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The Republic of Cyprus is a country located on the island of Cyprus. The two main and official languages of the Republic of Cyprus are Greek and Turkish. The island of Cyprus is divided into three parts – the Republic of Cyprus (an EU member), the Turkish Republic of Northern Cyprus (which has no official international recognition outside Turkey) and the British military bases of Akrotiri and Dhekelia.
The island of Cyprus is one of the pearls of the Mediterranean, offering its visitors beautiful beaches, ancient history and culture and friendly people. Mild resort climate, low, by European standards, cost of living and quite loyal attitude to foreigners make this island an interesting destination for emigration.
If you are considering moving or working in Cyprus, today we will look behind the scenes of the country’s economic structure, including minimum and average wages, the variety of professions and the way salaries are distributed across regions, taxes and the cost of living.
Minimum and average wages
Cyprus is known for its dynamic economy, and this is also reflected in wage levels.
On 1 January 2023, Cyprus introduced a minimum wage for the first time, making it the 22nd of 27 EU member states to have introduced a national minimum wage.
The minimum wage in Cyprus is 940 euros per month, which is relatively low compared to the countries with the highest minimum wage, Eurostat data show.
The average salary in Cyprus of Cypriots is also high, with professionals in areas such as finance, information technology and tourism often enjoying higher incomes.
According to official data from the Ministry of Labour, Social Security and Social Security, the average salary in Cyprus in 2023 is 2,069 euros per month. At this rate, men receive 2,217 euros and women 1,884 euros.
Distribution of wages by occupation
The amount of salary in Cyprus varies depending on the profession. The highest salaries are earned in the fields of technology, healthcare and finance. The most popular specialties are programmers, doctors and other medical staff, as well as various technical specialists. Average wages are earned in services and trade. The lowest salaries are received in the field of agriculture and tourism. In the field of tourism, seasonal work is mainly offered. The high season on the island lasts from May to October and if you want to work temporarily, you can look for work during these months. It cannot be said that such work is very highly paid, but compared to the level of wages in some countries it is very attractive. In addition, you can relax on the Mediterranean Sea and see the sights of Cyprus. As a candidate in the profession you are applying for, it is very mandatory to be fluent in English. Depending on the position, the requirements for language proficiency may vary.
Here is an example of the average salary by profession:
Doctors – 8 836 €
IT – 2051 €
Teacher – 1 729 €
Accountant – 1 367 €
Human Resources Specialist – 1 241 €
Lawyer – 1 618 €
Cook – 1 660 €
Bartender, waiter – 1157 €
Seller – 1218 €
Masseur, hairdresser, beautician – 1343 €
Driver – 1 227 €
Builder – 1312 €
Revenue taxes
The tax system in Cyprus is quite complex: there are many different taxes that are levied on income depending on the way they are obtained, in particular there is a special military levy. Pensions received from abroad are also taxed.
Migrants who work should know that the personal income tax is between 20 and 35 percent. Income up to EUR 19 500 is not subject to this tax.
Taxes in Cyprus are also essential for companies. Take a look at some key aspects of the tax system in Cyprus:
Corporate tax: Cyprus applies the lowest corporate tax rate in the European Union at 12.5%.
VAT: Value added tax (VAT) is mandatory for all types of companies offering goods and services in Cyprus. Different amounts of VAT are applied depending on the type of product or service offered:
Standard rate: 19% for all goods and services that are not taxed at a reduced or zero rate.
Reduced rates:
9% for tourism business services (hotels, restaurants and tourist transport).
5% for the supply of food, pharmaceuticals, books and other printing materials.
VAT registration: VAT registration obligation arises in excess of revenues amounting to EUR 15 600.
Cost of living
If you are considering moving to Cyprus, the various costs listed below will help you make an informed decision about the costs associated with moving and living in that part of the world.
Housing costs:
One-bedroom apartment outside the city center: €400.00 – €1,000
Expenditure on food, groceries and restaurants:
Cheap restaurant: €8.00 – €20.00
Homemade beer: €2.00 – €5.00
Coca-cola/pepsi: €1.00 – €3.00
1L milk: €1.04 – €2.30
Bread: €0.80 – €2.70
12 eggs: €1.56 – €3.60
1 kg chicken fillets:€4.38 – €9.61
1 kg beef: €5.00 – €14.00
1 kg apples: €1.00 – €3.00
1 kg white rice: €1.00 – €3.00
For transport:
One-way ticket (local transport) – €1.50 – €2.00
Internet:
Cosmos Wireless- €15/Mесец за 8Mbps
CYTA- €35/Minimum for 50Mbps
For clothing, personal belongings, fitness and leisure:
pair of jeans (Levi’s 501 or similar) :€30.00 – €120.00
Summer dress: €20.00 – €60.00
Running shoes (sneakers): €50.00 – €120.00
Business shoes: €60.00 – €150.00
Gym membership: €30.00 – €80.00
Cinema ticket: €8.00 – €12.00
Short visit to the doctor (15 minutes): €50
Deodorant: €3.30
Toilet rolls: €2.60
Shampoo: €3.52