacy Management Group works exclusively with entrepreneurs and freelancers and thus expressly does not provide any services to consumers. The client, already by contacting PMG, at the latest however by placing an order/signing a contract or concluding an agreement/execution of an order, confirms in a binding manner that he/she is acting as an entrepreneur. In addition, the client through these actions confirms that he has fully read and understood PMG's General Terms & Conditions and agrees to them unconditionally.

No information published by PMG or made available in any other way is to be understood by the client as a recommendation to perform or omit a specific action.

In accordance with statutory regulations, PMG is only liable if a breach of duty is attributable to intent or gross negligence or where PMG has committed a grossly negligent breach of an essential contractual obligation. In all other cases PMG does not bear any liability. In addition, in instances where the client on his/her part violates a contractual obligation, whether in part or in full, PMG's liability is in principle excluded. In cases where the client contributes to the occurrence of damages through culpable behaviour on his/her part, such as being in breach of his/her obligation to cooperate and provide information, the principles of contributory negligence determine the extent to which PMG and the customer have to bear the cost. In respect to PMG's liability, the allegation of a grossly negligent or deliberate breach of duty must be proven by the client and determined in a court of law.

A reversal of the burden of proof to the detriment of PMG is excluded.

In cases where the client is entitled to compensation for damage instead of receiving the agreed service, liability is limited to compensation for the foreseeable and typically occurring damage. The client is obliged to submit complaints in writing immediately, but no later than ten days after the service in dispute has been performed by PMG and this complaint must be submitted in a clear and coherent manner. In the case of justified and timely complaints, the client has the right to a revision or replacement of the service provided by PMG. Additionally, in cases of justified complaints, the defects will be remedied within a reasonable period of time and the client must enable PMG to take all measures necessary for the investigation and remedial action. PMG is entitled to refuse the remedial actions if this appears to be impossible for PMG or if it involves disproportionately high effort on PMG's part. In principle, a reversal of the burden of proof to the detriment of PMG is excluded. The existence of the deficiency, the moment of discovery and the timeliness of the complaint must be proven beyond doubt by the client and, in the event of a dispute, be determined by a court.

The Full-Banking-Service offered by PMG includes the introduction of the client to the bank/FinTech company of their choice as well as active support during the preparation of the relevant account applications. With the conclusion of the aforementioned services, namely the introduction of the client to the chosen bank/FinTech company as well as the active support during the application process, PMG has entirely performed its contractually agreed services. Further obligations towards the client cannot be derived from this service. The banks published on the PMG websites are not in any way to be understood as individual recommendations. It is the client's sole responsibility to thoroughly check the chosen bank/FinTech company according to his/her own criteria. In this regard, PMG strongly recommends that the client not only does this before submitting an application but also repeats these checks at regular intervals.

No information published by PMG or made available in any other way is to be understood by the client as a recommendation to perform or omit a specific action. PMG is not liable to the client or third parties for damages and/or financial losses of any kind resulting from a contractual relationship concluded between the client and the bank/FinTech company. Approval of the account application by a bank/FinTech company creates a contractual relationship purely between the bank/FinTech company, and the client and PMG may not be involved in any way, directly or indirectly, either by the bank/FinTech company or the client. It is the sole responsibility of the bank/FinTech company concerned to accept or reject the client's account application. In this regard, PMG is not liable in any way for direct or indirect damages suffered by the client as a result of a rejection of the account application of the chosen bank/FinTech company. PMG cannot guarantee the approval of a personal or business account application initiated by the client and in addition does not accept liability for any delays occurred during the account opening process, unless it can be conclusively proven that PMG caused this delay through gross negligence or deliberate action. For PMG to assume liability, the allegation of gross negligence or deliberate breach of duty must be conclusively proven by the client and determined by a court. Incomplete applications, missing documents and/or inaccurate forms can delay the account opening process. Should an account not be opened for whatever reason, the client has no right to reclaim fees already paid to PMG. During the account opening process, the respective bank/FinTech company may request additional documents and documentation, translations, certifications and other evidence from the client. The cost of preparing these, as well as any other costs that may arise during this process, are to be covered exclusively by the client. Checklists for the account opening process, made available by PMG for the purpose of orientation, may not be complete and are provided with the caveat that they may contain errors and PMG may make changes to these at any time.

In cases where the client requests PMG to set up a company, PMG is not liable for any delays in registering the client's new company unless it can be proven that this delay is caused directly through gross negligence or intent by PMG. PMG is also not liable for any damages suffered by the client in the event that the chosen company name, requested by the client, is refused for entry into the respective trade or company register. Enquires regarding company names at the respective trade or company register generally take three to five working days. This period of time cannot be attributed to the actual duration of the company formation process. On behalf of the client, PMG issues three name requests to the relevant registry free of charge, although for any further name requests PMG is entitled to charge the client additional fees. For PMG to assume liability, the allegation of gross negligence or deliberate breach of duty must be conclusively proven by the client as well as determined by a court.

Where the client has requested the electronic mail forwarding service from PMG and paid the respective fees fully and on time, PMG guarantees that any incoming mail (exclusively letters up to 100g in total) will be forwarded immediately to the client in electronic format, although no later than within seven working days of receipt. For PMG to be able to uphold this guarantee, it is necessary for the mail to be directly sent to the PMG postal address and in the event of a dispute, it is the client's responsibility to prove beyond doubt the exact delivery date. In principle, to provide this service a written order by the client and its acceptance by PMG is required, which in turn entitles PMG to open and process certain correspondence for the client. It is the client's responsibility to ensure that PMG has the client's current and correct email address at all times. As a rule, PMG is not liable for any damages or financial losses incurred by the client that are caused through delayed mail or mail that has not been forwarded. The only exception in this case would be where PMG is responsible for the delay due to gross negligence or deliberate intent. For PMG to assume liability, the allegation of gross negligence or deliberate breach of duty must be conclusively proven by the client and determined by a court.

PMG provides consultancy services of all kinds against a fee, exclusively in line with the following provisions: PMG undertakes to be contractually dedicated to the client, ensure confidentiality and to carry out the mandate prudently. PMG's liability in relation to consulting services provided for a fee, presupposes that the client has suffered actual and quantifiable damage and that this is due to gross negligence or deliberate intent on PMG's part and that a direct causal link between the consulting services provided by PMG and the damage/financial loss can be established and there is insufficient evidence for exculpation. For PMG to assume liability, the allegation of gross negligence or deliberate breach of duty must be conclusively proven by the client and determined by a court. Verbal or written advice and expertise provided to the client by PMG are not to be regarded as pertinent to the client's decision-making and are in no way to be understood by the client as a recommendation to take or omit a specific action. The client is hereby requested, in principle, to review, according to the client's objectives, either personally or by an appropriately competent specialist any information, advice or expertise provided by PMG.

For the provision of accounting and tax advice in Cyprus, PMG employs suitably qualified specialists in Cyprus (EU). A copy of the corresponding ICPAC certificates held by Privacy Management GroupLtd. can by requested by the client at any time. Privacy Management Group Limited based in Cyprus (EU) provides services in the areas of accounting and tax advice for Cyprus and services in this field are exclusively for individuals and companies based in Cyprus (EU). If the client wishes to obtain tax or legal advice on matters that do not directly and immediately relate to the Republic of Cyprus, PMG can generally contact a suitable tax advisor or lawyer at the client's request. However, the resulting mandate is in this case exclusively between the client and the tax advisor or lawyer. PMG is expressly not liable for any damages or financial losses suffered by the client through the use of the contact made available by PMG.

For PMG to assume liability, the allegation of gross negligence or intentional breach of duty must be conclusively proven by the client and determined by a court. If the client and/or potential client of PMG is advised by a third party in connection with a product or service offered by PMG, PMG assumes no liability for the recommendations, advice and information given by third parties, unless PMG validates these third-party statements in writing.

PMG is not liable for damages of any kind caused by force majeure, riot, war, natural events or any other occurrences for which PMG is not responsible.

In principle, any income generated by the client domestically or abroad is subject to tax. The client is solely responsible for the adequate fulfilment of all tax obligations, whether at home or abroad. PMG does not assume liability in any instance.

PMG's obligations are based on the respective consulting contract, which in all instances constitutes a service contract. In principle, PMG does not owe the client any specific success from this arrangement, but is only obliged to provide the specified services that are agreed in advance in writing.

The activities and concepts discussed by PMG and the client expressly do not represent a recommendation from PMG. Additionally, any content or concepts provided by PMG during consultations do not in any way constitute a recommendation or request for a client to engage in or omit any commercial activities. They merely correspond to the results of joint discussions on topical issues and the individual wishes and objectives of the client. PMG and the client conclusively agree that PMG performs all contractually agreed services to the best of its knowledge but assumes no liability for any specific outcomes. There is no agreement between PMG and the client to provide monitoring or alerting services. In addition, the provisions set out in these general terms and conditions apply.

All consulting services and contents are in principle based on the personal knowledge and experience of the respective advisor and in no way have a claim on actuality, practicability, correctness, completeness or even commercial recognition and are purely based on the advisor's personal evaluation. The parties involved are explicitly in agreement that all evaluations, information and other consultancy content and services provided by a PMG consultant are in all cases to be verified by an experienced expert and that the entire cost of such verifications is to be carried by the client.

Insofar as PMG supports the client in the selection of suitable experts, PMG assumes no liability for the professional and personal suitability of the expert(s). Where PMG recommends or arranges an expert for the client, such as a lawyer or tax advisor, the suitability of these specialists is based on an evaluation of their public appearance and personal impression. It is the sole responsibility of the client to review this evaluation and make a final independent decision. In no case is PMG liable for any breach of duty or damages caused, intensified or facilitated by third parties. The provisions in 'Forwarded Assignments' contained within these general terms and conditions apply.

The entire range of consulting services offered by PMG in the area of ​​strategic management consultancy is fundamentally designed to support the client with the greatest possible data minimisation. This inevitably means that incomplete information is used. Thus, PMG expressly does not guarantee that the purposes pursued by the client will actually be achieved. Unless expressly agreed in the contract or separately in writing, PMG is not obliged to inform the client of any changes in the laws, administrative procedures or regulations nor any other changes in areas that may be relevant to the client, even during ongoing consultancy services. The client is obliged to immediately notify PMG in writing of any complaints regarding the consultancy services or content provided by PMG and its advisors, although at the latest within seven working days. In the case of any ambiguity, the client has to provide proof of timely notification and if necessary, also in court. In the event that no resolution is reached between the parties with regards to the complaint raised by the client, the client is obliged, in order to safeguard interests, to provide PMG with a judicial report that clearly indicates PMG has violated its contractual services.

In principle, PMG is not obliged to independently request information from the client. The client, therefore, undertakes to independently compile and send the information and documentation required for PMG to fulfil the contractually agreed services immediately. Enquiries posed by PMG that fall within the framework of the applicable agreement must also be answered immediately by the client, in writing and in electronic format. In cases where the client does not meet any one of these obligations and after a written request has been sent, PMG has the right to terminate the contractual agreement with just cause.

In the event of early termination by the client or termination by PMG on important grounds, the client has no right to claim any reimbursement for payments already made. In addition, the client is only entitled to a reimbursement for payments already made in cases where the client can legitimately and conclusively prove that PMG has committed a grossly negligent or deliberate breach of the agreement between the parties. A reversal of the burden of proof to the detriment of PMG is excluded. PMG's entitlement to remuneration remains valid in all cases where the client revokes a legally valid agreement or dissolves a current agreement in an unjustified manner such as by not giving notice of termination in due course, groundless termination or through contestation.

In addition, the provisions of these general terms and conditions, including those in the section' Liability and Limitations of Liability' apply. For PMG to assume liability, the allegation of gross negligence or deliberate breach of duty must be conclusively proven by the client and determined by a court. A reversal of the burden of proof to the detriment of PMG is excluded.

Rules on Transfer

Transferring the client's claim for damages that resulted from a business relationship with PMG to third parties is prohibited. The judicial enforcement of such claims by third parties is also excluded.

The client and PMG agree that the client cannot judicially validate claims for damages together with other clients.

Third Party Negligence

In cases where a client and/or potential client of PMG are advised by third parties in relation to a product or service offered by PMG, PMG assumes no liability for the recommendations, advice and/or information provided by third parties, unless PMG endorses the statements made by the third parties in writing.

Forwarded Contract

If a service agreed between PMG and the client is carried, out in terms of its content, in such a way that PMG entrusts a third party with the execution in whole or in part, PMG fulfils the contract by transferring the assignment to the third party on behalf of the client (forwarded order). This also applies to the forwarding of an order, obtaining of information and the provision of services and consultancy (including tax advice for Cyprus, strategic management advice, residential relocation, company formation and management, accountancy, visa-service and legal advice for Cyprus). In these cases, PMG's liability is limited to the careful selection and guidance of the third party in accordance with the customary performance principles.

Period of Notice

Unless otherwise expressly agreed in writing, PMG provides services with an initial minimum term of 12 months and with a notice period of three months. When an existing contract is not terminated or not duly terminated, the contract is extended by one year (12 months).

Termination rights of the client

The client is entitled to terminate the entire business relationship or individual elements for which neither a period of validity nor a separate notice period has been agreed, at any time without the need to observe a notice period. In the event of early termination by the client or termination by PMG due to a legitimate cause, the client generally has no right for reimbursements of payments already made. As an alternative, the following applies in cases where this provision does not comply with legal requirements: only in the event of a termination by the client where gross negligence or deliberate violation of the agreement by PMG has been conclusively proven and confirmed in court, is the client entitled to reimbursement of payments already made. In such cases, the costs, and if applicable fees incurred by PMG up to the time of termination, must be considered when determining the amount of the reimbursement. A reversal of the burden of proof to the detriment of PMG is in principle excluded.

Termination on important grounds and without observing a notice period

In cases where a notice period or a separate termination provision has been agreed, termination without notice can only be accepted if there is a justifiable reason that makes it unfeasible for the client to continue the business relationship and in such cases, PMG's legitimate concerns have to be taken into account. In the event of a termination by the client on important grounds, entitlement to a reimbursement of payments already made by the client only exists if the client can conclusively and judicially prove an act of gross negligence or deliberate breach of the agreement. In such cases, the costs, and if applicable fees incurred by PMG up to the time of termination, must be considered when determining the amount of the reimbursement. A reversal of the burden of proof to the detriment of PMG is in principle excluded. Statutory termination rights remain unaffected.

PMG's termination rights

PMG is entitled to terminate the entire business relationship or individual elements for which neither a period of validity nor a separate notice period has been agreed, at any time with a reasonable notice period. When calculating a notice period, the company will take the customer's legitimate concerns into account.

Termination on important grounds and without observing a notice period

Termination of the entire business relationship or individual elements without giving notice is permissible in cases where the continuation is unfeasible for PMG on important grounds, although the client's legitimate concerns will be taken into account. Such reasons may particularly exist in cases where the client has provided incorrect information about his/her person, the company and/or financial situation or if a significant deterioration in the financial situation of the client occurs or threatens to occur which in turn endangers the fulfilment of the client's obligation to PMG, or where the client's obligation to cooperate in accordance with these terms and conditions are not fulfilled. The right to extraordinary termination on important grounds remains unaffected by this regulation.

In addition, a legitimate cause also exists when

The client is in arrears with payments to PMG;

Or

The client repeatedly and culpably violates his/her obligations according to the agreement

Notice of termination must in principle be given in writing and delivered by registered mail. In the event of a justified termination, PMG is not obliged to repay any payments received from the client. In such cases, PMG's obligation to reimburse the client is fundamentally and irrevocably excluded. In the event that the administration of the company is transferred to another service provider (custodian or tax advisor), PMG will charge the client a one-off transfer fee of EUR 1,550.00 plus VAT. In the case of early termination by the client or justified termination by PMG, the client is not entitled to any reimbursement of payments already made to PMG. In the event the client terminates the contract with just cause, entitlement to reimbursement of payments already made by the client only exists if the client can conclusively and judicially prove an act of gross negligence or deliberate breach of the agreement. In such cases, the costs, and if applicable fees incurred by PMG up to the time of termination, must be considered when determining the amount of the reimbursement. A reversal of the burden of proof to the detriment of PMG is in principle excluded.

Complimentary Consultancy Services

PMG provides thematic advisory services to existing and potential clients free of charge until further notice. PMG can carry out a change as regards to the compensation for services at any time and in principle, PMG does not grant a right to free advice.

Place of Jurisdiction

For all disputes arising from a contractual relationship between PMG and the client, the exclusive place of jurisdiction and place of execution is the location of the PMG's headquarters. The law of the Republic of Cyprus applies exclusively. In all other unregulated cases, the place of jurisdiction is based on the statutory provisions of the Republic of Cyprus.

PMG herewith explicitly points out to its clients again: Privacy Management Group works exclusively with entrepreneurs and freelancers and thus expressly does not provide any services to consumers. The client, already by contacting PMG, at the latest however by placing an order/signing a contract or concluding an agreement/execution of an order, confirms in a binding manner that he/she is acting as an entrepreneur. In addition, the client through these actions confirms that he has fully read and understood PMG's General Terms & Conditions and agrees to them unconditionally.

The above-mentioned provisions do not apply to notes and information related to distance contracts, as Privacy Management Group exclusively works for entrepreneurs and freelancers. PMG therefore, expressly does not provide any services to consumers. The client, already by contacting PMG, at the latest however by placing an order/signing a contract or concluding an agreement/execution of an order, confirms in a binding manner that he/she is acting as an entrepreneur.

No information published by PMG or made available in any other way is to be understood by the client as a recommendation to perform or omit a specific action. PMG regularly reviews and updates the information provided on its websites. Despite extensive due diligence, it is possible that facts presented have changed in the meantime. PMG, therefore, cannot assume liability or provide guarantees as to the relevance, completeness or accuracy of the information provided by PMG. The same applies to any websites that are accessed through hyperlinks and PMG is not responsible for the content of any sites that are accessed through such links. Furthermore, PMG reserves the right to make amendments or additions to the content provided.

With the conclusion of an agreement/contract between the client and PMG, the above general terms and conditions become the regulatory substance of the contract. The client can view and/or print the General Terms and Conditions on the homepage of the Privacy Management Group Limited (Cyprus) at any time.

In addition to the applicable statutory conventions, the above-mentioned provisions regulate the contractual relationship between the client and the company Privacy Management Group Limited, Cyprus (EU). They also contain the corresponding references and information related to data protection regulations.

United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts – including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts ("FBAR")). U.S. persons should consult a tax adviser for more information.

PMG herewith expressly advises its clients that income generated abroad can also be subject to tax. Thus, the client should immediately and at regular intervals thereafter seek comprehensive advice from a tax advisor or lawyer, in particular at his tax residence. It is the client's sole responsibility to ensure thorough fulfilment of his international tax obligations.

Updated Nov 2020

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