Your inquiry — is Cyprus a good country to work?

Yes, Cyprus is generally considered a good country to work, particularly in sectors such as finance, tourism, and shipping. It has a relatively low unemployment rate and a high standard of living.

If you want a detailed answer, read below

Cyprus is not only a popular tourist destination, but also a great place to work. It attracts many foreign professionals thanks to its competitive economy and a favorable tax environment. The island is positioned strategically between Europe, Asia and Africa, making it a perfect spot for international business. Cyprus has a very positive attitude towards foreign investors and business owners, which makes it an appealing location for entrepreneurs and startups.

According to Invest Cyprus, a government agency responsible for attracting foreign investment, “Cyprus is the preferred services hub of choice for the region, with an established banking and financial services sector, as well as a growing technology and innovation industry.” Finance and banking, legal, tourism, shipping, and IT are some of the main sectors that are thriving in Cyprus.

Here are some interesting facts about Cyprus’s economy and labor market:

  • Cyprus has a market economy with a stable political environment and a prosperous business ecosystem;
  • The unemployment rate in Cyprus is relatively low – around 7% as of 2021;
  • The island’s GDP growth rate is forecasted to be around 3.5% in 2021, which is higher than the EU average;
  • The average salary in Cyprus is around €2,000 per month before taxes;
  • The cost of living in Cyprus is not too high, and the quality of life is excellent;
  • According to the World Bank’s Doing Business report, Cyprus ranks 34th in the world for ease of doing business, leading other EU countries such as France, Spain, and Italy.
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To provide more detailed information on the topic, below is a table summarizing the average salaries in some of the popular industries in Cyprus (based on data from Payscale):

Industry Annual salary in EUR
Finance 25,000 – 50,000+
Legal 20,000 – 50,000+
IT 18,000 – 45,000+
Tourism/hospitality 12,000 – 25,000+
Shipping 25,000 – 60,000+

In conclusion, Cyprus is an attractive place to work and live, offering a favorable business environment, a stable economic climate, and a high quality of life. As the saying goes, “Cyprus offers a wealth of opportunities for growth and success for those wanting to develop their business endeavors”.

A video response to “Is Cyprus a good country to work?”

Cyprus became divided after tensions rose between the Greek and Turkish populations following the country’s independence from Britain, leading to a Greek-backed coup in 1974. Turkey intervened unilaterally to protect the Turkish minority, which embarrassed the military government in Greece and led to international condemnation when Turkey continued to push further across the island. The Turkish Cypriot administration was created, and many people were forced out of their homes and cleared from the north. In 1983, the Turkish Cypriot government declared independence, which was only supported by Turkey, Pakistan, and Bangladesh. Despite international condemnation, the island remains divided today.

There are alternative points of view

Cyprus offers a relaxed lifestyle and is generally a very safe environment to live and work in. Traveling distances are short, so unlike many other European countries your daily commute will usually be very quick and cheap.

Cyprus is one of Europe’s fastest growing economies, and living and working there comes with a host of benefits. You would enjoy an international working environment and one of the lowest tax rates in the EU. The pleasant year-round warm climate and the cultural background of the Mediterrenean island are just bonuses.

These topics will undoubtedly pique your attention

Is Cyprus a good place to work from? There are many Cypriots looking to relocate back home trying to convince their employers that Cyprus is an ideal place to do business from. The same applies for non-Cypriots looking for a safe, sunny, and business-friendly location to work remotely from and enjoy quality lifestyle.

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Is Cyprus a safe place to live?
But on the whole, Cyprus is a safe and peaceful place to live. The Republic of Cyprus is an EU member state, so all EU nationals have a right to come and live in Cyprus without too much paperwork. As a non-EU citizen, you do not have automatic rights to settle down in Cyprus. You can stay in South Cyprus without a visa for 90 days.

What are the benefits of living in Cyprus?
Answer to this: Living in Cyprus can bring many lifestyle and financial advantages. Life, in general, is more relaxed and there are more opportunities to spend time outdoors. The cost of living in Cyprus is generally lower, taxes are more lenient and the property prices are generally cheaper than in the UK.

Can Cyprus become the country of choice for remote workers?
Given the significant tax and other incentives, with the right actions, Cyprus can become the country of choice for remote workers and their employers. Michael is a Tax & Legal (T&L) Partner at Deloitte Cyprus, specialising in local and international taxation.

Is Cyprus a good place to work from?
The response is: There are many Cypriots looking to relocate back home trying to convince their employers that Cyprus is an ideal place to do business from. The same applies for non-Cypriots looking for a safe, sunny, and business-friendly location to work remotely from and enjoy quality lifestyle.

In respect to this, What is the work culture like in Cyprus?
Response to this: The work culture in Cyprus may differ quite markedly from that of an expat’s home country. The working environment can be quite rigid with few perks for employees. Punctuality and adherence to company rules are highly valued and it often takes Cypriot colleagues a while to warm to new people in the workplace.

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Moreover, What are the benefits of living in Cyprus? The answer is: Living in Cyprus can bring many lifestyle and financial advantages. Life, in general, is more relaxed and there are more opportunities to spend time outdoors. The cost of living in Cyprus is generally lower, taxes are more lenient and the property prices are generally cheaper than in the UK.

Also, Is Cyprus a safe place to live? Answer: But on the whole, Cyprus is a safe and peaceful place to live. The Republic of Cyprus is an EU member state, so all EU nationals have a right to come and live in Cyprus without too much paperwork. As a non-EU citizen, you do not have automatic rights to settle down in Cyprus. You can stay in South Cyprus without a visa for 90 days.

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