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 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 (€)
CEO60,000100,000150,000
Executive Director60,00090,000120,000
CFO50,00080,000110,000
Accounting and Finance


Financial Controller45,00057,00070,000
Finance Manager / Senior Accountant40,00045,00070,000
Accountant / Auditor (Qualified)30,00038,00045,000
Accountant / Auditor (Part Qualified or QBE)20,00026,00032,000
Account Assistant15,00020,00024,000
HR Department
Head of HR/Group HRM60,00080,000120,000
HR Manager35,00050,00065,000
HR Executive16,00020,00024,000
Legal Department
Head of Legal/ Group Legal Head60,00090,000130,000
Legal Advisor (Qualified Lawyer)20,00037,50055,000
Legal Assistant / Paralegal / Non Qualified Lawyer15,00018,00022,000
Compliance, AML, Counter-Terrorist Funding (CTF)


Head of Compliance50,00062,50075,000
Compliance / AML / CTF / Manager40,00045,00050,000
Compliance / AML / CTF / Officer25,00032,00040,000
Dealing Room


Chief Dealer44,00052,00060,000
Dealer24,00033,00042,000
Junior Dealer17,00019,50022,000
IT Department
Head of IT / CTO50,00070,000120,000
IT Manager / Development Manager35,00050,00065,000
Quality Assurance (QA) / Tester24,00032,00045,000
IT Technician18,00024,00030,000
Developer25,00040,00060,000
Marketing Department
Head of Marketing40,00050,00070,000
Marketing Officer24,00028,00035,000
Digital Marketing Specialist (Social, PPC/SEO)24,00032,00040,000
Marketing Executive15,00019,00024,000
Sales Department
Head of Sales36,00051,00066,000
FX Sales18,00022,00030,000
Sales Executive (Industries other than FX/Fintech) 14,00018,00022,000
Administration


Office Manager / Personal Assistant16,00025,00036,000
Administrator / Receptionist15,00018,00024,000
Corporate Administrator22,00030,00040,000
Graphic Designer35,00040,00045,000
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.

Business Costs


Cyprus

EU27 Average

Labour (business sector)

€15.30

€27.80

Telecommunications (Local)

€0.18 for a 10-minute local call

€0.41

Telecommunications (overseas)

€0.65

€1.71

Electricity (households)

€0.2236/kWh

€0.2160/kWh

Electricity (non-households)

€0.1800/kWh

€0.1200/kWh

*Source: Eurostat (May 2020)

 All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached, or otherwise used, except with the prior written permission of CountryProfiler.

December 2020

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 (€)
CEO60,000100,000150,000
Executive Director60,00090,000120,000
CFO50,00080,000110,000
Accounting and Finance


Financial Controller45,00057,00070,000
Finance Manager / Senior Accountant40,00045,00070,000
Accountant / Auditor (Qualified)30,00038,00045,000
Accountant / Auditor (Part Qualified or QBE)20,00026,00032,000
Account Assistant15,00020,00024,000
HR Department
Head of HR/Group HRM60,00080,000120,000
HR Manager35,00050,00065,000
HR Executive16,00020,00024,000
Legal Department
Head of Legal/ Group Legal Head60,00090,000130,000
Legal Advisor (Qualified Lawyer)20,00037,50055,000
Legal Assistant / Paralegal / Non Qualified Lawyer15,00018,00022,000
Compliance, AML, Counter-Terrorist Funding (CTF)


Head of Compliance50,00062,50075,000
Compliance / AML / CTF / Manager40,00045,00050,000
Compliance / AML / CTF / Officer25,00032,00040,000
Dealing Room


Chief Dealer44,00052,00060,000
Dealer24,00033,00042,000
Junior Dealer17,00019,50022,000
IT Department
Head of IT / CTO50,00070,000120,000
IT Manager / Development Manager35,00050,00065,000
Quality Assurance (QA) / Tester24,00032,00045,000
IT Technician18,00024,00030,000
Developer25,00040,00060,000
Marketing Department
Head of Marketing40,00050,00070,000
Marketing Officer24,00028,00035,000
Digital Marketing Specialist (Social, PPC/SEO)24,00032,00040,000
Marketing Executive15,00019,00024,000
Sales Department
Head of Sales36,00051,00066,000
FX Sales18,00022,00030,000
Sales Executive (Industries other than FX/Fintech) 14,00018,00022,000
Administration


Office Manager / Personal Assistant16,00025,00036,000
Administrator / Receptionist15,00018,00024,000
Corporate Administrator22,00030,00040,000
Graphic Designer35,00040,00045,000
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.

Business Costs


Cyprus

EU27 Average

Labour (business sector)

€15.30

€27.80

Telecommunications (Local)

€0.18 for a 10-minute local call

€0.41

Telecommunications (overseas)

€0.65

€1.71

Electricity (households)

€0.2236/kWh

€0.2160/kWh

Electricity (non-households)

€0.1800/kWh

€0.1200/kWh

*Source: Eurostat (May 2020)

 All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached, or otherwise used, except with the prior written permission of CountryProfiler.

December 2020

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