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    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.

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    Labour Costs

    Cyprus offers a well-educated and multilingual workforce at significantly lower costs compared to Western European countries. According to Eurostat figures for 2015, labour costs per hour in the business sector were estimated at €15.60, with the EU28 average being €25.00. 

    Cyprus Job Positions: Annual Base Salary  (€) 
    Management Low (€)  Mid (€) High (€)
    CEO  70,000  100,000  150,000
    CFO  50,000  80,000  120,000
    Finance Department      
    Financial Controller  50,000  65,000  70,000

    Finance Manager

    40,000

    45,000

    50,000

    Accountant (Qualified)

    30,000

    38,000

    45,000

    Accountant (Part Qualified or QBE)

    20,000

    25,000

    30,000

    Account Assistant

    12,000

    15,000

    18,000
    HR Department

    Head of HR/Group HRM

    60,000

    80,000

    100,000

    HR Manager

    35,000

    50,000

    65,000

    HR Executive

    15,000

    20,000

    24,000
    Legal Department

    Head of Legal/ Group Legal Head

    50,000

    80,000

    120,000

    Legal Manager

    60,000

    65,000

    70,000

    Legal Assistant

    12,000

    15,000

    18,000

    IT Department

    Head of IT

    50,000

    55,000

    60,000

    IT Manager

    35,000

    48,000

    50,000

    IT Supervisor

    20,000

    25,000

    30,000

    IT Technician

    12,000

    15,000

    18,000
    Marketing Department

    Head of Marketing

    40,000

    50,000

    60,000

    Head of Sales

    40,000

    50,000

    60,000

    Marketing Officer

    24,000

    28,000 35,000

    Marketing Executive

    12,000 15,000 20,000

    Accounts Manager

    18,000 20,000 24,000

    Accounts Executive

    12,000 14,400 18,000
    Engineering Department

    Engineer

    35,000 50,000 65,000

    Technical Officer

    30,000 38,000 45,000

    Procurement / Warehouse Officer

    20,000 25,000 30,000

    Technician

    12,000 15,000 18,000
    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. 
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    Telecommunications Costs

    Telecommunications costs are also one of the lowest in the European Union. According to Eurostat (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. The slight increase in current rates has not kept Cyprus from maintaining a position in the lower half in terms of costs EU-wide, and the removal of roaming charges in June 2017 will create even more attractive telecommunication services on the island.

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    Electricity Costs

    Electricity tariffs are similar to those in other Western European economies. According to Eurostat (2015), the cost for electricity in Cyprus is €0.184/kWh (households) and €0.141/kWh (industry) compared to €0.211/kWh (households) and €0.119/kWh (industry) in the EU28. 

    Updated May 2017

    Cooperation Partners
    • Logo for Ministry of Energy, Commerce, Industry and Tourism
    • Logo for Cyprus Chamber of Commerce and Industry
    • Logo for Invest Cyprus
    • Logo for Cyprus In Your Heart
    • Logo for CFA Cyprus
    • Logo for Cyprus International Businesses Association
    • Logo for Cyprus Shipping Chamber
    • Logo for Cyprus Investment Funds Association
    • Logo for Association of Cyprus Banks