PwC Cyprus: The benefits of living and working in Cyprus

At the “Cyprus: The New Global Tech & Innovation Hub Summit,” where international delegates had a chance to hear from experts coming from the public and the private sector about the potential of Cyprus as a destination for technology and innovation companies, the focus shifted to a topic of great importance for many in the audience: relocating employees to Cyprus. Two PwC Cyprus managers, drawing on their deep expertise, offered valuable insights and practical advice on making the transition a smooth and successful one.

On her part, Phryni Yiakoumetti Mina, Director, Relocation and Private Wealth Services at PwC Cyprus, emphasised the fact that it is very easy and fast to register a company in Cyprus, and this is well-validated by the many companies that have already set up shop in the country. On the immigration side, Cyprus has one of the best, if not the best, migration regimes in Europe – in 2021, 9,000 non-EU employees were relocated to Cyprus while in 2022 that number went up to 22,000. At the same time, family life in Cyprus, she mentioned, is very comfortable while the spouses of tech employees can gain a work permit in the country.

“I haven't had a person so far say that they want to leave Cyprus,” she said. To this end, Cyprus offers a good health system, a plethora of international schools, a multicultural environment with more than 20% of the population being non-Cypriots, great food and hospitality, numerous leisure activities, and finally, it is one of the safest countries in the world. “This makes Cyprus a great place to live and work,” she stressed.

Taking the podium, Alkis Simopoulos, Senior Manager, Tax and Legal Service at PwC Cyprus, provided a glance at the workforce in Cyprus, highlighting the fact that a majority of the population speaks English, while Cyprus is among the top countries in the EU when it comes to university graduates. “Very importantly, in the last few years, we have tech courses in the universities that rank among the best in the region,” he noted.

In terms of employment legislation, Cyprus has a very solid framework with modern and flexible rules governing the employer-employee relationship, like remuneration and termination of employment, working location, employee benefits, pension funds and medical insurance. “This means that it affords certain minimum rights to the employees,” he said.