Paphos has emerged in recent years as one of Cyprus’ most dynamic investment and business destinations. The growing presence of international companies, the expansion of investment activity, and the continuous upgrading of infrastructure are shaping a new economic landscape with significant growth prospects.
ASSERTUS, an audit, tax, and advisory firm with a team of more than 50 professionals and a client portfolio spanning all sectors of the economy across more than 20 countries in Europe and Asia, is at the forefront of this transformation, supporting businesses and investors across a broad range of activities.
Nikos Kouvaros, Co-Founder and Chief Executive Officer of ASSERTUS, discusses the transformation of Paphos, the opportunities emerging across the district, and the challenges that lie ahead.
What role does ASSERTUS play in Paphos’ current growth momentum, and how do you assess the evolution of investment interest in recent years?
For an economy to grow and prosper, it needs strong professional service providers with expertise, credibility, and a genuine understanding of market needs. We believed in the prospects of Paphos long before they became widely recognised. That is why, in 2017, we took significant entrepreneurial risks and founded ASSERTUS with a clear objective, to build an organisation capable of providing meaningful support to entrepreneurs, investors, and organisations through specialised knowledge, efficiency, and high-quality professional services.
When we started, many still viewed Paphos primarily as a tourism destination. We saw far greater potential. We saw Paphos as a location with the potential to become a strong business and investment centre capable of attracting high-quality investments, new businesses, and highly skilled professionals. For that reason, we invested from day one in our people, our expertise, and our infrastructure, with complete confidence in the region’s long-term prospects.
At the same time, we invested substantially in building a strong team. We succeeded in bringing together professionals who excelled in their respective fields, as well as individuals who had been forced to pursue career opportunities in other cities in search of better prospects. This team has earned the trust of entrepreneurs and investors both in Paphos and internationally and, in several cases, has played a decisive role in influencing foreign entrepreneurs and investors to establish and expand their activities in the district.
ASSERTUS is in daily contact with the real economy of Paphos. We support local and international businesses through a broad range of services, including strategic advisory, audit and tax services, accounting support, payroll administration, corporate management, internal audit, and compliance solutions. Through this continuous interaction, we gain a comprehensive understanding of market developments, business needs, and future opportunities.
Our client portfolio includes entrepreneurs and investors from more than 20 countries and spans a wide range of sectors, from real estate development and construction to technology, education, healthcare, trade, tourism, and international business services. This allows us to witness first-hand the changes taking place across the economy of Paphos.
Only a few years ago, Paphos was associated almost exclusively with tourism and the holiday home market. Today, we are witnessing the dynamic growth of new and highly promising sectors. What I observe every day through our clients is that Paphos is increasingly attracting international businesses, investors, and highly skilled professionals who choose the district not only as a place to live, but also as a place from which to grow their businesses. This is perhaps the clearest indication that Paphos is becoming a more mature, competitive, and resilient economy.
It is extremely gratifying to see this transformation taking place. When we founded ASSERTUS, we believed deeply in the prospects of Paphos and invested in it at a time when many remained cautious. Today, we see that conviction being validated through the investments being implemented, the new businesses establishing themselves in the district, and the opportunities being created for its people. That is why I firmly believe that Paphos’s economy is undergoing a period of adjustment, transformation, and meaningful strengthening, creating significant opportunities and prospects for everyone.
As ASSERTUS, we consider it particularly important to continue contributing to this journey by supporting our clients and partners with meaningful, tailored, and timely solutions, precisely when they need them most.
Paphos appears to be attracting increasing investment in real estate, tourism, services, and infrastructure. Which sectors do you believe offer the strongest prospects over the coming years?
Real estate, construction, and tourism will continue to serve as key pillars of Paphos’ growth, maintaining strong momentum and making a significant contribution to the district’s economic activity. It is worth noting that approximately 25% of Cyprus’ real estate market is generated in Paphos, while the district accounts for around 33% of the country’s tourism activity.
At the same time, tourism continues to offer substantial room for further expansion. When comparing Cyprus and Paphos with other established destinations in the region, such as Crete, it becomes evident that the growth potential remains considerable. Equally important is the steadily increasing role of self-catering tourist accommodation, a sector that already contributes more than 3% of the country’s GDP, with almost 40% of that activity generated in Paphos. This is a market that offers immediate opportunities for entrepreneurship and income generation, whether through the utilisation of privately owned properties or through services that support the sector.
At the same time, the most significant opportunities of the next phase are expected to emerge from the modernisation and diversification of our economic model. Professional services, technology, e-commerce, digital services, healthcare, education, and activities linked to international business all demonstrate particularly strong growth prospects. It is no coincidence that technology companies already contribute approximately 14% of Cyprus’ GDP, with around 10% of that contribution generated in Paphos.
In recent years, we have seen international companies and technology businesses actively choosing Paphos as a base from which to expand their operations. This is perhaps the strongest indication that the district’s economy is broadening, becoming more resilient and increasingly competitive. At the same time, the growth of these sectors creates a positive ripple effect across the wider economy, benefiting everything from trade, professional services, and hospitality to the primary sector and light industry. As a result, the opportunities ahead are multi-dimensional and extend across virtually every area of economic activity.
What makes Paphos an attractive destination for investors, businesses, and property buyers compared to other cities in Cyprus?
Today, Paphos offers a unique combination of advantages that make it a highly attractive destination for investors, businesses, and property buyers, both locally and internationally. Its natural environment, favourable climate, safety, and high quality of life remain enduring strengths that continue to enhance its appeal.
At the same time, improved international air connectivity, the rise of technology and remote working, together with the incentives introduced by the Republic of Cyprus to encourage the genuine relocation of businesses and investors, have created the conditions for an environment where business activity and quality of life complement one another.
Equally important has been the contribution of the district’s land development sector, which has consistently enhanced the region’s investment proposition through high-quality projects and modern developments. In addition, competitive living and operating costs, access to high-level professional services, and the continuous upgrading of infrastructure further strengthen Paphos’ competitive advantage.
Personally, I believe Paphos’ greatest asset is that it has managed to retain its human character. Despite its dynamic growth, it remains a city defined by authenticity, accessibility, and quality of life. Growth is important, but it is equally important to preserve the qualities that make people want to live, work, and invest here.
What are the key challenges that need to be addressed to ensure that Paphos’ growth remains sustainable, balanced, and beneficial for the local community?
If Paphos is to fully realise its potential, we need to move faster and more decisively on a few critical issues. Upgrading infrastructure through long-term planning, reducing energy costs, modernising the public sector, particularly at the local level, ensuring the availability of skilled talent, embracing technology and artificial intelligence, reducing bureaucracy, and accelerating licensing procedures are not merely desirable developments. They are essential prerequisites if we are to sustain and strengthen the momentum that has been created in recent years.
At the same time, we must not lose sight of the qualities that make Paphos unique. Protecting the natural environment, managing residential development responsibly, ensuring the availability of affordable housing for residents, supporting families, and preserving social cohesion are issues that must be addressed proactively and with determination.
I believe growth creates real value only when its benefits reach society and improve people’s everyday lives. Success should not be measured solely by economic indicators or the volume of investment attracted, but also by whether it creates more opportunities, stronger prospects, and a higher quality of life for the people who live, work, and do business in Paphos. In my view, that should be the true measure of our success in the years ahead.
How are changing market needs, such as quality of life, sustainability, and modern infrastructure, influencing ASSERTUS’ strategy in Paphos?
The evolving needs of the market directly influence the way we shape and develop ASSERTUS. In a business environment that is constantly changing, adaptability is not simply an advantage; it is a prerequisite for success.
From a people perspective, we believe that attracting and retaining talented professionals requires creating an environment where they can genuinely thrive. That is why we continuously invest in workplace quality, modern infrastructure, technology, the integration of artificial intelligence, flexibility, and, more broadly, a healthy balance between professional and personal life. Our people have always been the most valuable asset of ASSERTUS and remain the foundation upon which we continue to build our future.
At the same time, we see every day that our clients are seeking more modern, responsive, and flexible solutions. This drives us to invest continuously in new tools, new ways of communicating and collaborating, and technologically advanced services that address the real needs of businesses.
More broadly, we continue to invest in knowledge, expertise, and our people so that we can deliver meaningful value to our clients. Our goal is not simply to provide services, but to act as a trusted partner that helps businesses and investors make better decisions and create long-term value.
What is your vision for Paphos over the next decade, and what role can ASSERTUS play in this new phase of development?
Paphos has all the ingredients required to become one of the most attractive business and investment centres in the Eastern Mediterranean. It benefits from a strategic location, an exceptional quality of life, growing international recognition, and, above all, a momentum that has become increasingly evident in recent years. The challenge now is to capitalise on that momentum by attracting quality businesses and investments, while responding effectively to the challenges that lie ahead.
Warren Buffett famously said that it takes 20 years to build a reputation and five minutes to ruin it. I believe this applies equally to a city, an economy, or an organisation. Over recent years, Paphos has built a strong reputation for credibility, openness, and attractiveness. It is our collective responsibility to protect and strengthen that reputation through decisions that create genuine and lasting value.
I envision a Paphos that continues to grow with balance, confidence, and an outward-looking mindset. A district that attracts quality investment, supports entrepreneurship and innovation, creates opportunities for its people, and offers even stronger prospects for future generations.
At ASSERTUS, we will continue investing in our people, knowledge, and technology so that we can stand alongside businesses, investors, and organisations seeking growth with substance and long-term perspective. With more than 39 years of combined experience, a team of over 50 professionals, and a comprehensive range of services, we remain committed to what we consider most important, creating real value for our clients.
