Episcopal ministry
As Bishop of Paphos, Panaretos is remembered for restoring and renovating numerous monasteries and churches throughout his metropolitan district. He also took an interest in scholarship and printing: sources credit him with funding the 1780 publication of a philosophical work by Theophilos Korydalleus and with supporting the 1788 publication of Archimandrite Cyprian's 'Chronological History of Cyprus.'
His most prominent public act was his part, in 1783, in the Cypriot hierarchy's petition to Constantinople for the discharge of the Ottoman governor of the island, who according to the accounts had oppressed the Orthodox people of Cyprus.