Cyprus is opening a new chapter in the diversification of its economy with the attraction and upcoming legislative regulation of “Family Offices,” or more accurately in Greek: Offices for the Management of Family Wealth.
In recent days, a high-level event was held in Limassol, bringing together key stakeholders from the financial, regulatory, and private wealth management sectors to discuss the future of “Family Offices” in the country.
Mr. Theodoros Parperi, the event organiser and President of the Family Office Connect Cyprus (FOC), spoke to “Phileleftheros.” FOC is a platform created in 2025 with the aim of promoting dialogue, cooperation, and innovation in the ecosystem of family offices in Cyprus and internationally. Its goal, through strategic events and initiatives, is to establish Cyprus as a leading jurisdiction for “Family Office” services.
As Mr. Parperi explained, a “Family Office” is a specialised structure that manages the wealth, investments, and personal affairs of an affluent family. It provides services such as investment management, tax planning, legal support, philanthropic activities, and succession planning.
According to him, there are two main types: the Single Family Office (SFO), which serves only one family, and the Multi-Family Office (MFO), which serves multiple families, offering shared services.
Now, concerning the establishment of a “Family Office,” this requires strategic planning and legal guidance, selecting the appropriate jurisdiction (i.e., Cyprus), defining the structure (SFO or MFO), and collaborating with financial professionals, such as lawyers, tax consultants, and investment advisors.
What kind of organisations they are
“Family Offices” are private structures and not open-ended investment funds. They focus on serving the needs of a single family, not third-party investors, and do not necessarily require licensing (especially SFOs), unlike other organisations in the investment sector. Therefore, they are able to invest in investment funds.
According to experts, their advantages include absolute control and flexibility, personalised investment strategies, tax and legal optimisation, and long-term planning for succession and wealth preservation. The elements of absolute control and flexibility can make financing for economic development programmes, such as the notorious startups or the strengthening of existing businesses, easier and more agile.
Furthermore, as noted by individuals active in the sector, “Family Offices” can offer significant advantages for the Cypriot economy, both directly and long-term, as they can attract foreign investment, create high-quality jobs, assist in the growth of the professional services sector, enhance Cyprus’ reputation as a financial centre, and offer long-term stability and diversification. Drawing examples from other countries with many registered family offices, such as Singapore, these organisations are active in philanthropy—an area from which Cypriot society can greatly benefit.
Already operating in Cyprus
According to data gathered by “Phileleftheros,” there are already active “Family Offices” in Cyprus, both from Cypriots and from families outside Cyprus, who ultimately choose our country due to its tax stability, legal system, and the quality professional services it offers.
Discussing this new emerging sector further, we found that an official legal framework is absent in Cyprus, which prevents a complete recording of all data, while simultaneously affecting the sector’s development in Cyprus.
The establishment of “Family Office Connect Cyprus”
According to our information, an organised effort began in 2025 with the establishment of the “Family Office Connect Cyprus” (F.O.C.), which aims to create an institutional framework for Family Offices in Cyprus. According to this platform, certain initial steps are required to strengthen the sector, such as establishing a legal framework for SFOs, introducing Private Foundations as a tool for succession and philanthropy, simplifying the registration process, and crucially, ensuring proper transnational cooperation with institutions like the Cyprus Securities and Exchange Commission (CySEC), the Ministry of Commerce, and the Registrar of Companies Office.
