T3RRA Ltd is an independent global platform that creates and distributes tokenised real estate assets using the L3RS-1 regulated asset standard. It is not an Aurum subsidiary or white-label infrastructure provider — it is a separate company with its own products, clients, and distribution channels. Aurum uses T3RRA's technology stack and offers T3RRA-originated instruments to its HNWI and UHNWI clients as one of T3RRA's distribution channels. The two companies share a founding principal and a common compliance standard but are legally and operationally distinct. Client assets are never held on T3RRA or Aurum balance sheets. Each client investment is structured through a Georgian Special Purpose Vehicle (SPV) — a single-purpose Georgian LLC or JSC registered specifically for that investment. The SPV holds the underlying real asset (commercial property, gold, private credit, or digital asset). The client holds equity in the SPV directly, or through a nominee structure where required by jurisdiction. The SPV is separated from T3RRA and Aurum at every layer. There is no commingling of client funds. The platform earns a platform fee from the client — it does not participate in SPV economics. Custody of tokenised title is maintained through the L3RS-1 protocol deployed on Aurum's private institutional chain, with MPC (Multi-Party Computation) key management across geographically distributed signers. No single party holds unilateral access to client assets. Reporting flows from the SPV → the client dashboard → the client's home-country tax advisor, structured to be fully CRS-compliant and FATF-clean.

0% personal income tax on foreign-source income: Georgian Tax Code, Article 82.2.u. Georgian tax residents are exempt from personal income tax on income that does not have a Georgian source. This is the base statute, not a ruling or concession. It does not require ministerial approval to maintain and has been in force continuously since the Tax Code was enacted. 0% wealth tax, 0% inheritance tax, 0% gift tax: Georgian law does not contain a wealth tax, inheritance tax, or gift tax. There is no statute creating these obligations. They do not exist as legal categories. 0% crypto CGT and 0% VAT on personal crypto disposals: Ministry of Finance of Georgia, Decision N201, June 2019. Formally classified income from personal crypto asset sales as non-Georgian-source income, placing it outside the scope of Georgian personal income tax and VAT for Georgian tax residents. 0% CGT on shares (non-Georgian-source): Same statutory basis as Article 82.2.u. Gains from disposal of non-Georgian assets do not have Georgian source and are exempt. 5% CGT and 5% dividend tax on Georgian-source assets: Georgian Tax Code standard rates for resident individuals on Georgian-source gains and distributions. Aurum commercial real estate yields are structured to return cash flow rather than capital gains where possible, minimising exposure to this rate. Georgian tax residency — legal basis: A foreign national becomes a Georgian tax resident by spending 183+ calendar days in Georgia in a calendar year, OR by obtaining HNWI status under Georgian Tax Code Article 34(6) and Ministry of Finance Decree #60 (March 2023) — which requires ownership of qualifying Georgian assets worth USD 500,000+ and proof of global wealth of GEL 3,000,000+. The HNWI route does not require 183 days of physical presence.

Client private banking is established with TBC Bank (LSE: TBCG) or Bank of Georgia (LSE: BGEO) — both London Stock Exchange-listed, Basel III regulated, audited by Big Four firms, and SWIFT-connected through major European correspondent banks. The banking relationship is direct between the client and the bank. Aurum introduces the client and assists with onboarding documentation but does not hold client funds, is not a signatory on client accounts, and cannot access client balances. Accounts are multi-currency (GEL, USD, EUR, GBP) with SWIFT international transfer capability. There are no capital controls on outbound transfers — Georgia has never imposed capital controls in its 30+ years as a sovereign state, including through the 2008 war, the 2014 Russia-Ukraine crisis, and the COVID-19 period. The Georgian deposit guarantee scheme covers GEL 50,000 per depositor. For HNWI clients, the protection is structural: TBC Bank and Bank of Georgia are internationally listed institutions with capital ratios well above Basel III minimums and no history of bail-in or depositor loss. Both banks are audited by Deloitte and EY respectively and publish full IFRS accounts quarterly. Client SPV accounts are separate from personal accounts — both held at the same institutions, but in the SPV's name. The SPV account holds rental income, asset sale proceeds, and distributions before they are transferred to the client's personal account.

Each Aurum vault corresponds to a specific underlying real asset — a commercial property, a gold allocation, a private credit position, or a digital asset custody position. Every vault is legally a separate Georgian SPV. The SPV is a Georgian LLC (Shps) or JSC (Sss) registered with the National Agency of Public Registry. It holds clean legal title to the underlying asset. Property title is registered in the Georgian public land registry, which is blockchain-enabled and fully searchable online. There is no hidden ownership structure. The SPV issues tokenised equity to investors proportionate to their investment. These tokens represent real equity claims, not synthetic derivatives. They are governed by L3RS-1 — which enforces KYC/AML at the protocol level, requires regulatory verification before any transfer, and prevents transfers to non-verified counterparties. Vault yields are derived from underlying asset cash flows: commercial rental income (7–12% APY for Tbilisi CBD commercial property per TBC Capital 2024 research), gold price appreciation (custodied with allocated physical holding), or private credit interest. Yields are distributed to the SPV and then to token holders on a defined schedule. No yield is synthetic or manufactured through financial engineering. Minimum investment per vault: USD 25,000. Minimum total allocation: USD 1,000,000. Application fee: USD 3,500 (nonrefundable). Onboarding fee: USD 100,000 – 250,000 (on approval, scaled to allocation — see Platform page for full schedule).

MPC (Multi-Party Computation) custody means that the private keys controlling on-chain asset title are never held in a single location or by a single party. Keys are split across a minimum of three geographically separated signers using threshold cryptography — requiring any two of three signers to authorise any transaction. No single signer — not Aurum, not the client, not any third party — can unilaterally move assets. This is the institutional standard. It eliminates single-point-of-failure risk, eliminates insider theft risk, and eliminates key loss risk. It is the custody model used by Fidelity Digital Assets, Coinbase Custody, and Anchorage Digital for institutional clients. On-chain title records are maintained through L3RS-1 — the Layer-3 Regulated Asset Standard governed by the independent L3RS Foundation and authored by Dr. Zurab Ashvil. L3RS-1 has a six-year production track record: Bank of England CBDC Sandbox (June 2020), AgriDex (October 2020), Fiat-on-Chain (August 2022), and Cleverjet.io (February 2024). The National Bank of Georgia is proceeding through the Foundation's institutional ratification pathway. L3RS-1 enforces 11 formal protocol invariants (I₁–I₁₁), including: identity binding at the protocol level (not application level), pre-settlement compliance verification, transaction threshold rules, atomic settlement, and immutable audit trail. Every state transition is verifiable on-chain without relying on Aurum as an intermediary. For physical assets, custody is dual-layer: on-chain tokenised title + off-chain physical custody with audited third-party custodians. For gold: LBMA-standard allocated storage in Zurich. For art and collectibles: specialist fine art custodians with full insurance.

7–12% APY commercial real estate yield (projected, not guaranteed): Source: TBC Capital Commercial Real Estate Research, 2024. Covers Tbilisi CBD office, retail, and logistics properties. The 7% floor represents stabilised assets with creditworthy anchor tenants on triple-net leases. The 12% ceiling represents newly completed assets with initial lease-up premium. Aurum targets the 7–10% range for early vaults to prioritise yield stability over maximum return. These are projected gross yields before Georgian income tax, which is 0% on foreign-source income for Georgian tax residents. Projected yields are based on current market data and are not guaranteed. 3.2% London prime residential yield: Source: Knight Frank Prime Yield Monitor, Q4 2024. London Zone 1–2 residential. Before UK income tax (45% for additional rate taxpayers), leaving a net yield of approximately 1.7%. 58 double tax treaties: Source: Georgian Ministry of Finance, active treaty register, March 2026. Covers 58 jurisdictions including UK, Germany, France, UAE, Netherlands, Switzerland, Austria, and the full CIS. Treaty texts are publicly available via the Georgian MoF website. FATF compliance — February 2024: Source: MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism), Fifth Round Mutual Evaluation Report on Georgia, adopted February 2024. Georgia achieved compliant or largely compliant ratings on 37 of 40 FATF recommendations — one of the strongest first-round results in the MONEYVAL region. EU DCFTA — 2014: Source: Association Agreement between the European Union and Georgia, including Deep and Comprehensive Free Trade Area provisions, signed June 2014, provisionally applied September 2014, fully ratified July 2016. World Bank Ease of Doing Business — 7th globally: Source: World Bank Doing Business Report, most recent edition prior to discontinuation. Georgia ranked 7th out of 190 economies overall.

L3RS-1 is the Layer-3 Regulated Asset Standard — an open, royalty-free specification for regulated digital asset behaviour, governed by the L3RS Foundation (l3rs.foundation), an independent, vendor-neutral standards body. The standard was authored by Dr. Zurab Ashvil, whose compliance architecture development began in 2013. It was published as a stable open standard on 24 February 2026 following a 60-day public comment period with submissions from 47 organisations across 12 jurisdictions. L3RS-1 is not a T3RRA product and is not an Aurum product. It is an open standard governed by the L3RS Foundation — independent of any single vendor, platform, or jurisdiction. T3RRA is the first certified commercial deployment. Aurum's vault instruments are issued on that certified infrastructure. L3RS-1 defines 11 protocol invariants — formal mathematical constraints that every compliant asset must satisfy at all times. These are not application-level checks that can be bypassed by a developer. They are enforced at the protocol level, meaning compliance is a property of the system architecture, not a promise made by the platform operator. The 11 invariants cover: (I₁) Identity binding — every asset holder is KYC-verified at the protocol level. (I₂) Access control — role-based permissions enforced cryptographically. (I₃) Pre-settlement verification — compliance checked before every transaction executes. (I₄) Compliance state machine — formal FSM with verified state transitions. (I₅) Transaction threshold rules — hard limits on position size and transfer velocity. (I₆) Temporal constraints — time-locked settlement and holding periods. (I₇) Counterparty validation — both sides verified before atomic settlement. (I₈) Cross-chain consistency — state synchronised across all chains. (I₉) Atomic settlement — all-or-nothing execution, no partial fills. (I₁₀) Governance override — regulator intervention hooks codified in protocol. (I₁₁) Immutable audit trail — every state change permanently recorded. Verified deployments: Bank of England CBDC Sandbox (June 2020), AgriDex (October 2020), Fiat-on-Chain (August 2022), and Cleverjet.io (February 2024).

CRS (Common Reporting Standard) compliance: All Aurum client structures are designed to be fully reportable under CRS. Georgian financial institutions are CRS-reporting jurisdictions. Client account information is reported to the Georgian Revenue Service, which exchanges information with treaty partner tax authorities on an automatic basis. There is no opacity. Aurum does not offer or facilitate any structure designed to avoid CRS reporting. Clients are expected to disclose Georgian accounts and assets to their home-country tax authorities — Aurum's structures are designed to support this disclosure, not complicate it. Annual client reporting: Each client receives an annual report covering: SPV financial statements (audited where required by investment size), vault performance vs target yield, asset valuation (independent third-party appraisal), tax position summary prepared by Georgian tax counsel, and CRS reporting confirmation. The client dashboard provides real-time access to all of the above. Exit mechanics: Vault positions can be exited through: (a) secondary market transfer to another L3RS-1-compliant investor, (b) SPV wind-down and asset sale on the Georgian property market, or (c) redemption at net asset value where a liquidity facility is available. Georgian law imposes no exit tax. Georgian tax residency lapses naturally if the client no longer meets the 183-day or HNWI threshold — there is no formal exit process, no exit charge, and no minimum holding period enforced by Georgian law. Aurum imposes a minimum recommended holding period of 24 months per vault position, after which positions may be exited or reallocated without platform penalty. This is a commercial recommendation, not a legal lock-up.