Fiduciary services

Selling real estate in Cyprus often seems straightforward only at the initial stage. The seller and buyer have agreed on a price, lawyers have prepared the contract, the buyer has paid a deposit, and the bank is arranging financing. But as the transaction nears completion, a key practical question arises: how exactly will the seller receive the money?

The situation becomes especially complex when the seller does not have a valid bank account in Cyprus and the buyer is purchasing the property with a bank loan. In such a transaction, the buyer's bank typically wants to control the final payment, title transfer, and mortgage registration. The seller, in turn, cannot transfer title without assurance that the funds will be received.

If the seller doesn't have a Cypriot bank account, the standard arrangement may not work. The buyer's bank may refuse to transfer the loan funds directly to the seller's foreign account. Sometimes the bank is willing to issue a bank check at the final stage of the transaction, but such a check must be accepted through a properly regulated entity.

For such cases, we offer real estate sales support using a client account.

What we offer

We support real estate transactions in Cyprus that present additional challenges: the seller's lack of a Cypriot bank account, the buyer with a bank loan, the need to accept a bank check, obtaining a tax certificate for the transaction, cross-border receipt of funds, additional bank checks, and approval of the money flow procedure.

Our service goes beyond simply drafting a purchase and sale agreement. We help bring the transaction to completion: agreeing on payment arrangements, preparing documents for tax authorities and the Land Department, establishing a secure payment collection process, utilizing a client account, and arranging for the distribution of funds after the transfer of ownership.

As a regulated company in Cyprus, PPB INC LIMITED can facilitate such transactions using a client account designed to receive, store, and distribute client funds within a specific transaction. This is especially important when the buyer receives a bank loan and the final payment must be made by check or other method acceptable to the bank.

Why do you need a client account?

A client account helps to close the practical gap between the interests of the seller, the buyer and the bank.

The seller wants to receive the money before or simultaneously with the transfer of title. The buyer wants to register the property in their own name. The buyer's bank will only issue the loan if they can register the mortgage and protect their rights.

If the seller does not have a Cypriot bank account, the parties may find themselves in a deadlock: the bank is unwilling to transfer funds directly abroad, and the seller is unwilling to sign title deeds without a clear guarantee of receiving the funds.

Using a client account allows for a working arrangement: funds are deposited into the client account, held until agreed terms are met, and then distributed in accordance with the transaction documents and written instructions of the parties.

Taxes, municipal fees, transaction expenses, and fees to agents, lawyers, lenders, and other recipients can be paid from the client account. Upon completion of the transaction, the net amount is transferred to the seller using the previously agreed-upon payment details.

We take on complex cases

Some transactions require more thorough preparation than a standard property sale. This applies to situations where the seller is located outside of Cyprus, does not have a local bank account, or must agree in advance with the bank on how to receive funds after the sale. In such cases, we help develop a clear and legal transaction structure to ensure payment, property transfer, and distribution of funds proceed without unnecessary delays.

In other cases, the property itself requires additional preparation: it is necessary to obtain a tax certificate, confirm the absence of debts, check the title deed, mortgage, registered restrictions or other encumbrances.

We handle such complex transactions and assess not only the legal aspects but also the seller's practical ability to receive funds in advance. We check where and how the seller will receive the net proceeds after the sale, what documents the bank will require, whether a bank check can be accepted, what explanations and confirmations need to be prepared, and what steps need to be completed before the property transfer date.

If necessary, we can offer additional solutions, including assistance with opening a bank account outside the seller's country of residence, preparing bank documents, supporting verification of the origin of funds, and a more comprehensive structure for receiving funds in another jurisdiction.

All such decisions are implemented only in a legal manner, after verification of the client, transaction documents, origin of funds, nature of the transaction, and bank requirements.

What is included in the support?

We analyze the property's documentation, title deed, sales contract, payment terms, and the buyer's bank financing status.

We interact with the buyer, the buyer's lawyer, the buyer's bank, tax authorities, the Land Department, the municipality, and other parties to the transaction.

We help prepare and coordinate the flow of funds: who pays, to whom, when, in what way, and under what conditions.

We assist in obtaining tax certificates and other documents required for the transfer of ownership.

We will arrange for the use of a client account to receive, store, and distribute funds if such a structure is suitable for a specific transaction and is accepted by the bank.

We agree on the procedure for accepting a bank check or bank transfer at the final stage of the transaction.

We prepare a final settlement for the transaction: what amounts have been received, what amounts have been withheld, to whom they have been transferred, and what net amount is payable to the seller.

Who is this service for?

This service is suitable for sellers of real estate in Cyprus who do not have a Cypriot bank account, are located outside of Cyprus, are selling to a buyer with a bank loan, cannot accept a bank check directly, or need a professional coordinator who understands the legal, tax and banking aspects of completing the transaction.

It is also suitable for real estate agents and lawyers who are faced with a situation where standard transaction support is no longer sufficient: the buyer is ready to buy, the bank is ready to finance, but the issue of cash flow and safe completion of the transaction must be properly resolved.

Important limitation

The use of a client account does not constitute a bank guarantee, a guarantee of payment by the buyer, or a way to circumvent banking, sanctions, currency, or other restrictions.

All transactions are carried out only after client verification, confirmation of the origin of funds, verification of transaction documents, approval by the bank, and receipt of written instructions.

Our goal is not to circumvent the rules, but to properly structure the transaction so that it can be completed legally, safely, and practically.