'Limassol now a truly international hub for tech and family offices'

With more than a decade of experience in foreign direct investment and over 15 years in securities markets, Ruslan Adilbaev has built his career at the intersection of capital, regulation and emerging opportunity.

Founder and owner of ELIDI Securities Ltd since 2016, he has overseen the growth of a Cyprus-based, EU-regulated brokerage serving international investors, family offices and entrepreneurs seeking stable access to European markets.

Having arrived in Cyprus ten years ago, Adilbaev has witnessed first-hand the island’s transformation into a hub for technology firms, high-net-worth individuals and cross-border capital flows.

In this interview with the Cyprus Mail, he discusses what makes Cyprus competitive against other EU jurisdictions, how strict regulation can become a strategic advantage, the shifting investment preferences of sophisticated clients, and why stability, diversification and technology will define the next chapter of the island’s financial evolution.

CM: With the recent growth of the tech and family office sectors in Limassol and Nicosia, what makes Cyprus a uniquely competitive jurisdiction for international investors compared to other EU hubs like Luxembourg or Malta?

Cyprus is a country I fell in love with the moment I stepped off the plane for the first time. When you feel this way about a place, the arguments in its favour come naturally. But if we look at it objectively, several key factors are at play. 

First, tax efficiency — a reasonable corporate tax rate within the EU, attractive incentives for newly arrived non-domiciled residents, and an extensive network of double taxation treaties. 

Second, European regulation and clearly defined rules of the game. This creates the predictability that international investors value highly. 

Third, human capital, quality of life, and strategic geographic location. Limassol today has evolved into a truly international hub, attracting professionals from the CIS, Europe, and the Middle East. It is a place where one can not only run a business but genuinely build a life. 

Over the past five years, Cyprus has transformed beyond recognition — and we have been part of that journey for the last decade. 

CM: The EU-regulated brokerage environment is known for its rigour. How does ELIDI Securities ensure a balance between strict compliance with CySEC (Cyprus Securities and Exchange Commission) and providing a seamless, high-speed experience for global clients?

When I first encountered regulatory frameworks, I was disappointed by how unnecessarily complex language was used to explain relatively simple concepts. Translating regulatory requirements from overly technical jargon into clear, practical guidance felt like a major challenge. But once the rules of doing business become transparent, you begin to appreciate the opportunities they create. 

Regulatory requirements are strict, and perhaps even regulators themselves would not always prefer such demanding standards. However, where some see barriers, others see opportunities. 

We built ELIDI with the understanding that compliance comes first. Yet compliance is not antagonistic to client experience — quite the opposite. Once you explain to clients the purpose behind regulatory oversight, you often receive genuine appreciation in return. 

We have always aimed to invest in technology and automated systems without losing the essence of professional judgement. It is essential for us that every client feels there is a robust backend structure actively protecting their interests. 

CySEC’s strict regulatory framework is not an obstacle but a competitive advantage. Our clients are sophisticated investors for whom reliability and asset protection are far more important than saving a few hours during account onboarding. They choose EU jurisdictions precisely because they trust European regulation. 

CM: Cyprus has become a preferred destination for High-Net-Worth Individuals (HNWI) and family offices. What specific investment strategies or asset classes are you currently seeing the most demand for within the local expatriate and business owner community?

We are observing several clear trends. 

Diversification across jurisdictions has become a top priority since 2022. Clients want to hold assets in multiple locations, and Cyprus plays a significant role as an entry point into the European Union. 

Real assets remain a cornerstone of investment strategies, particularly real estate. However, the focus has shifted. Previously, property was often acquired for residency purposes; today, investors are looking for income-generating assets such as commercial real estate and logistics infrastructure. 

Private deals and direct investments are also gaining momentum, particularly in the technology sector. Cyprus is increasingly becoming a platform for structuring transactions involving tech companies across the CIS, the Middle East, and Africa. 

Interestingly, demand for crypto assets has declined as investors have become more conservative and increasingly seek regulated instruments. 

That said, capital markets continue to remain the central liquidity hub. In the era of AI-driven transformation, we expect tectonic shifts in liquidity flows across asset classes, particularly given ongoing geopolitical risks. 

CM: As the ‘International Digital Cooperation Forum’ highlights, digital resilience is key. How is ELIDI Securities leveraging technology to change the way investors in Cyprus interact with global markets?

Digital transformation? Eighteen months ago, I was thinking about how to develop our first AI agent for risk assessment and investment decision support. Six months later, we were already exploring how to build a fully localised internal platform to ensure data protection. Today, for over a year, we have been actively operating a company focused on implementing AI solutions in business, and the scope of tasks continues to expand. 

If we speak about classical machine learning and deep learning technologies, these have been part of our portfolio for years — the success of a digital banking project in Uzbekistan is one example. However, AI today is no longer optional; it has become an operational necessity. I am genuinely pleased that we are entering this space not as early pioneers, but at a time when the latest technological developments allow us to move forward without the constraints of legacy systems. 

In analytics and risk management, we are implementing tools that allow clients to monitor real-time exposure across currencies, sectors, and geographies. For family offices managing diversified portfolios, this is critically important. Our newly developed AI agent, although not yet fully deployed, already demonstrates remarkable speed and analytical precision. 

Cybersecurity for us is not merely an IT task but a strategic priority. We operate multi-layered protection systems supported by audits. 

Through Shai.cy, we are also developing solutions designed to simplify financial planning and wealth management for affluent families. Technology should make complexity manageable. 

CM: Given the current geopolitical climate, how can Cyprus-based investors best insulate their portfolios against volatility while still pursuing growth in the international markets?

Geopolitical uncertainty has become the new normal, and the worst possible reaction is emotional decision-making. 

Diversification across jurisdictions and currencies is essential — not only across asset classes but also in terms of where assets are held and in which currency they are denominated. This significantly reduces political and sanctions-related risks. 

Liquidity serves as protection. Cash remains king. During volatile periods, maintaining a liquid component of 15–20 per cent within a portfolio provides flexibility to react to opportunities rather than simply defending against threats. Short-duration, high-quality bonds, for example, play an important role here. 

A long-term investment horizon is another fundamental principle. While it may sound obvious, it consistently proves effective. Attempts to predict market bottoms or peaks statistically underperform regular investment strategies. 

Asset quality must always take precedence over potential returns. Rational thinking and disciplined analysis remain critical. 

Market corrections are inevitable. However, they eliminate weaker positions and strengthen resilient portfolios. Investors should view corrections as portfolio optimisation rather than crisis. 

Predictability is the most effective stabilising factor during turbulent periods, especially in the current global environment. 

CM: Looking ahead the next 3–5 years, what role do you see Cyprus playing in the broader European financial landscape, and how is ELIDI Securities positioning itself to lead that transition?

I am not particularly fond of answering questions that artificial intelligence could potentially address better than I can. In the worst case, people may think I lack expertise; in the best case, they may assume I simply repeated what AI suggested. It is a game with negative expected value. 

What I do know with certainty is that I arrived in Cyprus ten years ago, and throughout that period legislative changes have been sufficiently gradual and predictable to allow businesses to adapt without stress or operational disruption. This is not a compliment — it is simply reality. 

I am often asked where it is easier to invest — in Kazakhstan or Uzbekistan. Every country has its own legal system, traditions, and business advantages. However, Cyprus represents an island of stability. Cyprus does not need to compete with London. 

Cyprus can become a preferred jurisdiction for family offices managing substantial capital, for entrepreneurs from emerging markets seeking reliable access to the EU, and for technology companies requiring a flexible regulatory environment. 

The first thing I heard in Cyprus from our friend Savvas when deciding whether to establish our business here was: “Ruslan, don’t worry — we will solve everything properly, thoughtfully, and in good order.” That phrase captures the essence of Cyprus. There is no need to rush — yet everything gets accomplished. 

Put simply, three major forces work in Cyprus’s favour: rising tensions between major global economies increase the value of neutral jurisdictions; global digitalisation of financial services reduces the necessity of operating exclusively from major financial centres; and the quality of life… speaks for itself. 

Within five years, I would like ELIDI Securities Ltd to become synonymous with reliable, technologically advanced, and highly personalised brokerage services for international clients who choose Cyprus as their financial home. Time will tell.