With around 80% of Cyprus’ economy based on the provision of services, this sector is one of the most important in the country. Professional services are a cornerstone of the economy, and continue to show rapid growth year on year. Manned by an experienced and highly qualified contingent of professionals, this sector underpins many of the most rapidly growing areas of Cypriot business, from company registration, to finance, insurance, investment funds, ship management and others. The expertise of the country’s lawyers, accountants, auditors and other specialists, often European or US trained, offer full and efficient services in all aspects of company law and tax planning, and the world’s leading accountancy and consultancy firms are all present on the island, as are all the leading insurance, ship management and trust companies. While professional services costs are generally lower than in other Western European locations, the level and quality of service is not. According to Eurostat figures for 2014, labour costs per hour in the business sector were estimated at €15.80 on the island, with the EU28 average being €24.60. Cyprus’ reputation as an international centre of excellence for the provision of professional services has also been strengthened by the decision of two of the world’s leading accountancy organisations, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Management Accountants (CIMA), who chose the island as the first country in the world outside the UK to train ICAEW and CIMA accountants.
Updated: February 2016