Sarris was born on April 14, 1946, in Lefkosia. He studied economics at the London School of Economics with graduate studies at Wayne State University in Detroit, Michigan, United States, where he obtained his doctorate.
Sarris worked for the Central Bank of Cyprus, the Bank of Cyprus and, after 1975, for the International Bank.
On October 13, 2011, Sarris was arrested in Turkish-occupied territories for "unnatural sexual relations with a minor". He posted bail of 120,000 Turkish Lira (around €47,000) on October 20 and was released. Sarris did not return to the occupied north to face trial.