The Monastery was founded in 1750 by the archbishop of Paxi, Chrisanthos Petropoulos and it is dedicated to the Annunciation of the Virgin. It is called the Monastery of Kipouria due to the many gardens looked after by the holy fathers to be self-sufficient.
. In 1915 it was bombarded by the French when, during a misty day, the cruiser mistook the chimney for the enemy's ship. The Monastery was further destroyed by the 1953 earthquake. Over the last 15 years the remaining buildings have been rebuilt by the only monk who lives at the Monastery. In the church you can see the miraculous icon of Annunciation and the sculls of the Monastery founders.
The last remaining monk at Kipouia is father Eusevios who lives at the monastery and since the early 1990's has been dedicated to rebuilding the monastery buildings.