Hire your remote team in Cyprus

Only 499 EUR per employee per month

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Hiring a remote team in a country as Cyprus comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Cyprus. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

A remote team

1. Hire a remote team in Cyprus with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Cyprus, particularly if you don't have established local relationships. You can hire employees in Cyprus effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Cyprus.

As an employer of record, we help you hire employees and run payroll services in Cyprus, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Cyprus.

It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.

If you wish to hire a remote team in Cyprus or individually hire remote employees in Cyprus, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.

Send us a message so we can talk about how Rivermate’s Employer of Record Cyprus services can best help your company!

3. Hire a remote team in Cyprus

Cyprus is on the list of the world's most advanced economies and has a high-income economy, according to the World Bank. The service sector is the most important one here. It makes up 80% of the country's GDP. After a small recession in 2009, the economy is now growing at a rate of 3%. Even though there were a lot of rules during the pandemic in 2020, Cyprus' employment rate did not go down. In just two years, the unemployment rate has dropped from 8.37% to 7.23%, which is a big change.

4. Cost of living in Cyprus

The cost of living in Cyprus is $1213, which is 1.3 times higher than the global average. Cyprus was ranked 39th out of 197 countries in terms of cost of living, and the 25th best country to live in.

The average salary after taxes in Cyprus is $1366, which is enough to cover living expenses for 1.1 months.

5. Cost of renting in Cyprus

The cost of renting in Cyprus varies according to location and lifestyle. Some neighborhoods are more expensive to live in than others. A one-bedroom apartment may cost between $537.33 and $656.74 per month, depending on the area desired.

6. Major industries in Cyprus

The top industries where employers will want to hire remote employees from Cyprus are the Services Industry and the Tourism Industry. These two are often interrelated as the tourism industry is continuously evolving and branching out into special interest activities. This creates many opportunities for investments which are often supported through incentive schemes.

7. Hiring cost in Cyprus

When recruiting an employee, the most important factor is the hiring costs. Many factors must be considered before hiring an employee, including:

- Cost of onboarding (of an employee)

- Training of the employee

- Opportunity costs and the job requirements

- Interviews and hiring processes

- Time invested from interview till onboarding

8. Employment laws Cyprus

The second most important topic to discuss is labor laws. Companies in Cyprus strictly adhere to the laws enacted by the government. Employees must follow the following laws:

- Right to information of an employee about the job description,

- Working hours, fixed salary, and pension

- Anti-discrimination policies

- Gender equality during the hiring process

- Termination of employee act

- Redundancy in payment

9. Top skills Cyprus

Cyprus is a free economy with an open market that offers a variety of services but is primarily dominated by the service sector. As a result, skilled individuals and professionals skilled and qualified in a variety of hard and soft skills are in high demand. Many opportunities exist for trained professionals, technicians, engineers, managers, professors, graphic designers, and experts, and all are welcome here.

The most in-demand job skills in Cyprus are the following:

- Banking & Financial Services

- Tourism

- Business

- Real Estate and Development.

- Energy

- Shipping & Maritime Industry

Cyprus's employment rate has risen significantly in recent years and is expected to rise even further in the coming years. Furthermore, this country is a beautiful place with many tourists each year and international companies eager to invest in it.

Limassol is the largest urban area in Cyprus and the third most important upcoming tourist destination. This city's annual average salary is estimated to be around US $45,839. Technicians, managers, surgeons, officers, and property managers are the top occupations in this country.

Nicosia: The second largest city in Cyprus and an internationally occupied territory. The annual average salary in this city is estimated to be around $46,305 USD. Surgeons, lawyers, college professors, bank managers, CEOs, and CFOs are among the top jobs in this city. Larnaca is the country's third-largest city and is well known for its palm tree seafront, also known as Foinikoudes, Church of Saint Lazarus. The annual average wage in this city is estimated to be around US $45,579. In this city, the most common occupations are nurses, engineers, dentists, and technicians.

10. Economic landscape in Cyprus

According to an article published in a local European newspaper, struggling economies should learn from Cyprus Island. After being severely impacted by the pandemic, the economy of this Mediterranean island has recovered quickly in recent months. The country's GDP is estimated to be $23.967 billion in 2021, and it is currently growing at a rate of 3.02%, with an increase of up to 3.09% expected in the coming year. Aside from that, the unemployment rate is expected to gradually decline.

11. Market size in Cyprus

Cyprus has an open, free-market economy based on services. The country's geographical location is regarded as a link between the east and the west, as evidenced by the presence of a sizable English-speaking community, world-class infrastructure, robust telecommunication services, and a variety of other amenities. Cyprus has built a successful independent economy that is growing rapidly and promises long-term and better job opportunities.

The trading sector generates approximately $1.53 billion in revenue; this trading includes goods such as pharmaceuticals, fruits, clothing, and a variety of other items. Furthermore, Cyprus imports a wide range of goods, including transportation equipment, machinery, lubricants, and many others. Aside from that, Greece has been Cyprus's primary import and export partner for an unusually long time.

In Cyprus, the service sector accounts for 80% of GDP, with tourism playing a significant role. This island is also ranked as the 40th most popular country in the world, with over 2 million tourists visiting each year, ranking the tourism industry as the 29th best and preferred tourist destination in the world.

12. Minimum wage in Cyprus

Cyprus's compensation legislation is devoid of a national minimum wage. However, some sectors establish their own minimum wage rates, or employers must bargain directly with employees. Currently, the minimum wage is set at 870 euros per month for certain types of assistants and hairdressers, 425 euros per month for unskilled agricultural workers, and 767 euros per month for skilled agricultural workers.

13.Why choose Rivermate to hire your remote team in Cyprus?

Establishing an entity in Cyprus to hire a team takes time, money, and effort. The labor law in Cyprus has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into Cyprus simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in Cyprus give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in Cyprus via our Employer of Record (EOR) / PEO solution.

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