This church is located on the island of Innousses and was founded by the ship owning family of Panaghou and Katingo Pateras in 1962. It is built in Byzantine- style architecture and contains frescoes by the famous hagiographer Fotis Kontoglou, whose painting techniques are extremely austere. The Annunciation of the Virgin Mary maintains strict rules and regulations concerning its operation.
There are 18 nuns who live in the Monastery. They are mainly occupied with knitting, hagiography, embroidering in gold and the sewing of church vestments.