Doing Business in Cyprus

Doing business in Cyprus, Market in NicosiaExpats doing business in Cyprus will find themselves in a relaxed and internationally minded working environment. The island has a long history of doing business with foreigners, so locals are generally open to and welcoming of expat business partners. Trust and personal relationships are at the core of business in Cyprus.
 
Cyprus ranked 45th out of 190 countries in the World Bank’s 2017 Ease of Doing Business Survey, scoring particularly high in the areas of 'Resolving Insolvency” (16),  'Protecting Minority Investors' (27) and 'Trading Across Borders' (45). The country scored poorly in the categories of 'Dealing with Construction Permits' (139) and 'Registering Property' (125). 

Fast facts


Business hours

Between 9am and 7pm from Monday to Saturday. Shops often close at 3pm on Wednesdays.
 

Business language

English is largely spoken in the business world, but proficiency in Greek is undeniably useful.

Dress

Conservative dark suits for men, while women should wear a conservative dress or business suit.

Gifts

Gifts are not expected in a business setting. Expats who are invited to a colleague’s house should present a consumable gift, like chocolates or wine.
 

Gender equality

Woman are treated as equals in the workplace, although there are proportionally fewer women than men in many senior positions.

Greeting

A handshake with direct eye contact is appropriate. Some devout Muslim Cypriots do not shake hands with members of the opposite sex, preferring a simple nod of the head. 
 

Business culture in Cyprus

 
Business culture in Cyprus is characterised by its laidback attitude and value of strong personal relationships. This casual Mediterranean approach may take some getting used to for expats from a fast-paced business background, but it definitely has its advantages.  
 

Trust and loyalty

Trust is a cornerstone of doing business in Cyprus. Because things move at a slower pace on the island than in many other expat destinations, there is enough time for a strong sense of trust to develop between partners. This usually means that both sides are reliable, which improves the chances of a successful partnership. 
 
Loyalty in the Cypriot business environment is typically to the person and not their company. Expats should keep this in mind when considering changing jobs or retrenching staff.
 

Business meetings 

Business meetings in Cyprus have a tendency to go off topic and are often completely free of concrete decisions. Expats should view meetings more as an opportunity to get to know their business associates. Only after a strong relationship has been established can actual business proceedings take place. 
 
Appointments are necessary in Cyprus and punctuality is expected, although expats should be prepared to be kept waiting.
 
Bargaining is commonplace, negotiations can be lengthy and proposals should be designed to leave room for concessions. That said, finalised contracts are generally followed devoutly.
 

Dos and don’ts of doing business in Cyprus

  • Do be patient and allow time for business relationships to develop.
  • Don’t bring up politics, religion or other sensitive issues while getting to know someone.
  • Do be prepared to bargain – this is common practice in Cyprus and the locals are adept negotiators.
  • Don’t lose composure or show excessive emotion in a business meeting.

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