An EU base within the eurozone, Cyprus remains one of the few international financial centres offering low operational costs and a high standard of living. Office space and residential property in Nicosia, the capital and major business centre, is relatively inexpensive when compared to other European capitals. In terms of cost of living, Cyprus remains one of the most advantageous places to live, with cost of living lower than in most Western European countries. At the same time, residents of Cyprus enjoy a high standard of living and exceptional quality of life, as the balmy climate and low crime rate offer both comfort and peace of mind.
Cyprus offers a well-educated and multilingual workforce at significantly lower costs compared to Western European countries. According to Eurostat figures for 2014, labour costs per hour in the business sector were estimated at €15.80, with the EU average being €24.60.
Cyprus Job Positions: Annual Base Salary 2016 (€)
|Management||Low (€)||Mid (€)||High (€)|
|Accountant (Part Qualified or QBE)||20,000||25,000||30,000|
|Head of HR/Group HRM||60,000||80,000||100,000|
|Head of Legal/ Group Legal Head||50,000||80,000||120,000|
|Head of IT||50,000||55,000||70,000|
|Head of Marketing||40,000||50,000||60,000|
|Head of Sales||40,000||50,000||60,000|
|Office Manager / Personal Assistant||35,000||50,000||65,000|
|Administrator / Receptionist||30,000||38,000||45,000|
Source: GRS Global Recruitment Solutions
Note: The above statistics are based on permanent job placements made by GRS in Cyprus. These statistics do not necessarily reflect a complete overview of the Cyprus recruitment and labour market.
Telecommunications costs are also one of the lowest in the European Union. For instance, in 2010, consumers were charged €0.18 for a 10-minute local call in Cyprus and €0.65 for an overseas call, with the EU average being €0.41 and €1.71 respectively.
Electricity tariffs are similar to those in other Western European economies. According to Eurostat (2015), the cost for electricity in Cyprus is €0.1957/kWh compared to €0.2078/kWh in the EU28.
Updated: May 2016