Living and Working in Cyprus
Since joining the European Union in 2004, Cyprus has become the first choice for many multi-national companies wishing to provide their business with an EU base, resulting in a gradual increase in Cypriot job vacancies over the last few years. In particular IT and technology jobs , as well as financial services and corporate service job opportunities have increased. Companies operating in these sectors have found the island provides a beneficial infrastructure and base for their operations. As a result, employees of these companies can enjoy a working and personal life in Cyprus which also provides many benefits.
Working in Cyprus
The first language of Cyprus is Greek, however nearly everybody speaks English. English is the second language and if you live and work in Cyprus for any amount of time you will find 95% of people speak English extremely well and business is often conducted in English. Road signs are all in English as well as in Greek. In all shops and restaurants you will find items are described in both languages and therefore there will be no problems with communication.
Anyone who wishes to work in Cyprus is likely to find that their working environment will mirror similar benefits to those that can be found in other developed European countries, with the big bonus that personal taxation levels are highly advantageous.
Salaries and Taxation
Gross salaries in Cyprus are generally a little lower than in many other European countries, however, as the island currently offers one of the lowest income tax levels within Europe, an employee’s net salary is often higher due to the lower levels of cost-of-living and low taxation rates.
Typical Average Salaries in Cyprus
Salaries within the Cyprus job market will vary based on skill level, number of years of experience, the size of the company, industry sector and location. At present the best paid jobs in Cyprus tend to be in Limassol which has enjoyed a boom in employment prospects over recent years. Whilst job opportunities in Cyprus are varied and cover a broad spectrum, below are examples of the average salary in Cyprus for a sample set of professions, compiled from placements JobsCyprus have made during the past year.
| From | To | |
|---|---|---|
| Administrative | ||
| Secretary / PA | €15,000 | €30,000 |
| Assistant / Receptionist | €13,000 | €20,000 |
| Finance / Accounting | ||
| Senior Accountant | €40,000 | €65,000 |
| Qualified Accountant | €30,000 | €45,000 |
| Part Qualified Accountant | €20,000 | €30,000 |
| Forex | €18,000 | €45,000 |
| Human Resources | ||
| HR Manager | €30,000 | €65,000 |
| HR Assistant | €15,000 | €25,000 |
| Legal | ||
| Qualified Lawyer | €25,000 | €75,000 |
| Paralegal | €15,000 | €25,000 |
| Corporate Administrator | €18,000 | €35,000 |
| Compliance | €18,000 | €40,000 |
| IT / Software | ||
| IT Manager | €30,000 | €60,000 |
| Test Engineer(QA) | €20,000 | €35,000 |
| IT Administrator | €20,000 | €35,000 |
| Developer | €25,000 | €65,000 |
| Web Developer | €20,000 | €45,000 |
Personal Tax Rates in Cyprus
Over the past few years the Cypriot government has offered financial incentives by way of reduced tax levels for expatriates coming to live and work in Cyprus for the first time. JobsCyprus can advise you of the incentives in place at the time you are planning to relocate. At present (as at 2018) these incentives can reduce your total tax liability by up to €8,000 over and above the figures shown below.
| Annual income | Tax rate |
|---|---|
| €0 – €19,500 | 0% |
| €19,500 – €28,000 | 20% |
| €28,000 – €36,300 | 25% |
| €36,300 – €60,000 | 30% |
| Over €60,000 | 35% |
| (not including other potentially available incentives) |
In addition, 11.5% social Insurance is payable by all employees working in Cyprus.
Employee Benefits
As in most countries, employee benefits vary from one employer to the other, however in general you can expect to receive some if not all of the following:
- Annual bonus
- Medical insurance (sometimes for the entire family)
- Life insurance
- Pension contributions
A standard working week within a corporate environment is around 40 hours Monday – Friday. The minimum holiday allowance is 21 days and can rise to 25 days over time.
Within the hospitality sector generally employees work a 6 day week and of course hours will vary based on each position.
Relocation
Each employer offers their own level of relocation package and benefits. These can vary from flights to Cyprus for the entire family and temporary accommodation. Many can offer assistance with finding the right home at the right price, while some companies will offer an upfront single payment to assist with costs.
Medical Care
The standard of hospitals and medical care in Cyprus is very high and on a par with any modern European country. Most doctors have received their training either in the UK or the USA, therefore communication won’t be a problem for you.
All European Union countries have a reciprocal health scheme arrangement with Cyprus, which means you are entitled to free or reduced cost medical treatment. Before you depart from your home country be sure to apply for a European Health Insurance Card (EHIC) – this can be obtained from your home country’s health authority.
In many cases your employer will provide medical insurance therefore you will be fully covered in the event you need to seek any medical care.
Property Rental
Property rental is relatively affordable as are day to day utility bills and costs of running a home, compared to many other countries.
Cyprus has a large variety of modern apartments and houses for rent. Both fully furnished and unfurnished are available based on your requirements. Usually they will have heating and air conditioning as standard.
Typical Rental Costs in Cyprus
Average prices as at 2018:
| 1 Bed Apartment | 2 Bed Apartment | |
|---|---|---|
| Nicosia | €450.00 – €550.00 | €600.00 – €750.00 |
| Limassol | €600.00 – €700.00 | €750.00 – €850.00 |
| Larnaca | €400.00 – €550.00 | €550.00 – €650.00 |
| Paphos | €400.00 – €550.00 | €550.00 – €650.00 |
The above figures are an average guide. The amount can fluctuate based on area and of course, beach view properties will be at a premium
Your employer will guide and assist you in finding suitable accommodation. They have good contacts with reliable property agents with whom they can put you in contact with. They will also assist and advise on contract negotiation.
Living in Cyprus
The quality of life in Cyprus is relatively high and rewarding. The island’s infrastructure provides excellent schooling, a relaxed lifestyle, great weather and cosmopolitan living standards and amenities.
Schools
The standard of education is extremely high, with both state and private schools located in all towns. The state schools will educate children in Greek. Within the private sector there are numerous English speaking schools. Your local Embassy or consulate in Cyprus can guide you based on your needs as to which schools you should consider for your children.
Over the past few years a number of Universities have opened across Cyprus some being annexes of well-known United Kingdom Universities.
Leisure and Lifestyle
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.
The island benefits from a truly Mediterranean climate , with 330 days of sunshine a year, mild winters and hot summers, an ideal time to visit one of the many excellent Blue Flag beaches, or the beautiful mountain villages and landscapes, in short, plenty to see and do on your days off.
Dining out in Cyprus is extremely affordable and of a high quality, with all types of cuisine are catered for, while modern shopping malls can be found in all towns housing many recognisable international retailers and brands. In addition an array of smaller local shops and boutiques are plentiful.
What Are You Waiting For?
The above is just a short introduction to living and working in Cyprus. As one of the leading Recruitment Agencies in Cyprus we will be happy to answer any detailed questions you may have about your personal circumstances following an application to one of our listed job vacancies in Cyprus. You can find out more about how to apply for one of our advertised job opportunities in Cyprus here.