If your Cyprus property is on a complex of more than 5 properties, then under Cypriot Law you are required to have a Cyprus Committee who are tasked with looking after the complex in the best interest of all owners.
One of the jobs of the Cyprus Committee is to ensure that every year (within 14 months of the last AGM {ANNUAL GENERAL MEETING}) an AGM is held and all owners of Cyprus Properties are invited to attend.
The general purpose of the AGM is as follows:
- Approval of the minutes of the last years AGM.
- Accounts Presentation – the committee should inform all owners of the financial status of the committee and explain incoming/outgoing payments, the balance in the sinking fund and any large expenditure.
- Election of the new committee
- Any other business.
All owners should be invited to attend and be given adequate notice to be able to attend or appoint a representative on their behalf.
AGMS can only be held if a quorum is obtained at the first meeting.
If a quorum is not achieved then the meeting has to be postponed in accordance with the Cyprus Immovable property law.
The time it takes to have the AGM will be dependant upon a number of factors.
- The size of the complex.
- The number of owners attending.
- The time it takes to discuss ‘any other businesses.
G KOUZALIS LLC as part of the services it provides to their committees assists the majority of their committees in organising their AGMS.
If you are interested in learning more about how we can help you with your Cyprus Committee, please do not hesitate to contact us.