“Larnaca’s strength will not come from scale but from focus. It is a very human city – warm, honest and approachable. Business is personal and trust comes naturally. People do business with people they like and trust. For that reason, I see the greatest potential in working with founders, entrepreneurs and internationally mobile professionals. These individuals are location-independent. They are looking for a place where they and their families can live well, while continuing to operate internationally. We are already seeing this shift,” suggests Sara Gunnervik in an interview with GOLD magazine. She is a Partner at KENDRIS, Member of the Management Committee KENDRIS International, Office Managing Partner Cyprus & Luxembourg and Executive Director at KEDRIS Capital.
Gunnervik has seen first-hand how Larnaca has evolved since the start of the millennium. With broad professional experience spanning financial services and business development – including a Board role at the Larnaca Chamber of Commerce & Industry (LCCI) – she reflects on the city’s growing potential to become one of the most attractive business environments in Cyprus.
As a member of the LCCI Board, what would you say is the single most important thing that the city must do to further develop as a business destination?
Larnaca has come a long way. Having chosen it as my home 25 years ago, I have seen it grow from a quiet town into a city with real momentum. What makes it special is not only what it has become but what it still can be. If I had to choose one priority, it would be this: Larnaca must become more attractive to international people. Cyprus is a small island. Our growth has always depended on ideas, skills and perspectives coming from abroad. That openness has been one of our greatest strengths. We should also be realistic. Larnaca will not attract the largest global corporations. Instead, it should focus on becoming highly attractive to a specific group – entrepreneurs, professionals and smaller international businesses that are mobile and intentional about where they live and work. This requires more than infrastructure. It is about creating an environment where people feel welcome, where networks are accessible and where daily life works for the whole family. I do, however, see a risk in more inward-looking attitudes. That will limit our potential. Our future depends on remaining open, curious and welcoming. People who come here must feel they belong – otherwise they will not stay. It is always a two-way relationship. For something to last, both sides must gain. Larnaca already offers authenticity, balance and space to grow. With openness and clear direction, it can become one of the most attractive business environments in Cyprus.
You have spent over two decades advising international investors in Cyprus. How have their profile and demands changed?
Twenty years ago, many international investors used Cyprus mainly as a structuring hub. It was a place for specific purposes, not where people built real business presence or chose to live. That has changed. Today’s clients are more mobile, informed and intentional. They choose where to base operations, where their teams can grow and where their families can live well. If something does not work, they move. Expectations are higher. It is no longer enough to offer a technical solution. Clients expect a complete ecosystem – strong services, infrastructure, access to talent and a smooth daily life. Just as importantly, they look for a sense of belonging. This reflects how far Cyprus has come. It is now a credible, functioning business environment with real substance. But it also raises the bar. As a small country, we depend on international people choosing us. That means continuing to build not only our business offering but the full experience of living and working here, while remaining open. Larnaca has a strong opportunity here. Its authenticity and quality of life make it a place where people do not just pass through but choose to stay.
KENDRIS Cyprus’ Larnaca office is the Group’s largest outside Switzerland, acting as a hub directly supporting your Dubai operations. Is Larnaca increasingly functioning as a gateway between European and Middle Eastern wealth?
Cyprus has always been a gateway between Europe and the Middle East. That has been true throughout history and remains so today. As business in the region grows, so does the relevance of that gateway. At KENDRIS Cyprus, we see this clearly. From here, we connect and support operations across Dubai, Switzerland and Luxembourg, helping clients operate seamlessly across regions. While KENDRIS Cyprus historically focused on international clients, we now see growing demand from Cyprus-based businesses with international owners. This includes services such as digital CFO support, accounting, corporate governance, payroll and employee immigration. At the same time, we see increasing interest in family holding structures, international succession planning and the establishment of family offices – both for Cyprus-based families and international families using Cyprus as a base. This reflects a clear shift and a maturing market. What makes this effective is the combination of strengths. Cyprus brings agility and a solution-driven mindset, while KENDRIS’ Swiss foundation adds structure and process. Together, it is a strong combination and one of the reasons for our success in Cyprus.
As Larnaca develops, which areas of the financial services sector do you identify as the most promising for the city?
Larnaca’s strength will not come from scale but from focus. It is a very human city – warm, honest and approachable. Business is personal and trust comes naturally. People do business with people they like and trust. For that reason, I see the greatest potential in working with founders, entrepreneurs and internationally mobile professionals. These individuals are location-independent. They are looking for a place where they and their families can live well, while continuing to operate internationally. We are already seeing this shift. More people from Northern and Central Europe are choosing Cyprus for lifestyle reasons and bringing their businesses with them. With that comes demand for practical, ongoing support for businesses as well as entrepreneurs with international holdings and assets – accounting, digital CFO services, corporate governance, payroll, employee relocation, as well as structuring of family holdings and succession planning. Larnaca is well positioned for this type of growth.
In an interview with CBN in 2023 you said that, “The international battle over talent has already begun.” Three years on, how is Cyprus faring in that battle?
Cyprus is competing well. For a small market, our strength is clear – we rely on international talent choosing to come here. Cyprus has taken smart steps to attract talent, improving both the framework and the overall offering. This has positioned us well. We also see progress in how work is delivered. AI and automation are increasingly used in more standardised tasks, improving efficiency and freeing up time for higher-value work. This supports both individual development and overall business growth. But attracting talent and improving efficiency is only part of the equation. To benefit long-term, we must strengthen our local workforce. International talent brings experience and practical knowledge, which must translate into local capability. This is where education becomes critical. We need to modernise and refocus our education system – starting early. Practical skills, adaptability and international exposure are essential. If we want depth and specialisation, we must prepare young Cypriots for that reality. If we combine international expertise with a stronger local talent base, we create something sustainable – and that is how Cyprus will remain competitive.
This interview first appeared in the April edition of GOLD magazine. Click here to view it.
