Cyprus Property Forum for Buyers, Sellers & Investors

When working with a management company, how does/should the bank account set up work. Should they have sole control of the funds / account, or should there be an account for collecting funds and paying bills (managed by them) and one for holding contingency funds managed by the committee. Your advice will be much appreciated. Thanks in advance.

Hi WillowTree

I suggest that if your Management Committee is using a third party to carry out maintenance, repairs, etc., the bank account should be managed by the Management Committee rather than allowing the third party to control it.

I have details from the Hellenic Bank regarding what needs to be done to set up accounts, I'll email it to you.

As your Management Committee will be held liable if anything does wrong with maintenance, etc., it would be foolish (in my opinion) to hand over control of money to a third party.

(You will need two bank accounts - one for communal funds and one for contingency funds.)

Regards,

Nigel Howarth wrote: 27 Feb 2022 08:15 I have details from the Hellenic Bank regarding what needs to be done to set up accounts, I'll email it to you.

Regards,

Can I also have those details to set up the committee's account please?

TIA

Hi Solva and welcome to the forum.

You can find the relevant bank circular at https://www.news.cyprus-property-buyers ... mittee.pdf

Regards,