Paramithiotti was born in Venice, Italy, into a wealthy family of Cham Albanian origins.[2][3][4] In the 18th century, his ancestors left Albania, which was part of the Ottoman Empire at that time, by joining the Albanian diaspora for better life opportunities. They moved away from Yanina Sanjak, in the region of Epirus, precisely from the current area of Paramythia, and preserved their origin as being from Paramythia with the surname Paramithiotti.[5][6] They moved to Venice, Italy, where he was born.
He was one of the founders of Inter Milan in 1908 after they severed ties with AC Milan[2] and was elected as the first chairman of the new football club, remaining in office for only one year.[7] According to the chronicles of the time, Paramithiotti was not particularly liked by the supporters due to his reputation as a jinx, which forced him not to show up at the stadium.[6][8] However, one day, he was not recognised because he was watching the match with a fake beard and moustache, and as Inter won the match, his bad reputation was put to an end.[6][9]
In 1909, after one year, he was succeeded by Ettore Strauss in his place, following the wishes of the Swiss majority of the club's members.[6]
He died in New York City on 11 March 1943.[6]
