Doing Business

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  (€) 
ManagementLow (€) Mid (€)High (€)
CEO70,000100,000150,000
CFO50,00080,000120,000
Finance Department


Financial Controller50,00065,00070,000
Finance Manager40,00045,00050,000
Accountant (Qualified)30,00038,00045,000
Accountant (Part Qualified or QBE)20,00025,00030,000
Account Assistant12,00015,00018,000
HR Department
Head of HR/Group HRM60,00080,000100,000
HR Manager35,00050,00065,000
HR Executive15,00020,00024,000
Legal Department
Head of Legal/ Group Legal Head50,00080,000120,000
Legal Manager60,00065,00070,000
Legal Assistant12,00015,00018,000
IT Department
Head of IT50,00055,00060,000
IT Manager35,00048,00050,000
IT Supervisor20,00025,00030,000
IT Technician12,00015,00018,000
Marketing Department
Head of Marketing40,00050,00060,000
Head of Sales40,00050,00060,000
Marketing Officer24,00028,00035,000
Marketing Executive12,00015,00020,000
Accounts Manager18,00020,00024,000
Accounts Executive12,00014,40018,000
Engineering Department
Engineer35,00050,00065,000
Technical Officer30,00038,00045,000
Procurement / Warehouse Officer20,00025,00030,000
Technician12,00015,00018,000
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

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