Paphos Life

What are the pitfalls of opening a complex bank account and how do we avoid them.

You should have a separate bank account for a complex. When we lived on a complex everyone put in their own fees but they were managed by the treasurer, who paid the bills. Sadly we had to change to a management company who make a separate agreement with each household. This was because of one individual who moved in and decided that he would pay what he thought rather than going with the majority which is what had always been done at the meetings. You have to send out quarterly records, so that everyone can see what is happening to their money. . I used excel but there are many ways of keeping accounts.

Les

Varky has asked a reasonable question which I think, out of respect, deserves a reasonable answer. If you don't know the answer, why reply to the question?

Alan

I saw the funny side it it Les Bean

Legally you’re required to have a maintenance account for your complex, ours is with the Hellenic Bank was reasonably straightforward to open once they’ve received all the relevant information required, does take a few visits. You can have more than one card holder which is a plus point.

We have a separate bank account for our complex but have run into big problems because of Committee members not being permanent residents in Cyprus. To make any changes to the account such as when committee members change, setting up new standing orders and so on, the bank requires all of the signatories on the account to visit the bank branch together.
At the moment, because all signatories have not visited the branch together for more than 3 years to update their personal details our treasurer can't even make payments etc using online banking !

So, I will be following any other replies to this post in case there is a simpler way out of our current dilemma, such as being able to open a new account with a bank that is more accommodating to non resident account holders.

Thanks for all the replies so far including the 'simple' reply. and thank you emgee for coming to my defence

I was thinking more in terms of what to call the account so that we would legally avoid the requirement to pay tax or any other similar charges I heard that if you used the word association in the title of the bank account you had to pay a €300.00 registration fee and were liable to tax.

Varky wrote: ↑Wed Sep 08, 2021 5:17 pm I was thinking more in terms of what to call the account so that we would legally avoid the requirement to pay tax or any other similar charges I heard that if you used the word association in the title of the bank account you had to pay a €300.00 registration fee and were liable to tax.

We call ours the Tala XYZ Residents Association

This is of course incorrect as it's an owner's association but when I asked at the bank about the last two words they simply gave us the Cyprus shrug!!!!

Hi Varky

Don’t use the word association. Management Committee is the correct legal name. Advice about account holders not being resident is very true. It is very difficult to get past committee members removed and new members added unless a personal visit to the bank is made. Cyprus based committee members therefore make this process easier. Have a written procedure for what is expected of committee members in the event they are not re-elected or resign as regards bank accounts.

This is an article regarding the use of the name ‘association’ and the problems that could create. https://www.news.cyprus-property-buyer ... 154327?amp

Jeanne