Cyprus Property Forum for Buyers, Sellers & Investors

I have found a topic on the forum where it was discussed one should first set up a bank account in a local Cyprus bank in order to make the purchase of the real estate on Cyprus possible. I'm just wondering whether I should provide a Cyprus address where I live on the island when opening the bank account there? I have found such information online about providing a local address being a requirement, it sounds a little bit like a "chicken and the egg" problem. We do not live in Cyprus right now, and we'll have an address there when we have some property purchased.

Is it acceptable on Cyprus to pay the seller of a property with an international bank wire transfer in EUR? (ex. like with SEPA transfer within the EU)
Or should it be strictly a wire transfer from a Cyprus bank?

Have anyone had an experience of paying a part of the mount for a property in cash and then a part by a bank wire? Is that possible at all?

Hi Michal

I suggest you set up a bank account here. We set up an account many years before we moved to the island with our UK address and it wasn't a problem. Things may have changed since then and I suggest you visit a bank when you next visit to find out exactly what they need.

When you have found your property and you're ready to buy, I suggest you transfer the money (SEPA) into your account. The bank will need to check the money is 'clean' - i.e. hasn't been laundered.

Regards

Hi Nigel,

Thank you very much. That's how I thought, set up bank account first, then make a transfer and finally purchase. We'll try to set up with a non-Cyprus address. Hopefully it works.

Do you have any bank reccomendations for a foreigner in Cyprus? It was suggested to me that Piraeus/Astrobank might be a nice choice.

Many thanks
Michal