"The Cyprus financial services sector is in a strong and genuinely promising position. Having successfully navigated a period of significant transformation, it has emerged more diversified, more resilient and more internationally competitive," Emilios Tannousis underlines.
Tannousis, MCSI, FCCA, is well-placed to provide insight on the topic. A long-term stakeholder in the island's professional services sector and Partner at Gravity Private Wealth Ltd, he was recently also appointed President of the Chartered Institute for Securities & Investment (CISI) Cyprus National Advisory Council. CISI is a global professional body that sets the highest standards of professional excellence in a broad range of financial services disciplines.
As well as sharing his view of the professional services sector and its prospects in an interview with CBN, Tannousis also revealed his priorities within the new role of President of the CISI Cyprus National Advisory Council
Among other things, Tannousis said, "Having previously served as Vice President, I come into this presidency with a clear understanding of both the progress that has been made and the opportunities that lie ahead. My primary focus will be on further strengthening professional standards across the local financial services community, ensuring that CISI qualifications and ethical frameworks continue to be recognized as meaningful indicators of competence, professionalism and trust."
He goes on to note, "I also see significant opportunities in Cyprus's growing role as a centre for family wealth management, investment services and financial technology. One of my priorities will be ensuring that the CISI Cyprus NAC actively supports this evolution by fostering collaboration, encouraging professional development and contributing to the continued advancement of the sector."
You were recently named as the new President of the CISI Cyprus National Advisory Council. What are the main things you are aiming to achieve during your tenure?
First of all, I would like to thank you for giving the CISI Cyprus National Advisory Council the opportunity to share its goals and vision. It is a genuine honour to take on this role at a time when the financial services industry is evolving rapidly through technological innovation, changing regulation and increasingly international capital flows.
Having previously served as Vice President, I come into this presidency with a clear understanding of both the progress that has been made and the opportunities that lie ahead. My primary focus will be on further strengthening professional standards across the local financial services community, ensuring that CISI qualifications and ethical frameworks continue to be recognized as meaningful indicators of competence, professionalism and trust.
I am equally committed to promoting ethical leadership as a defining characteristic of how our industry presents itself internationally. Cyprus has made significant progress in strengthening its reputation as a credible financial center, and the quality of its people remains fundamental to sustaining that momentum. An important part of our work will also be encouraging the next generation of professionals to pursue internationally recognized qualifications and embrace lifelong learning, helping to build a strong talent pipeline for the future.
I also see significant opportunities in Cyprus's growing role as a centre for family wealth management, investment services and financial technology. One of my priorities will be ensuring that the CISI Cyprus NAC actively supports this evolution by fostering collaboration, encouraging professional development and contributing to the continued advancement of the sector.
Can you tell us a bit more about CISI’s mission, the ways in which it supports the sector, and the benefits CISI membership provides?
CISI — the Chartered Institute for Securities & Investment — is a global educational charity and professional body dedicated to promoting the highest standards of knowledge, integrity and professionalism across the financial services industry. Operating in more than 100 countries, it combines genuine international reach with local relevance through its network of National Advisory Councils, including ours in Cyprus.
CISI supports the sector through its internationally recognised qualification framework, a comprehensive continuing professional development (CPD) programme, technical and regulatory updates, and a Code of Conduct founded on integrity and ethical behaviour that members commit to upholding throughout their careers.
For firms, CISI provides a structured framework for developing employee competence and supporting regulatory expectations. For individuals, membership offers access to a global professional network, ongoing education and internationally respected designations such as MCSI and Chartered MCSI, which are widely recognised as indicators of professional competence and commitment. In a jurisdiction where reputation is one of the most valuable competitive assets, that carries significant importance for both professionals and the organisations they represent.
The financial services sector is a highly significant pillar of the Cyprus economy. How would you describe the current state of the sector? Do you see potential for further growth?
The Cyprus financial services sector is in a strong and genuinely promising position. Having successfully navigated a period of significant transformation, it has emerged more diversified, more resilient and more internationally competitive. Today, Cyprus hosts a thriving ecosystem of investment firms, UCITS and AIF managers, fund administrators, family offices and professional services firms, all operating within a robust European regulatory framework.
The current geopolitical environment, while undoubtedly challenging, has in many respects reinforced Cyprus's value proposition. As international capital, entrepreneurs and families increasingly seek stable, well-governed jurisdictions offering EU access, legal certainty and cross-border expertise, Cyprus continues to strengthen its position as an attractive destination.
I am particularly optimistic about the continued growth of family wealth management, investment services and financial technology, areas where Cyprus is steadily building capability and where international demand continues to increase. The key will be ensuring that professional standards, education and human capital evolve alongside that growth, which is precisely where CISI can make a meaningful contribution.
Wealth management is an important part of the financial services sector. What are some of the ways Cyprus can expand its offering?
Wealth management represents one of the most exciting growth opportunities for Cyprus, and one where the gap between current capacity and long-term potential remains considerable. The foundations are already in place: European Union membership and passporting rights, a transparent and competitive tax framework, a common law legal system that is well understood by international clients, and a growing ecosystem of multi-family offices, investment advisers and professional service providers supporting cross-border wealth.
To fully realise this opportunity, Cyprus should focus on four key priorities: developing talent, broadening the sophistication of its offering, strengthening the wider wealth management ecosystem, and continuing to enhance its international reputation.
From a talent perspective, the sector requires professionals whose expertise extends beyond traditional portfolio management to include areas such as family governance, succession planning, private markets, alternative investments and sustainable investing. At the same time, firms need access to an increasingly sophisticated range of investment and advisory solutions capable of meeting the complex needs of international families.
Equally important is the continued development of the broader ecosystem, including private banks, custodians, legal and tax advisers, trustees, family office professionals and technology providers. Today's international clients increasingly seek jurisdictions capable of delivering integrated, multidisciplinary solutions rather than isolated services.
Finally, Cyprus must continue pursuing the highest standards of governance, transparency and ethical conduct. The wealth management centres that will lead over the coming decade will be those that combine technical excellence with trust, strong institutions and impeccable governance. Cyprus is well positioned to be among them.
Is there anything else you would like to add in connection with your CISI appointment?
I would like to thank my predecessor, Charles Charalambous, Chartered MCSI, for his leadership and the valuable contribution he has made during his tenure as President of the Cyprus National Advisory Council. I would also like to thank my fellow NAC members for their continued support as I take on this new responsibility.
I am equally grateful to CISI Chief Executive Officer Tracy Vegro OBE and the wider CISI team in London for their confidence and ongoing support. The Cyprus NAC forms part of a truly global professional body, and our objective is to build on that foundation by strengthening professionalism across the industry, encouraging collaboration among practitioners, and supporting the continued development of Cyprus as a respected international financial centre.
Finally, I would like to thank my colleagues at Gravity Private Wealth for their encouragement and support as I take on this additional responsibility. Balancing the presidency alongside my day-to-day role would not be possible without their backing, and I am fortunate to be part of a firm that values contributing to the advancement of the wider financial services profession.
