Escrow ‘essential’ for cyprus investors

Foreign property investors should use an escrow account, according to an industry figure with experience of handling overseas deals...

Ewan McGarrie, chief executive of PropertyInvestment.co.uk, said: "What you should look at ideally, and this is something that not all developers have, is what's called an escrow account.

"This is where your money is held independently from the developer and this is something all investors, especially the more cautious ones, should always seek. That’s where your deposit money is held – therefore if the developer goes bankrupt, your money will be protected."