Overview of Cyprus
The world bank considers Cyprus as a high-income economy, and it is also included in the list of the world's most advanced economies. The dominating sector here is the service sector, which makes up 80% of the country's overall GDP. With a slight recession faced in 2009, the country's economy is now growing at 3%. Despite severe restrictions during the pandemic, Cyprus's employment rate did not fall. Remarkably the unemployment rate has decreased from 8.37% to 7.23% in the past two years.
Total population: 1,268,467 people (2024)
GDP: the US $52 billion (2024 estimate)
Economic Overview
According to an article published in the local European newspaper, the struggling economies were suggested to take lessons from Cyprus Island. This Mediterranean island's economy witnessed a speedy recovery in the past few months after being severely hit by the pandemic. The country's GDP is expected to reach 29.15 billion USD by the end of 2023, and currently, it is growing at a rate of 3.02% and is predicted to increase up to 3.09% in the coming year. Apart from this, the unemployment rate is also predicted to decrease gradually.
Market Size
Cyprus has an open, free-market, and service-based economy. The country's geographical location is considered as a bridge between the east and the west, the evidence of which is the presence of a sizable English-speaking community, world-class infrastructure, robust telecommunication services, and several other facilities. Post-independence, Cyprus built a successful independent economy that is growing fast and promises permanent and better employment opportunities.
- The trading sector generates about US $1.53 billion in revenue; this trading involves goods or pharmaceuticals, fruits, clothing, and many other things. Besides, Cyprus imports various goods such as transport equipment, machinery, lubricants, and many more. Apart from this, Greece has been the major import and export partner of Cyprus for an exceptionally long time.
- The service sector contributes 80% to GDP in Cyprus, and tourism is a major part of it. This island has also been rated to be the 40th most popular country in the world, and every year 2 million+ tourists arrive in the country, giving the tourism industry a rank of 29th best and preferred tourist destination in the world.
Cost of living in Cyprus
General expenses and budget in Cyprus are like that of the European countries like Spain and Croatia. The country is not expensive, but the budget varies with location and lifestyle. An individual needs to spend around US $827 on average. But the living cost here is 12.38% lower than that of the United States.
| Category |
Area of expense |
Range in USD |
| Utilities |
Electricity, Water, Heating, Internet services, Prepaid mobile tariff |
US $827 - US $2,916 |
| Apartment rents |
Apartment (1 room) in city and outside city,
Apartment (2-3 rooms) In the city and outside the city.
|
US $537.33 - US $656.74
|
| Transportation Cost |
One way ticket local transport, Taxi tariff, Gasoline. |
US $5.97 - US $23.88 |
| Food and Beverage |
Grocery, Vegetables, Meat and Poultry |
US $2.00 - US $50.00 |
| Salaries and Financing |
Average monthly salary |
US $ 45,579 |
Cost Of Renting in Cyprus
The renting costs in Cyprus vary with location and the lifestyle selected. Some places can be expensive to live in, while others are quite affordable. A one-bedroom apartment may cost around US $537.33 - US $656.74 per month, but this also depends on the area preferred.
Cost of living depending upon your location
- Each city is unique and provides resources depending upon its location, infrastructure, and many other criteria. Comparatively, a gradual reduction has been seen in the renting costs of the apartments in Cyprus.
- A few major cities to be mentioned in the metropolitan areas of Cyprus are Limassol, Nicosia, Paphos, Pissouri, Larnaca, Kyrenia, Argos, and Polis.
- The few upcoming cities of Cyprus are Agia Marina, Achna, and many more.
Mentioned below are the costs of living in a few cities in Cyprus:
| Cities |
Costs |
| Limassol |
US $926 - US $3,268 |
| Nicosia |
US $787 - US $1,367 |
| Paphos |
US $717 - US $2,534 |
| Larnaca |
US $798 - US $2,782 |
Top Sectors that are hiring in Cyprus
The few top hiring sectors in Cyprus are mentioned below: -
| Sr. No. |
Hiring Sectors |
| 1. |
Pharmaceuticals |
| 2. |
IT professionals |
| 3. |
Engineering sectors |
| 4. |
Sales Executive |
| 5. |
Auditors |
| 6. |
Machine operatives |
| 7. |
Research and development |
| 8. |
Chartered Accountants |
| 9. |
Arts and linguistics |
| 10. |
Professors |
Top Skills in Cyprus
Cyprus is one free economy with an open market providing various services but is majorly dominated by the service sector. Accordingly, there is a dire need for skilled individuals and professionals skilled and qualified in a variety of hard and soft skills. Many jobs and vacancies are available for trained professionals, technicians, engineers, managers, professors, graphic designers, and experts, and all are welcomed here.
Major skills and areas which have witnessed a recent growth rate
- Banking & Financial Services
- Tourism
- Business
- Real Estate and Development.
- Energy
- Shipping & Maritime Industry
Top skills city-wise occupation-wise
The employment rate has significantly increased in Cyprus in the past few years and is expected to grow even more in the years to come. Besides, this country is one beautiful place with many tourists every year and international companies willing to invest in the country.
- Limassol: This city is the largest urban area in Cyprus and is also considered the third largest upcoming tourist destination. The annual average salary in this city is estimated to be somewhere around US $45,839. The top occupations in this country are technicians, managers, surgeons, officers, and property managers.
- Nicosia: This city is the second largest in Cyprus and is an internationally occupied territory. The annual average salary in this city is estimated to be somewhere around the US $46,305. The Top occupations in this city are surgeons, lawyers, college professors, bank managers, CEOs, and CFOs.
- Larnaca: Larnaca is the third-largest city in the country and is well known for the palm tree seafront, also known as Foinikoudes, Church of Saint Lazarus. The annual average salary in this city is estimated to be somewhere around the US $45,579. The top occupations in this city are nurses, engineers, dentists, and technicians.
Hiring cost
The most important factor is the hiring costs while recruiting an employee. A lot of factors must be considered before hiring an employee such as: -
- Cost of onboarding (of an employee)
- Training of the employee
- Opportunity costs and the job requirements
- Interviews and hiring processes
- Time invested from interview till onboarding
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in Cyprus according to different sectors: -
| Role/Profile |
Salary in Euros |
Salary in USD |
| Secretary / PA |
€30,000 |
$35,700.00 |
| Assistant / Receptionist |
€20,000 |
$23,800.00 |
| HR Manager |
€65,000 |
$77,350.00 |
| HR Assistant |
€25,000 |
$29,750.00 |
| IT Manager |
€60,000 |
$71,400.00 |
| Test Engineer (QA) |
€35,000 |
$41,650.00 |
| IT Administrator |
€35,000 |
$41,650.00 |
| Developer |
€65,000 |
$77,350.00 |
| Web developer |
€45,000 |
$53,550.00 |
| Senior Accountant |
€65,000 |
$77,350.00 |
| Qualified Accountant |
€45,000 |
$53,550.00 |
| Part Qualified Accountant |
€30,000 |
$35,700.00 |
Employment Laws in Cyprus
The second most important thing to discuss is the employment laws. The companies in Cyprus follow the laws created by the government strictly. A few laws that employees need to abide by are: -
- Right to information of an employee about the job description,
- Working hours, fixed salary, and pension
- Anti-discrimination policies
- Gender equality during the hiring process
- Termination of employee act
- Redundancy in payment
Cyprus Remote Hiring Trends 2024
Hiring Activity in Cyprus
The employment rate in Cyprus reached an all time high of 73.60 percent in the first quarter of 2024
Jobs With the Fastest-Growing Demand in 2024
These are the fastest-growing jobs in Cyprus in 2023:
- Data scientist
- Software developer
- Cloud engineer
- UX designer
- Marketing manager
Remote Work Visa in Cyprus
To attract talent from around the world and secure their foothold in the tech sector, Cyprus created a Remote Work Visa that foreign nationals can obtain to live and work in the country.
The visa entitles foreign workers making a minimum of €3,500 per month to relocate to Cyprus for a year. Visa holders can then apply to renew their visa yearly for two more years if they wish to stay in the country.
Top 5 Remote Companies Hiring in Cyprus
The top five remote companies hiring in Cyprus include:
- Wisebits
- Movavi
- Exante
- ScaleMath
- Rovoox
How Can Skuad Help You with Hiring in Cyprus?
To hire the best talent in Cyprus, you must conduct your recruitment processes according to the various rules and regulations put in place by the government and other authorities. The best way to tackle this prolonged and expensive process is to partner with Skuad. Skuad’s unified employment solution helps you conduct your hiring processes in Cyprus with extreme ease. Connect with Skuad to know more.
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