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EOR Partners in Cyprus
Employ in Cyprus
Expanding your business into Cyprus offers a strategic advantage in the Eastern Mediterranean. With its robust economy, favorable tax regime, and strategic location at the crossroads of Europe, Asia, and Africa, Cyprus provides a conducive environment for international enterprises seeking growth and regional influence.
About the Country of Cyprus
Cyprus, an island nation in the Eastern Mediterranean, is a member of the European Union and the Eurozone. It boasts a population of approximately 1.2 million people and utilizes the Euro (EUR) as its official currency. The country's GDP stands at around €24 billion, reflecting a resilient and diversified economy.
1.26 Million
Population
Euro
Currency
32.23 Billion
Global Domestic Product
Why Choose Cyprus For Global Expansion?
Strategic Location: Situated at the intersection of Europe, Asia, and Africa, Cyprus serves as a gateway to diverse markets, facilitating international trade and business operations.
Favorable Tax Regime: Cyprus offers one of the lowest corporate tax rates in the European Union at 12.5%, along with an extensive network of double taxation treaties, enhancing its appeal to foreign investors.
Business-Friendly Environment: The country provides a stable political climate, a transparent legal system based on English common law, and a robust infrastructure, all of which support efficient business operations.
Skilled Workforce: Cyprus boasts a highly educated, multilingual workforce, with a significant portion proficient in English, facilitating seamless business communications.
Employment Landscape
Cyprus's employment framework is governed by a combination of statutory laws and collective agreements, ensuring fair labor practices and employee rights. The standard workweek is capped at 48 hours, including overtime, with specific regulations varying across industries.
Our Services in Cyprus
Payroll Management: Ensuring accurate and timely salary disbursements in compliance with local tax laws.
HR Support: Providing assistance with employee onboarding, contract management, and adherence to labor regulations.
Compliance Management: Navigating the complexities of Cypriot employment laws to ensure full compliance and mitigate risks.
Employment Benefits in Cyprus
Employees in Cyprus are entitled to various statutory benefits, reflecting the country's commitment to worker welfare.
Annual Leave
- Paid Vacation: Employees are entitled to a minimum of 20 days of paid annual leave per year, which can increase based on tenure and collective agreements.
- Public Holidays: Cyprus observes 14 public holidays annually, during which employees are typically granted time off.
Sick Leave
Employees are entitled to sick leave, with compensation provided through the Social Insurance Fund (SIF). The standard benefit is 60% of the employee’s average weekly earnings, commencing from the fourth day of illness.
Additional Benefits
- Maternity Leave: Female employees are entitled to 18 weeks of maternity leave, with benefits paid through the SIF.
- Paternity Leave: Male employees are granted two consecutive weeks of paternity leave, compensated by the SIF.
- Healthcare: Employees have access to public healthcare services, with employers contributing to the General Healthcare System (GHS) through payroll deductions.
Work Hours and Breaks
- Standard Workweek: The typical workweek in Cyprus is 38 to 40 hours, with a maximum of 48 hours including overtime.
- Rest Periods: Employees are entitled to a minimum rest period of 11 consecutive hours per 24-hour period and at least 24 consecutive hours of rest per week.
- Overtime Compensation: Overtime work is compensated at a premium rate, typically 150% of the standard hourly wage, with higher rates applicable on Sundays and public holidays.
Salary Tax Table
| Taxable Income Range | Tax Rate | Accumulated Tax |
|---|---|---|
| 0 – 19,500 | 0% | 0 |
| 19,501 – 28,000 | 20% | 1,700 |
| 28,001 – 36,300 | 25% | 3,775 |
| 36,301 – 60,000 | 30% | 10,885 |
| Over 60,000 | 35% | - |
*All figures based on local currency
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