The Benefits of Working in Cyprus from a recruitment agency: Lifestyle, Taxes, and More
This blog post highlights the unique benefits of working in Cyprus and the reasons why so many individuals are relocating to the island, making Cyprus ranking as the 3rd most popular expat destination in the EU.
Because we are a recruitment agency in Cyprus we will discuss the reasons behind these numbers, such as the favorable tax system, the affordable lifestyle and the sunny weather that are making Cyprus a pleasant place to live and work.
Climate
In Cyprus, there are about 300—340 sunny days per year, and this is probably the only European country where the sea is suitable for swimming, even in November. This ideal climate attracts many individuals from foreign countries and gives them motivation to relocate, and to consider Cyprus as a relocation destination if they desire to live in a country with a warm climate.
Warm climate gives them the opportunity to participate in sports activities that in other countries are not convenient in colder months such as swimming, hiking and other sports that are dependent on good weather conditions. Apart from outdoor activities, the sunny weather is good for mental health. Cyprus gives people opportunity to enjoy sunshine and improve their mood.
Beautiful landscapes and Rich Culture
Cyprus has beautiful landscapes and unique multicultural monuments that enrich its cultural heritage. Monuments such as churches and ancient ruins showcase the influence of foreign cultures on the island and its rich history.
Moreover, there is a wide variety of ancient sites such as the tomb of the kings and Byzantine churches. Three sites are listed as UNESCO World Heritage sites, and eleven are on the UNESCO Tentative list.
Cyprus combines sea and mountains offering options for every taste. The island is full of idyllic sceneries travelers and locals love to explore.
Affordable Cost of Living
Cyprus has an affordable cost of living when it comes in comparison with other European countries. The prices of rent are affordable (varied from location to location) with Limassol be the most expensive option with almost double rent prices than other major cities (Nicosia, Larnaca, Paphos).
Though not only the rent is cheaper, but also prices of goods and services. Eating out in a restaurant or a cafe is affordable in Cyprus. However, we should mention that electricity is the only thing that is generally expensive in Cyprus compared to other countries and it is good to have this in mind if you are interested in relocating.
Beneficial Tax System and Economy
Cyprus’ economy has proved that it can overcome the crisis it went through both in 2013 and 2020 with the pandemic. Most specifically, the GDP per capita in 2022 was €26,550, making the country the 15th in the EU.
But the most attractive part of working in Cyprus for most people and companies is the favorable tax system. Many international companies have registered their offices in Cyprus because of the tax system and that will surely bring more companies in the future as well.
If a person’s annual taxable income is less than €19,500, the person does not need to pay tax. Tax on personal income ranges between 20 and 35%. Property owners that buy for their own personal use can achieve vat reduction from 19% to 5%. Also, there is no annual property tax, but a yearly fee as a municipal tax.
Laid back lifestyle
Cypriots live a laid-back lifestyle with no rush and hurry during their everyday life. That’s another reason why foreigners decide to relocate to Cyprus when they are tired of the busy lifestyle.
Of course, that can have disadvantages as in Cyprus it takes several days to resolve an issue that it would have been fixed in just a day abroad. An individual that is not used to this lifestyle may find this strange at first.
English is widely spoken
Around three quarters of the population (76%) of Cyprus is able to speak English. Tourists and foreigners living on the island can get by without needing to learn any Greek to communicate with locals.
Road signs and restaurant menus are always found in English. Most of the people working in shops will be able to communicate without any issues. The fluency level of the locals is higher than other European countries making Cyprus a very desirable place for someone that doesn’t want to spend years learning a foreign language to communicate with locals.
Job opportunities
As a recruitment agency it will be a shame not to talk about the new positions’ opportunities flourishing in the island because of the technological growth we are currently experiencing and the international companies opening offices in Cyprus.
Companies are on the lookout for local or foreign talent, most positions require English and that makes it easier for foreigners to find a job position in Cyprus if they desire.
After we discussed some of the main reasons people find it beneficial moving to Cyprus to live and work, let us know which information you found most interesting? Send us your CV if you would like to find a position in Cyprus.
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