The labour market in Cyprus
Cyprus saw a market boom after joining the EU in 2004, as many multinational companies saw the island as the perfect place to establish an EU base. Job vacancies thus increased, particularly in the financial and tech sectors. Even though Cyprus underwent a severe economic crisis which resulted in capital controls between 2013-2015 to prevent a bank run, the economy is now bouncing back, and the job market is equally recovering. The unemployment rate in Cyprus is currently 7.5%, less than half of that in neighbouring Greece, for example. The average wages in Cyprus may be deemed low, but the affordable cost of living and reasonable taxation makes up for it.
The most sought-after fields in Cyprus' labour market are engineering, finance, information technologies and telecommunications, whereas other sectors on the rise are real estate, industry, shipping and the service sector. The latter goes hand in hand with the fact that the tourism industry is the most profitable sector: currently accounting for the largest part of national GDP
Since the country is relatively small, competition is fierce. If you're a third-country national, you should be aware that priority is given to Cypriot and EU/EFTA/UK citizens. Meaning, you have to prove that your niche of expertise cannot be covered by local or EU/EFTA/UK talent in order to be hired for a job. Being highly qualified in your profession will, therefore, go a long way.
Good to know:
English is the primary business language in Cyprus. However, since the official language of the country is Greek, most employers will ask that you have some knowledge of it.
