# Information on setting up bank account



## patch (May 11, 2008)

Hi my wife and I are thinking of moving to the paphos area. We are looking for property to buy when we visit in september for a holiday and we are wondering on how easy it is to set up a Bank account and to what documentation we need to bring with us to set one up.Also Can anybody recommend a reputable company or person that we could contact when we arrive to show us property. Thats all just now thank you


----------



## andyandsheila (Jul 24, 2008)

We found it easy via Bank of Cyprus International unit Paphos, do you want details


----------



## patch (May 11, 2008)

andyandsheila said:


> We found it easy via Bank of Cyprus International unit Paphos, do you want details


yes please that would be great


----------



## andyandsheila (Jul 24, 2008)

Bank Of Cyprus
International Business Unit
PO Box 60034
CY-8123 
Paphos
TEL: 357 2684 6145
our contact Maria Skoulia
email [email protected]

Glad to be of help and good luck let us know when you are over and I'll buy you a Keo (Beer)
Regards
Andy & Sheila


----------



## grumpy (Nov 10, 2007)

Good afternoon,

Bank accounts are easily available and easy to join. Most of the banks have plentiful highstreet outlets and a multitude of cash machines. You can have accounts with as many different banks as you wish, so its often worth looking around to see who has the best deals for you.

Things to bear in mind are: If you are needing a mortgage, should all your eggs be put in one basket,
Secondly, if you are going to be out of the country, which bank has the best online service for you. I also use the BOC in Kennedy Square, Paphos as the online service is top notch. 

(SNIP)


----------



## tallguy (Jul 31, 2008)

I used this company and they were very good.
Cyprus Home Finders
cyprushomefinders dot co dot uk


----------



## tallguy (Jul 31, 2008)

Forgot, If you're buying property, the agent should take you to the bank and electricity board, council, etc.
What I'm saying is, there is little point doing it on your own before hand. Though if you do, it's very simple, just pop down to the nearest bank.


----------



## grumpy (Nov 10, 2007)

Patch, you can open several acounts yourself, dont necessarily use the bank arranged by your developer of agent if you feel incomfortable. Remember there can often be a considerable back scratching culture which is not always to your advantage. As for properties, we would be delighted to show you round a few, click link below.
Doug


----------



## BabsM (May 24, 2008)

Hi 
To open a bank account all you need to do is to walk into a bank and show your passport as proof of identity. They may ask for a copy of a rental agreement or contract of purchase as proof of address.

As regards someone to show you round properties, you will find as many estate agents in Cyprus as you would in England. They have to be licenced and are not able to sell property without, unlike England. BuySellCyprus is one of the biggest on the island and has many offices all over the island, as does Investia which is also big. All of their offices are helpful.

At the moment all estate agents are under pressure because the market is very flat. They may pressure you to make a decision quickly. Please take your time. Irrespective of what you may be told there are may lovely properties out there and it is not necessary to rush into a decision unless it is what you want. You might also like to look for private for sale notices. There are may people trying to sell privately and you may get a bargain.

Good Luck 

Babs


----------



## Veronica (Apr 5, 2008)

Hi Patch,
As others have already said you can open an account in bank very easily as long as you have your passport with you which they will make a photcopy of for their records.
You do not neccessarily need to have rental agreements or contracts of sale however as we opened an account without either of those things when we first came to look at properties a few years ago. At the time Cyprus was not a member of the EU and it has become even easier since then.
If you need a mortgage to buy a property it is often easier to get one with the bank that your developer uses but it is isnt an aboslute requirement(just makes things less complicated).
We have a contact who deals with all of the banks to find people the best mortgages for their needs, he charges about £300Cyp but can save you thousands.
If you need any advice at all please feel free to ask.
You can contact me via our website, also you might like to look at the properties on there.

Regards Veronica


----------



## Veronica (Apr 5, 2008)

BabsM said:


> Hi
> To open a bank account all you need to do is to walk into a bank and show your passport as proof of identity. They may ask for a copy of a rental agreement or contract of purchase as proof of address.
> 
> As regards someone to show you round properties, you will find as many estate agents in Cyprus as you would in England. They have to be licenced and are not able to sell property without, unlike England. BuySellCyprus is one of the biggest on the island and has many offices all over the island, as does Investia which is also big. All of their offices are helpful.
> ...


Babs maybe you are not aware of the fact that BuySellCyprus are not licenced. They have been trading illegally with someone elses licence for many years. They have been taken to court over this.
However as Cyprus is in the EU they cannot stop any EU citizen trading as long as they do not do valuations, or handle the money side of any transaction.


----------



## grumpy (Nov 10, 2007)

Veronica, You just beat me to that explanation. It should however be pointed out that there are several such "marketing companies" who are rather large who also operate in such a fashion. Of course the demise of the mighty Parador exposes one of the problems with these companies.


----------



## BabsM (May 24, 2008)

I was not aware of that. It has not been mentioned in any of the recent press articles warning about using agents with appropriate licences. Maybe they have resolved the problem?


----------



## Veronica (Apr 5, 2008)

BabsM said:


> I was not aware of that. It has not been mentioned in any of the recent press articles warning about using agents with appropriate licences. Maybe they have resolved the problem?


I dont think they are licenced yet but the thing is that in actual fact they are not doing anythig illegal as long as they do not call themselves estate agents. To become a registered estate agent you have to take an exam in either Greek or Turkish, this is designed to try to prevent non Cypriots becoming registered estate agents. A registered agent can give valuations and can handle financial matters etc. These agents are paid hefty commissions by the developers often as high as 15%.
However any EU citizen can run a marketing company. Marketing companies can legally help clients to find properties and of course market properties on behalf of vendors. As a marketing company you are paid marketing fees once the property is sold.
We are a marketing company and are a legally registered company with the Cyprus government, however we are not registered estate agents.
There are unforntunately many marketing compaines who do not have registered companies because they do not want to pay the taxes etc which registered companies pay. As a regsitered company our clients are protected by law if we mis-sell or do anything else wrong. However with unregistered companies people will not have the same protection.
So I suppose what I am saying at the end of all that babble is that as longas the company you deal with is registered as a legal entity whether as a marketing company or as an estate agent you are protected.
(Takes a deep breath after all that )


----------

