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    An EU base within the eurozone, Cyprus remains one of the few international financial 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.

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    Labour Costs

    Cyprus offers a well-educated and multilingual workforce at significantly lower costs compared to Western European countries. According to Eurostat figures for 2014, labour costs per hour in the business sector were estimated at €15.80, with the EU average being €24.60.

    Cyprus Job Positions: Annual Base Salary 2016 (€) 
    Management Low (€)  Mid (€) High (€)
    CEO  70,000  100,000  150,000
    Executive Director   60,000 80,000 100,000
    CFO  50,000  80,000  120,000
    Finance Department      
    Financial Controller  50,000  65,000  70,000
    Finance Manager  40,000  45,000  50,000
    Accountant (Qualified)  30,000 38,000 45,000
    Accountant (Part Qualified or QBE)  20,000  25,000  30,000
    Account Assistant  12,000  15,000  18,000
    HR Department      
    Head of HR/Group HRM  60,000  80,000  100,000
    HR Manager  35,000  50,000  65,000
    HR Executive  15,000  20,000  24,000
    Legal Department      
    Head of Legal/ Group Legal Head  50,000  80,000  120,000
    Legal Manager  60,000  65,000 70,000
    Legal Assistant  12,000  15,000  18,000
    IT Department      
    Head of IT  50,000  55,000  70,000
    IT Manager  35,000  48,000 50,000
    IT Supervisor  20,000  25,000  30,000
    IT Technician  12,000  15,000  18,000
    Developer   24,000   36,000   48,000
    Marketing Department      
    Head of Marketing  40,000  50,000  60,000
    Marketing Officer  24,000  28,000  35,000
    Marketing Executive  12,000  15,000  20,000
    Sales Department      
    Head of Sales   40,000   50,000   60,000
    Accounts Manager   18,000   20,000   24,000
    Accounts Executive   12,000   14,400   18,000
    Administration      
    Office Manager / Personal Assistant 35,000  50,000  65,000
    Administrator / Receptionist 30,000  38,000  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.
     
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    Telecommunications Costs

    Telecommunications costs are also one of the lowest in the European Union. For instance, in 2010, consumers were charged €0.18 for a 10-minute local call in Cyprus and €0.65 for an overseas call, with the EU average being €0.41 and €1.71 respectively.

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    Electricity Costs

    Electricity tariffs are similar to those in other Western European economies. According to Eurostat (2015), the cost for electricity in Cyprus is €0.1957/kWh compared to €0.2078/kWh in the EU28.

     

    Updated: May 2016

    Cooperation Partners
    • Logo for Ministry of Energy, Commerce, Industry and Tourism
    • Logo for Cyprus Chamber of Commerce and Industry
    • Logo for Invest Cyprus
    • Logo for Cyprus In Your Heart
    • Logo for CFA Cyprus
    • Logo for Cyprus International Businesses Association
    • Logo for Cyprus Shipping Chamber
    • Logo for Cyprus Investment Funds Association
    • Logo for Association of Cyprus Banks