Business Costs - Cyprus Profile

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Business Costs

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

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 70,000 100,000 150,000
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 60,000
IT Manager 35,000 48,000 50,000
IT Supervisor 20,000 25,000 30,000
IT Technician 12,000 15,000 18,000
Marketing Department
Head of Marketing 40,000 50,000 60,000
Head of Sales 40,000 50,000 60,000
Marketing Officer 24,000 28,000 35,000
Marketing Executive 12,000 15,000 20,000
Accounts Manager 18,000 20,000 24,000
Accounts Executive 12,000 14,400 18,000
Engineering Department
Engineer 35,000 50,000 65,000
Technical Officer 30,000 38,000 45,000
Procurement / Warehouse Officer 20,000 25,000 30,000
Technician 12,000 15,000 18,000
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.

Telecommunications Costs

Telecommunications costs are one of the lowest in the European Union. According to Eurostat (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. The slight increase in current rates has not kept Cyprus from maintaining a position in the lower half in terms of costs EU-wide, and the removal of roaming charges in June 2017 created even more attractive telecommunication services on the island.

Electricity Costs

Electricity tariffs are similar to those in other western European economies. According to Eurostat (2017H2), the cost for electricity in Cyprus is €0.1826/ kWh (households) and €0.1392/ kWh (non-households) compared to €0.2048/kWh (households) and €0.1121/kWh (non-households) in the EU28.

September 2018

 

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