Graduate outlookThe Cyprus government is heavily promoting the country’s credentials as a location for both company regional headquarters and as a bridge between the European Union (EU) and the increasingly important markets of the Middle East. In addition to service industries such as banking and ship management, the government is hoping to attract graduates in high-tech areas such as IT, biotechnology and healthcare. Although English is widely spoken on the island (by around 90% of the population), some employment areas are closed unless you speak fluent Greek. UK graduates may find it easier to find work in the areas of tourism, information technology or the construction industry, where foreign qualifications are more readily accepted. Nicosia and Limassol are the two main employment centres in southern Cyprus. Many international and local companies have established massive operations here. Nicosia is the banking and financial centre, with opportunities available in investments, accounting, banking or general business. Limassol is the main port town - shipping and tourism are important economic drivers and main employers here. back to top The economyCyprus is a divided island. The south is ethnically Greek and run by the internationally recognised government of the Republic of Cyprus. The north, created after a Turkish invasion in 1974, is ethnically Turkish and recognised as a state only by Turkey. The capital, Nicosia, is similarly partitioned. The Republic of Cyprus has a free-market and services-based economy with some light manufacturing. Trade is vital to the Cypriot economy. Common imports include: - fuels;
- food;
- most raw materials;
- heavy machinery;
- transportation equipment.
Most trading is carried out with the UK and Greece. The area of the Republic of Cyprus under government control is dominated by the service sector. Other sectors include industry and agriculture. In March 2007, the government of Cyprus launched a licensing round to explore possible offshore oil and gas reserves of its southern coast. Expanding trades include: - environment;
- tourism;
- education;
- high technology;
- legal services;
- energy.
The UK Trade & Investment website (see countries listing) offers further information on industry trends in Cyprus. The economy of the Turkish north is disadvantaged by its political isolation, lack of private and public investment and shortage of skilled labour. back to top CompaniesMany companies have bases in Cyprus. They have located there because of the attractive tax deals created by the Cypriot government. Examples of multinationals with a branch in Cyprus include: - Banque de Paris;
- Barclays;
- Carlsberg;
- Deloitte and Touche;
- Pepsi-Cola;
- United Distillers.
Details of companies are available from the Cyprus Chamber of Commerce and Industry and the Cyprus Employers and Industrialists Federation (OEB). back to top UnemploymentCyprus registered one of the lowest rates of Euro-area unemployment in June 2007 at 3.9% (Eurostat). back to top Working practices and customs- Working hours vary according to sector and profession.
- Most offices and businesses work from 8am-5.30pm, with a break from 1pm-2.40pm.
- On average, workers in Cyprus are entitled to a minimum of 20 days paid annual leave, negotiated by collective agreements, with a further 15 days of public holidays.
back to top Language requirementsGreek and Turkish are the two official languages on the island. However, English is widely spoken and is almost universally used as a second language and is widely used in business. Knowledge of German, French, Russian and other European languages is becoming more important with the increase in the tourist trade. Language courses- BBC Languages has a range of online materials for learning Greek.
- Search the Learndirect database for details of Greek and Turkish courses in the UK.
- The Learn4Good website lists language schools in Cyprus offering Greek and Turkish courses.
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Cyprus: Job market
