The Cypriot Brain Gain is Happening Right Now!

Posted 10/1/2022 by Donna Stephenson

Technology and Finance sector jobs in Cyprus are fast becoming highly desired positions as Cyprus advances towards its status as a major strategic HQ location for international corporations. Cyprus has an advantageous geographical location and a beneficial regulatory framework, which offer strong incentives for employees and enterprises alike.

International influencers in the Fintech and technology sectors are regularly proclaiming that Cyprus is an excellent choice as an ideal migration location. The island offers a stable pro-business environment, which enjoys EU membership whilst EMEA access is nearby. Its eastern Mediterranean climate attracts both expatriates and a diaspora of Cypriot talent who had previously left Cyprus to gain an education elsewhere in the world, but now recognise the benefits of returning home to a safe haven in terms of lifestyle and a much-improved infrastructure.

This influx of A+ talent is becoming known as the ‘Cyprus Brain Gain’ – where skilled people return to the island and take up employment in their homeland. But, of course, the benefits aren’t limited to Cypriots; anyone who has ever visited the country or even researched relocation possibilities online -  and thought it to be a pleasant place to live and work - have opportunities to do so with the influx of so many multinationals headquartering here.

The Emerald Zebra team are currently speaking with Cypriots to assist in their repatriation from all corners of the world - Brazil, USA, Canada, South Africa, France, Dubai, Malaysia and London. Many people have a vague understanding about what opportunities are available now in Cyprus, but the island’s government and trade associations are working hard to showcase these.

For example, significant players such as AFP, NCR, Cardex, Wargaming, eToro, 3CX, TSYS and Amdocs have opened offices here. Amazon has recently set up a data service branch in Cyprus – consolidating the tech presence that  Microsoft, Oracle, SAP and IBM have enjoyed for some years.

The Cyprus Investment Promotion Agency (CIPA) exists to attract and facilitate foreign direct investment into the country, and its efforts certainly seem to be bearing fruit - almost 218,000 companies are now registered in Cyprus thanks to its competitive, modern and transparent legal , financial and regulatory framework. According to a study by KPMG, Cyprus is a credible and highly reputable financial centre. More than 4000 registered accountants and 700 registered accounting firms (including all major global firms) and more than 3000 registered lawyers and 160 law firms already do business on the island.

Let’s not forget also that around 76% of the population speaks English, and it is the universal business language here. Cyprus offers a safe and cosmopolitan lifestyle to all its residents, thus offering benefits for sophisticated and educated professionals of all ages.

According to The Cyprus Securities and Exchange Commission (Cysec) there were 5,895 people  working in the CySEC regulated finance sector in June 2021; also, according to thetechisland.org there were 8750 employees working in technology roles generally. Very many of these employees will be enjoying significant fringe benefits too, such as flexible and hybrid working, often from new build skyscrapers with views across the Mediterranean Sea.

Not least, Cyprus has an advantageous EU-approved tax regime for corporations and individuals alike. Access to the EU Single Market of half a billion people and a strategic location between three continents, all within a convenient time zone, makes the island an ideal HQ for international businesses.

The Brain Gain also means that people with a wealth of further experience and competencies continue to arrive from trading centres such as Wall Street, the City of London, the Bourse de Commerce in Paris and other prestigious international financial centres; from where they’ve learned their trade from amongst the best practices in the world. They’re bringing qualifications too – from top international universities such as Harvard, Yale, Princeton, the LSE and Oxbridge.

This is particularly useful as such people are bringing great leadership qualities, which can be instilled in teams by these high achievers sharing their knowledge.

Emerald Zebra’s founder, Donna Stephenson, recently interviewed a financial trader in Dublin and another FinTech specialist in the UK, both of whom simply wanted to relocate to Cyprus due to the quality of life and not least the better weather.

Donna said: “Talking to various candidates, it’s evident why people want to repatriate to Cyprus. Yet it doesn’t appear that many potential relocators are aware of how far Cyprus has come and the big brand names and interesting international organisations that have chosen Cyprus as a base for their operations.  CIPA and TechIsland for example have done a lot to promote the island to businesses, yet much still needs to be done to communicate to talent overseas that the climate has progressed here: the tax incentives for employees, the flexible working options, the progressive fringe benefits, and that Cyprus truly is an established international business centre that is home to many top employers.

“Cyprus is now a tech hub showcasing companies from around the world that have set up their regional headquarters and GDP growth is forecast at 5% .  International organisations are these days arriving more regularly, many of which have been awarded Europe’s best workplaces awards.”

If you are interested to find out more about relocation, the Emerald Zebra team are well positioned with 20 years’ experience of recruitment, which has seen us assist many Cypriots and other nationals relocate happily to Cyprus. Work opportunities here are, more than ever before, on a par with other locations, and progressing one’s career and contributing to the Brain Gain is a win/win for people and the Cypriot economy alike.

By contacting us you can ensure that your details are ready and waiting in our candidate database to receive new job notifications from our team.

Sign up for custom job alerts HERE and be the first to know about new job opportunities as they arise on this wonderful island.  Whether you're looking for flexible, remote or hybrid employment, receive our latest jobs directly to your inbox!

Email us at jobs@emeraldzebra.cy

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