Theo Parperis, Managing Partner & Co-founder of Kiteserve, Founder and Executive Chairman of Family Office Connect Cyprus and Founder of Ependisis.com views the local business landscape from a unique vantage point.
From his decades-long experience as a Partner at PwC Cyprus to his more recent role as Founder and Executive Chairman of Family Office Connect Cyprus, he is able to draw on an extensive depth of knowledge to identify the prospects for Cyprus’ professional services and family office sectors and offer a clear analysis of the way ahead.
How would you describe the current business environment in Cyprus and what excites you most about it?
In one phrase: exceptionally promising. Cyprus currently enjoys a highly favourable business outlook across many sectors, particularly services, which remain the anchor of our economy. Financial services, technology, shipping, education, tourism and professional services are all well-positioned for substantial opportunities and sustainable growth.
Cyprus’ unique advantages – its strategic position at the crossroads of Europe, the Middle East and Africa, combined with its English-speaking, business-friendly culture, competitive tax system, highly qualified professionals and exceptional safety and quality of life – create an attractive ecosystem which is becoming increasingly recognised and appreciated globally.
Cyprus, therefore, has a genuine opportunity to convert its strengths, regional relevance and growing international profile into investment, new businesses and attract talent. What excites me most is that Cyprus is no longer merely promoting its potential – the international business community is embracing it better than before.
How has the conflict in Iran and the Gulf affected capital flows to and from Cyprus? Have you seen increased interest from Middle East and Gulf investors and fund managers looking to relocate here or is interest shifting away from Cyprus?
The conflict in the Gulf has demonstrated just how challenging our region can be. Dubai had long been regarded as the region’s ultimate destination for business freedom, connectivity and safety but recent developments have caused investors and professionals to reassess geopolitical risk more carefully. Cyprus, as an EU member state, has maintained its position as one of the region’s most stable and secure jurisdictions for business. Combined with its tax framework, professional infrastructure, quality of life and strategic location, the island is an increasingly compelling alternative.
We are already seeing High Net Worth Individuals, fund managers and professionals – some of whom had been considering relocating from the UK or continental Europe to the UAE – reassessing their plans. Cyprus is now featuring much more prominently in these discussions. However, interest has not yet translated into relocations and investment on the scale that could be achieved, due to the three recurring limitations identified by Kreab London, in their recent work for Invest Cyprus: (1) bureaucracy and the insufficient digitisation of government processes; (2) a conservative and sometimes inflexible banking system; and (3) Cyprus’ international reputation.
Addressing these issues decisively would allow Cyprus to convert substantially more international interest into real business and investments into the country.
As Co-Founder and Managing Partner of Kiteserve, what made you decide that there was demand for a boutique firm such as this? How do you differentiate your offering from that of so many other well-established firms?
There was – and continues to be – growing international demand for boutique professional services firms capable of offering the technical quality associated with the major global network firms but with a more personal, flexible and responsive approach.
Together with my founding partners, we established Kiteserve to operate precisely in that space. Today, we are a high-quality, medium-sized boutique firm of approximately 45 qualified professionals. We provide the principal services normally expected from a large network firm, including audit, tax advisory, corporate and business support, immigration services and financial consulting. Our core clients are large privately owned businesses, family offices and High Net Worth Individuals. They expect high technical standards but they also value speed, flexibility, direct access to decision-makers and genuine partner-led relationships.
Our key differentiator, compared to other medium-size firms, is the depth and quality of our experience. All our partners, directors and many members of our wider team have Big Four backgrounds. That experience is embedded in our culture, quality standards and professionalism. In essence, we combine institutional-quality expertise with the accessibility and agility of a boutique firm.
In 2025, you founded Family Office Connect Cyprus. What has the reception been so far to the organisation and what will its success mean for Cyprus?
I am extremely proud of what Family Office Connect Cyprus has achieved in its first year. Family Office Connect (FOC) is a non-profit organisation with three principal objectives: (1) to represent the interests of local and international family offices based in Cyprus; (2) to advocate for an appropriate legal and regulatory framework for family offices; and (3) to promote Cyprus as an international family-office hub capable of attracting investment, expertise and high-quality employment. The organisation has received exceptional support and market recognition because the business community understood that such a platform was clearly missing from the Cyprus ecosystem.
In just one year, FOC has gained almost 50 members, secured three major sponsorships and developed strong engagement with the wider business community, CySEC and the Ministry of Energy, Commerce & Industry. We have also signed Memoranda of Understanding with Invest Cyprus, CIBA and STEP, while further agreements with the professional associations representing accountants and lawyers are in progress.
During our first year, we have organised four successful events, including a major stakeholder consultation on the proposed family-office legal framework. Its success could be highly significant for Cyprus. A thriving family-office ecosystem would attract not only capital, but also entrepreneurs, investment professionals, specialist advisers and international families seeking a stable long-term base.
What is driving increased investment through Family Offices and why has Cyprus emerged as a desirable location compared to others in the EU?
Rapid developments in technology, digital commerce and social media have contributed to an extraordinary increase in privately created wealth worldwide. As this wealth grows, so does the need for professional structures to protect and manage it, coordinate investments and philanthropy, and ensure effective succession across generations. It is estimated that the number of family offices globally has increased from approximately 2,000 to 15,000 over the past 15 years. This is not a temporary trend; it represents a fundamental change in how private and intergenerational wealth is managed.
Despite not yet formally recognising family offices or providing a dedicated legal framework for them, Cyprus has already attracted many such organisations. Its appeal is based on its EU membership, attractive tax system, extensive double-tax-treaty network, highly qualified professional community, business-friendly culture, safety and, of course, the quality of life. With the adoption of a suitable legal framework, Cyprus could establish itself as one of Europe’s leading family-office jurisdictions. The opportunity is considerable and, in this area, the sky really is the limit.
Last year, you also founded Ependisis.com. What was the thinking behind that venture?
I founded Ependisis.com in 2025 to address what I saw as a clear gap in the local market. Cyprus remains a largely relationship-driven market, while project finance, private equity, mergers and acquisitions and alternative financing are still relatively underdeveloped. At the same time, many commercially viable projects cannot access traditional bank financing because they do not meet conventional security requirements.
Ependisis.com is designed to bridge that gap by creating a more structured and transparent platform through which credible projects can gain visibility and connect with potential investors. In this way, it can make the domestic investment market more efficient, while also presenting opportunities in Cyprus to a wider pool of international capital. I am particularly pleased that we have already assisted three projects. This is only the beginning but it demonstrates that there is genuine demand for a more modern and accessible investment marketplace in Cyprus.
Your career has included many high-level roles, all of them incredibly demanding. You’re also known for excelling in gruelling endurance sports. Is there a connection?
I have always had high energy levels and a strong desire to challenge myself both professionally and personally. That is why I have pursued demanding leadership roles while also participating in endurance events such as marathons, triathlons, Ironman and Oceanman competitions. The secret, if there is one, is that I do not view business and sport as competing demands. For me, they reinforce each other. Endurance sports develop discipline, resilience, focus and the ability to remain composed under pressure, all qualities that are equally valuable in business.
At the same time, challenging professional roles give me the motivation and mental energy to pursue ambitious sporting goals. I set high standards for myself in everything I undertake but balance is equally important. Despite a very demanding schedule, I devote time to my family and friends. They are my foundation and my most important source of perspective and renewed energy. Thankfully in that aspect, I have a very supportive and understanding partner – my wife Niki!
(Original photo by TASPHO)
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
