Cyprus has continued to attract companies in the fintech, investment, forex and IT sectors, which is creating enormous career opportunities for both local and international candidates. In addition to its advantageous tax regime and business friendly approach, Cyprus is a very attractive and safe place to live and work, says co-founder of GRS Steve Slocombe.
Founded in 2005, GRS Global Recruitment Solutions is recognised as a leading recruitment agency and the largest, most established recruiter in Cyprus. Focusing on a wide range of sectors including financial services, forex, fintech, IT and legal, as well as accounting and audit, the team’s continuous goal is to find the right talent for suitable positions in order to help companies grow and develop.
GRS has been a top recruitment company in Cyprus for over a decade, how have you seen the local human resources landscape evolve during this time – and especially in the years after the 2013 financial crisis?
Cyprus has continued to grow as a low-tax jurisdiction attracting companies in the fintech, investment, forex and IT sectors. This has created enormous career opportunities for both local and international candidates looking to work in Cyprus.
Cyprus has a lot going for it. As well as an advantageous tax regime and a business friendly approach, it’s a very attractive and safe place to live. These qualities have enabled the island to bounce back from the economic crisis of 2013 and prosper.
Which sectors in Cyprus are experiencing growth and what kind of new employment opportunities and demands are you seeing?
Forex and fintech are two industries that continue to grow. We not only receive enquiries for start-up businesses but also our existing clients are expanding and using GRS to assist with finding suitable personnel. We’ve also seen considerable growth from the blockchain sector. After attending a number of blockchain-related events and conferences, this is an industry we believe will be expanding massively over the next 12-18 months.
Are there any sectors or industries in Cyprus that are experiencing a deficit in competent staff or skilled professionals? If so, how can these demands be met?
There is a shortage of good IT candidates, especially software developers in Cyprus. However, this is a global issue, so it is a case of continuing to offer attractive remuneration packages for these positions and recruiting foreign talent. These candidates are accustomed to a wealth of choice worldwide and Cyrus is an attractive destination for them in terms of lifestyle.
Cyprus has launched more incentives to attract high-earning expat executives, are they successfully bringing more foreign talent to the country? What other incentives would be crucial to increase interest and in what sectors?
We have seen a steady stream of wealthy individuals and business owners bringing their companies and holding companies to Cyprus to take advantage of the non-domiciled dividends tax exemption. This coupled with the Cyprus Investment Programme, which offers citizenship through a€2 million investment, has drawn in a lot of the ultra-wealthy HNWI to Cyprus which in turn generates business for the economy.
The country has recently focused its efforts on encouraging more foreign companies to set up regional and global headquarters in Cyprus. Are you seeing more international companies moving in and if so, from which countries and sectors?
Yes, there has certainly been an increase in the number of clients looking to set up offices in Cyprus. Many companies are coming from the UK due to the up-and-coming Brexit negotiations. Businesses are also setting up from the Middle East and Russia due to our attractive tax regime and international talent.
What is GRS’s competitive edge over its rivals, and what is your company’s growth strategy?
We have over 14 years of recruitment experience in Cyprus and Malta and most of our recruiters have worked for some of the leading recruitment companies in the world.
Our competitive edge is without a doubt our people. Every single member of the GRS team is extremely passionate about what they do and about being the best. They believe in themselves and are always prepared to go that extra mile for their clients and candidates. Our reviews on social media are testament to that passion which resonates through the company.
Our company culture revolves around passion, honest, integrity and tenacity in all our business dealings. We focus on developing professional relationships based on trust, high-level communication and innovation.
During 2018, we also brought a lot of new talent into the business and that has made a positive impact. We have new recruiters from Cyprus, London and Dubai who have been working in the forex, fintech and construction sectors and are helping GRS to reach new heights.
With regards to growth, we will continue to grow across the forex, fintech, corporate services and investment sectors, while increasingly developing our construction and retail business which has grown significantly over the last two years.
What key areas of opportunity or growth do you see in your sector, and what are your expectations for Cyprus in 2019?
The first two months of 2019 have been amazing. 2018 was a record for GRS in terms of jobs filled and revenue produced and in 2019 we are already 25% up on 2018, which is phenomenal. Our aim for the year ahead is to keep being passionate, working hard and exploring the potential of well-established sectors, as well as up-and-coming opportunities from industries such as blockchain, crypto and fintech.