An EU base within the eurozone, Cyprus remains one of the few international business 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.
Labour Costs
Cyprus offers a well-educated and multilingual workforce at significantly lower costs compared to western European countries. According to Eurostat figures for 2017, labour costs per hour in the business sector were estimated at €15.97, with the EU28 average being €26.76.
Cyprus Job Positions: Annual Base Salary (€) | |||
| Management | Low (€) | Mid (€) | High (€) |
| CEO | 60,000 | 100,000 | 150,000 |
| Executive Director | 60,000 | 90,000 | 120,000 |
| CFO | 50,000 | 80,000 | 110,000 |
| Accounting and Finance | |||
| Financial Controller | 45,000 | 57,000 | 70,000 |
| Finance Manager / Senior Accountant | 40,000 | 45,000 | 70,000 |
| Accountant / Auditor (Qualified) | 30,000 | 38,000 | 45,000 |
| Accountant / Auditor (Part Qualified or QBE) | 20,000 | 26,000 | 32,000 |
| Account Assistant | 15,000 | 20,000 | 24,000 |
| HR Department | |||
| Head of HR/Group HRM | 60,000 | 80,000 | 120,000 |
| HR Manager | 35,000 | 50,000 | 65,000 |
| HR Executive | 16,000 | 20,000 | 24,000 |
| Legal Department | |||
| Head of Legal/ Group Legal Head | 60,000 | 90,000 | 130,000 |
| Legal Advisor (Qualified Lawyer) | 20,000 | 37,500 | 55,000 |
| Legal Assistant / Paralegal / Non Qualified Lawyer | 15,000 | 18,000 | 22,000 |
| Compliance, AML, Counter-Terrorist Funding (CTF) | |||
| Head of Compliance | 50,000 | 62,500 | 75,000 |
| Compliance / AML / CTF / Manager | 40,000 | 45,000 | 50,000 |
| Compliance / AML / CTF / Officer | 25,000 | 32,000 | 40,000 |
| Dealing Room | |||
| Chief Dealer | 44,000 | 52,000 | 60,000 |
| Dealer | 24,000 | 33,000 | 42,000 |
| Junior Dealer | 17,000 | 19,500 | 22,000 |
| IT Department | |||
| Head of IT / CTO | 50,000 | 70,000 | 120,000 |
| IT Manager / Development Manager | 35,000 | 50,000 | 65,000 |
| Quality Assurance (QA) / Tester | 24,000 | 32,000 | 45,000 |
| IT Technician | 18,000 | 24,000 | 30,000 |
| Developer | 25,000 | 40,000 | 60,000 |
| Marketing Department | |||
| Head of Marketing | 40,000 | 50,000 | 70,000 |
| Marketing Officer | 24,000 | 28,000 | 35,000 |
| Digital Marketing Specialist (Social, PPC/SEO) | 24,000 | 32,000 | 40,000 |
| Marketing Executive | 15,000 | 19,000 | 24,000 |
| Sales Department | |||
| Head of Sales | 36,000 | 51,000 | 66,000 |
| FX Sales | 18,000 | 22,000 | 30,000 |
| Sales Executive (Industries other than FX/Fintech) | 14,000 | 18,000 | 22,000 |
| Administration | |||
| Office Manager / Personal Assistant | 16,000 | 25,000 | 36,000 |
| Administrator / Receptionist | 15,000 | 18,000 | 24,000 |
| Corporate Administrator | 22,000 | 30,000 | 40,000 |
| Graphic Designer | 35,000 | 40,000 | 45,000 |
| 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. | |||
Business Costs
Cyprus | EU27 Average | |
Labour (business sector) | €15.30 | €27.80 |
Telecommunications (Local) | €0.18 for a 10-minute local call | €0.41 |
Telecommunications (overseas) | €0.65 | €1.71 |
Electricity (households) | €0.2236/kWh | €0.2160/kWh |
Electricity (non-households) | €0.1800/kWh | €0.1200/kWh |
*Source: Eurostat (May 2020)
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December 2020
