Relocation Advice - Cyprus
AP Executive is one of the most established Recruitment Agency in Cyprus, if you are looking for any type of Cyprus Jobs please do not hesitate to contact our experienced consultants. For payroll services in Cyprus contact our local office.
Cyprus and the finance industry
Cyprus has long been popular with British holidaymakers because
of its beautiful beaches and fishing harbours, quaint villages and
a climate that ranges from very hot in the summer to sunny and
pleasantly warm in winter. But it is not just an island for lazing
about for two weeks: the population of 700,000 has to keep itself
occupied with more than putting kebabs on a charcoal grill - and
one of the main industries is finance.
If that seems unlikely, it is probably because of the laid-back
nature of the people, but Cyprus has a lot going for it. Not the
least of these is its location, which also put it on trade routes
in earlier centuries, when everything went by sea.
Tucked into the eastern part of the Mediterranean, Cyprus has
Turkey and eastern Europe to the north, Syria, Lebanon and Israel
to the east, Egypt to the south and, of course, Greece and Italy to
the north-west. This makes it very convenient for business, in much
the same way as the Channel Islands are handy for the UK and
western Europe.
Living in Cyprus: EU membership and the Euro
On 1 May 2004, Cyprus joined the European Union, which means
that EU nationals can live and work there without the need for work
permits and with no currency restrictions. While the cost of living
is lower, it must be taken into account that salaries are often
lower than in other European countries. However, out of the ten new
member countries that joined the EU at that time, Cyprus has the
highest GDP and income per head of population.
With EU membership, the island is ideally placed for international
companies trading in eastern Europe and the Middle East. The
convenience aspect from a European point of view was increased on 1
January 2008, when Cyprus adopted the Euro.
George Georgiou, AP Group director in Cyprus, is ideally placed to
put the island into perspective, having spent many years in the UK
before moving to the Mediterranean. 'Cyprus is now well and truly
on the map as an international business centre,' he said. 'Company
tax is 10%, the standard of education is excellent and salaries are
low. All in all it is similar to Dublin before the boom, although
obviously the climate is very different. It's a great location to
live and work.'
Another element of Cyprus's appeal to the Brits is its
Britishness. As a former colony, it has a legal system based on
that in the UK.
Everyone speaks English, whether at a basic level or fluently.
They drive on the left and even use British-style three-pin plugs,
so British visitors don't have to take an adapter to charge the
phone/iPod.
The successful education system means a steady stream of school
leavers and graduates heading for the finance industry. Even so,
the recruitment situation in Cyprus is a familiar story: lots of
jobs and not enough people to fill them. Because of its
geographical position, the island attracts immigrants - legal and
otherwise - from many different countries, but most of them looking
for mundane work in the service industries.
Working in Cyprus
It is, therefore, a suitable place to go for those working their
way up in accountancy, banking and trust, in order to gain
experience - and for those later in their career, who have done the
hard miles with the children and are ready for a less frenetic
life.
What has put some people off in the past has been the relatively
low salaries on offer, which is due mainly to two factors: salaries
haven't risen to match inflation and the local families tend to
help their young people in housing matters, with the result that
their finances are often not centred on paying a huge mortgage. And
if the employees don't actually need big money, companies are not
going to throw it at them.
However, this is gradually changing as international firms enter
the market and use attractive packages to acquire top people. And
there are some big international names in Cyprus: Barclays, Societe
Generale, PwC and KPMG are here, as are Microsoft, NCR, IBM, Ikea
and Amdocs.
If salary levels for most people are unspectacular by London and
Channel Island standards, so are property prices and travel costs.
A three-bedroom house in Nicosia can be had for €300,000, and with
home being so close to the office, people out there are not
spending vast amounts on getting around.
As so often in career matters, it's a lifestyle choice: big bucks
and an ulcer to worry about while waiting for a train to your place
in the big city suburbs versus a decent income that you can think
about when you're on the beach after work with a couple of hours of
sunshine still to come.
Cyprus facts and figures
Population: 771,657
Statutory Minimum Monthly Wage: (€) 546
Weekly Working Hours: 40.1
Unemployment: 4.4%
Statutory Retirement Age: Men 65, Women 65
Trade Union Membership: 70%
Labour Force by Occupation:
Greek Sector - Agriculture 5%, Industry 22%, Services 73%
Turkish Sector - Agriculture 20.8%, Industry 22.8%, Services
56.4%
Key Industries: Food, Beverages, Textiles, Chemicals, Metal
Products, Tourism
Cost of Living Index: (EU15 = 100) 83
Age Structure: 0-14yrs 21.9%, 15-64 yrs 67% and 65+yrs 11.1%
Ethnic Groups: Greek 85.2%, Turkish 11.6%, Other 3.2%
Religions: Greek Orthodox, Muslim, Maronite, Armenian Apostolic,
Other
If you would like more information on living and working in
Cyprus, please contact our Cyprus office on +357 22 817817 or click
on the links below:
Cyprus Government - English
