Following its inclusion into the European Union in 2004, the Mediterranean island nation of Cyprus has established itself as a preferred location for many multinational corporations seeking an EU base, resulting in a surge in Cypriot employment openings during the last several years. This article will look at some of the reasons businesses are drawn to Cyprus.
Favorable Working Conditions And Tax Rates
Anyone wishing to work in Cyprus would usually discover that their workplace conditions are similar to that of other established European countries, only with the added benefit of low personal tax rates.
Although gross salaries in Cyprus are often lower than in many other European nations, because the island has one of the lowest income tax rates in Europe, an employee’s net salary is often higher due to reduced cost of living and taxes rates.
Cyprus has double tax treaties with over 40 countries, including the United Kingdom, and has no capital gains tax on profits under 17,088 euros, as well as a corporate tax rate of under 10% for resident enterprises.
Employee benefits differ between employers and corporations, but you should expect to receive some, if not all, of the following:
- Bonus paid once a year ;
- Health-care coverage (sometimes for the entire family) ;
- Life insurance is a type of insurance that protects ;
- Contributions to a pension.
In a corporate setting, a typical workweek is roughly 40 hours from Monday to Friday. The minimum vacation allotment is 21 days, with the possibility of increasing to 25 days over time.
Good International Relationship With The EU
Cyprus is strategically located to provide easy access to markets on three continents. As a member of the EU, your company can take advantage of easy exportation and visa-free travel throughout the EU, as well as to numerous non-EU countries. Housing limits in the Eurozone have just been abolished, making homeownership even more appealing, while Cyprus’ banking services are all compliant with EU rules, making it a high-quality system with excellent service.
English is the second language of Cyprus after Greek, and a very large percentage of the population speaks the language fluently, and commerce is frequently conducted in English. All road signs are in both English and Greek. The language is also taught in schools and is the most used means of communication in all public settings.
Ideal Conditions For Work-Life Balance
The country is known for providing the ideal work-life balance. Locals are hardworking people, and they also enjoy spending time with their families and friends. Cyprus has one of the highest life expectancies in Europe. The country has a high standard of living comparable to that of Europe. Cyprus has a per capita income of over $27,000 US dollars.
Cyprus has a lower cost of living than the rest of the EU countries, about 25% lower. The prices of real estate are reasonable. Foreigners who purchase property in the country can also benefit from government incentives. As a result, the real estate market in Cyprus has exploded in recent years. Furthermore, the rental market is strong, and houses are reasonably priced.
Cyprus also has one of Europe’s lowest crime rates. Cyprus has a pleasant and trustworthy population. It is common in Cyprus for people to leave their automobiles unlocked and doors open. Because crime is so uncommon in Cyprus, the Cypriots are unconcerned about it.
Cyprus has a generally high and rewarding quality of life. The infrastructure on the island provides outstanding education, a laid-back lifestyle, beautiful weather, and a sophisticated standard of living.
Good Infrastructure And Public Amenities
Cyprus’ public and private healthcare systems are both outstanding. The criteria frequently exceed international standards. Clinics, hospitals, and medical institutions all have the most up-to-date technology. The National Healthcare System provides free basic medical treatment to the residents of the area.
Cyprus has a very good educational standard. Children from 5 to 18 attend free public schools. They provide instruction in Greek. The schools provide supplementary language instruction for students who do not speak Greek. A few foreign schools provide excellent education to anyone who seeks it. Of course, such institutions are private and charge fees. There are excellent English and French schools in each city. There are numerous private universities located throughout the country.
Pleasant And Beautiful Environment
Cyprus offers a laid-back lifestyle and is a usually safe place to live and work. Because travel distances are short, unlike in many other European nations, your commute to work will be quick and inexpensive.
The Island has a truly Mediterranean climate, with 330 days of sunlight per year, moderate winters, and scorching summers, making it a great time to visit one of the many wonderful Blue Flag beaches, or the spectacular mountain towns and sceneries, in short, there is enough to see and do on your days off.
Modern shopping malls may be found in every municipality and house a wide range of internationally recognized merchants and brands. There are also a plethora of tiny local shops and boutiques.
These are just a few of the reasons that make Cyprus an ideal place to live and work. When deciding to relocate to another country, it’s critical to make the best choices possible. There are numerous factors at play, ranging from the climate to the educational system. To learn more about living and working in Cyprus, click here.