Sustaining Limassol’s Growth Is the Next Challenge

The growing connection between technology, shipping, financial services and professional services could play an important role in the next phase of Limassol’s growth.

Interview with George Themistocleous, Managing Partner and CEO, RSM Cyprus | Published in Insider - Issue October 2026.

Turning growth into long-term competitive advantage

George Themistocleous, Managing Partner and CEO of RSM Cyprus, stays optimistic about Limassol’s growth prospects. Speaking to *Insider*, he notes that the city has shown it can attract international businesses and investment interest and has the right conditions to further strengthen its position in the years ahead.

For Mr Themistocleous, the next step is to move from growth to establishing Limassol’s position on a more sustainable foundation. “In other words, we need to ensure that the potential that has been created can be transformed into a long-term competitive advantage for the city and the wider economy.”

For RSM Cyprus, he notes that the objective is to remain a trusted business partner with a deep understanding of its clients’ needs, combining strong local market knowledge with the expertise and international reach of RSM’s global network.

Insider: How would you assess Limassol’s position within Cyprus’ current business landscape, and what characteristics make the city attractive as a business centre?

G.T.: Limassol has established itself as one of Cyprus’ leading business centres, with a strong international outlook and a particularly dynamic business ecosystem. The presence of international companies, the city’s well-established shipping sector and the continued growth of areas such as technology, financial services and professional services all have a significant impact on this position.

At the same time, Cyprus’ strategic geographical location, together with the increasingly international character of Limassol itself, makes the city particularly attractive to businesses with cross-border operations.

The challenge, though, is to build on these advantages by continuing investment in infrastructure and innovation, and in an overall business environment that can respond effectively to constantly changing market conditions.

Insider: What role does RSM Cyprus play in Limassol’s business ecosystem, and how has your presence and activity in the city evolved in recent years?

G.T.: Limassol has long been central to our activities and to our relationship with the Cypriot business community. Over the years, our work has developed in response to changes in the market and to the increasingly complex demands businesses are facing.

Our role is to support businesses by providing audit and assurance, tax and advisory services which address both their day-to-day requirements and the more complicated challenges resulting from growth and international expansion.

With the integration of our in-depth knowledge of the local market with the expertise and resources of RSM’s global network, we can effectively support businesses with both local and international operations.

Finally, our aim goes beyond helping clients meet their responsibilities. We want to help them make better-informed decisions and build their businesses on strong and sustainable foundations.

Insider: Limassol is attracting more international companies and investment. What new needs does this create for professional services firms such as RSM Cyprus?

G.T.: Increasing internationalisation creates significant opportunities, but it also makes the business environment considerably more complex. Companies are now operating within an environment shaped by constantly evolving tax and regulatory requirements, technological developments and elevated expectations around corporate governance.

At the same time, digital transformation, the growing use of artificial intelligence and cybersecurity continue to introduce new requirements, both operationally and in terms of governance and risk management.

This is also changing the role of professional services firms. The need is no longer limited to addressing a specific tax or audit requirement. Businesses increasingly need advisors who understand their operations as a whole, can identify risks and opportunities early and can support them as they grow within a demanding international environment. This is the approach we follow at RSM Cyprus.

Insider: Which sectors do you believe will shape the next phase of Limassol’s growth, and what new business needs will emerge from this transition?

G.T.: Limassol has a highly diversified business ecosystem, with a strong presence in shipping and professional services, while the continued development of technology and financial services is creating new opportunities.

I believe these sectors will continue to play an important role in the city’s future growth, with technology becoming increasingly relevant within traditional industries as well.

"The further convergence of technology with shipping, financial services and professional services could become an important part of the next phase of Limassol’s development." 

At the same time, growth in these areas is creating increasingly complex requirements for businesses, particularly in taxation, regulatory compliance, risk management and technology. As professional advisors, we must continually adapt our approach so that we can provide meaningful support to businesses at every stage of their development.

Insider: How important is access to skilled professionals for Limassol’s continued growth, and how does RSM Cyprus contribute to developing and retaining talent in the city?

G.T.: Human capital is one of the most important factors determining the long-term competitiveness of Limassol and Cyprus as a whole.

As businesses adopt new technologies and operate in an increasingly demanding environment, they need people with specialised knowledge and the competence to adapt and keep developing their skills. In a sector such as ours, the quality of the services we provide is directly linked to the knowledge, experience and capabilities of our people.

At RSM Cyprus, we consistently invest in our people's training and professional development and provide clear pathways for career progression. We also place particular emphasis on creating opportunities for the next generation of professionals, enabling them to develop their careers here in Cyprus.

In my view, Limassol’s ability to continue attracting, developing and retaining skilled professionals will be critical to preserving its growth in the years ahead.

Insider: As Limassol continues to develop rapidly, what challenges could affect its competitiveness in the coming years, and what priorities should be addressed to support sustainable growth?

G.T.: Limassol’s current growth is remarkable. The key question, however, is how we ensure that this growth can be sustained over the long term.

Modern and efficient infrastructure, energy security and energy costs, as well as businesses’ ability to respond to an ever-changing regulatory and technological environment, are all important factors that will influence the city’s future competitiveness.

Housing availability and affordability must also be considered. They have a direct impact on Limassol’s ability to attract and retain talent and therefore cannot be separated from the wider discussion around the city’s long-term competitiveness.

Geopolitical uncertainty adds another dimension that cannot be ignored. For a small and open economy such as Cyprus, growth must be accompanied by resilience and the ability to adapt to external developments. International geopolitical developments inevitably affect the business environment, making it even more important to strengthen the Cypriot economy's resilience.

Limassol’s next phase of growth will therefore require coordination and meaningful collaboration between the public and private sectors, ensuring that infrastructure, skills and the wider business environment keep pace with the requirements of a modern international business centre.

Insider: Going forward, how do you see Limassol developing over the next few years, and what role will RSM Cyprus play in the city’s growing business environment?

G.T.: I am optimistic about Limassol’s future. The city has shown it can attract international businesses and investment, and I believe it has the foundations to strengthen its position further in the years ahead.

The next step, in my view, is to move from growth to establishment. In other words, we need to ensure that the potential that has already been created can be transformed into a long-term competitive advantage for the city and for the wider economy.

In this changing business environment, our role is to continue developing alongside the businesses operating in Limassol and respond to new needs as they emerge.

We aim to remain a trusted partner with an in-depth understanding of business needs, combining our knowledge of the local market with the expertise and international reach of RSM’s global network.

Originally published in Insider (issue October 2026)

Read the original interview in Greek