Cyprus, The Brain Gain Phenomenon of 2023/24

Cyprus has rapidly transformed into a coveted destination for professionals in the technology, fintech and finance sectors. Thanks to its strategic location and favorable regulatory environment, Cyprus attracts international corporations seeking a prime headquarters location.

Esteemed figures in the fintech and technology sectors have been singing praises of Cyprus as an ideal migration destination. The island boasts a stable pro-business atmosphere while enjoying EU membership and easy access to EMEA markets. Its enticing Eastern Mediterranean climate appeals to both expatriates and a diaspora of Cypriot talent who are returning home to a safer, improved lifestyle and infrastructure.

This phenomenon, known as the ‘Cyprus Brain Gain,’ involves skilled individuals returning to their homeland to take up employment opportunities. However, the benefits extend beyond Cypriots; anyone considering living and working in Cyprus can now explore opportunities as numerous multinational corporations establish their headquarters on the island.

Emerald Zebra is actively collaborating with Cypriots worldwide facilitating their return from countries and regions like the USA, Canada, South Africa, France, Dubai, Asia, the Middle East, and the UK. Career opportunities in sectors such as software development, financial technology, investment services, online brokerages, digital finance, payments and/or electronic money, crypto, crowd funding, investment fund management, trust administration, wealth management, regtech, regulation and compliance, cyber-security, artificial Intelligence, data management, telecommunication services, iGaming, mediatech, and other ICT are all enticing.

Major players like Wargaming, eToro, Amdocs, exness, exinity, The Trading Pit, easymarkets, XM, MetaQuotes, HotForex, Plus500, Murex, NCR, nexters, Easybrain, Servers.com, UT-X, Palta, wrike, Brainrocket, DataArt, Sword, The Soul Publishing, MUFG, Safebulkers, Jetbrains, City of Dreams, Payabl and ASBIS to name a few, have already established offices in Cyprus attracting returning Cypriots, foreigners and locals for career opportunities.

While many people may have a vague idea of the opportunities in Cyprus, the government and associations are diligently working to showcase them.

Cyprus Investment Promotion Agency (CIPA) plays a pivotal role in attracting and facilitating foreign direct investment, Cyprus has recently welcomed a number of growing high-quality tech, fintech, finance and gaming companies from all over the world, which decided to either expand or relocate their operations, taking advantage of the multiple benefits the country has to offer and resulting in nearly 218,000 registered companies thanks to its modern legal, financial, and regulatory framework. 

Cyprus has also earned a reputation as a credible and reputable European financial centre. 

At the end of 2022 the Cyprus Regulator, The Cyprus Securities and Exchange Commission (CySEC) supervised 837 regulated entities (with approximately 100 new applicants that are under review pending licensing), which employ together close to 20,000 people. In addition, CySEC supervises 248 Cyprus Investment Firms (CIFs) with assets of more than €5.2 bln and 140 administrative service providers. For the Collective Investments sector in Cyprus, it supervised 333 Management Companies and Undertakings of Collective Investments (UCIs) with assets under management reaching €9.5bn (Q4 2022). As part of its expanded supervisory authority, CySEC will additionally oversee crowdfunding providers and personal pension products. 

A Thriving Finance Centre

Cyprus is very well-placed as an international business and financial centre for inward and outward investment between the EU and the rest of the world, particularly the rapidly growing economies of Central and Eastern Europe, India and China.  Credit agencies such as Fitch, Moody’s and S&P have rate the long-term outlook for the country BBB- and state they regard it as positive. This is due to institutional strength, above average GDP per head when compared with others in the BBB grouping, and government policy credibility backed by eurozone membership.  Cypriot banks are among the largest employers on the island, employing approximately 7,400 people.

The Brain Gain has attracted experienced professionals from renowned trading centers like Wall Street, the City of London, and the Bourse de Commerce in Paris. These individuals bring their expertise, qualifications from top international universities, and valuable leadership qualities, enriching teams with their knowledge.

In the professional services sector there are thousands of accountants and lawyers doing business on the island. With 3,900+ registered accountants and 700+ accounting firms, 2,700+ registered lawyers and 160+ law firms.

Emerald Zebra’s founder, Donna Stephenson, has interviewed professionals globally who have sought to relocate to Cyprus for its quality of life and favorable climate. Donna emphasized the need to raise awareness among potential relocators about Cyprus’s progress, tax incentives, flexible work options, and international business credentials.

Cyprus, A Thriving Tech Hub

Cyprus has been attracting major international companies from the ICT industry to take advantage of the benefits of Cyprus as a hub for software development and R&D activities as well as headquartering of an increased number of innovative start-ups.

The Tech sector alone contributes €3 billion to the Cyprus economy. More than 1,200 international companies have relocated to Cyprus in 2022 and around 10,000 specialised professionals have relocated to Cyprus. Many of these professionals enjoy significant fringe benefits, including flexible and hybrid work arrangements from modern skyscrapers with stunning Mediterranean views. 

As international companies continue to establish themselves here, Cyprus is increasingly recognized for its business-friendly environment, advantageous EU-approved tax and IP regimes, access to the EU Single Market and a strategic location bridging three continents within a convenient time zone. The island also offers a safe and cosmopolitan lifestyle, appealing to sophisticated and educated professionals, English is widely spoken, making it the universal business language and access to highly skilled tech-savvy local and European talent pools. 

According to fDi Markets’ Greenfield Tracker, investment in IT in Cyprus has surged, with the sector reporting a 600% increase in the first half of 2022 compared with the same period in 2019. Cyprus has achieved the biggest improvement in innovation since 2015 at a European level, being ranked 10th in the European Commission’s 2022 European Innovation Scoreboard. 

The Emerald Zebra team located in Limassol and with 20 years of recruitment experience, stands ready to assist both Cypriots and other nationals in relocating to Cyprus. Work opportunities on the island are now on par with other global locations, benefiting individuals and contributing to Cyprus’s growing economy.

To explore relocation opportunities or receive job notifications, join our talent pool by sending your CV to Emerald Zebra. Whether you seek flexible, remote, or hybrid employment, stay informed about the latest job openings on this wonderful island directly in your inbox!

jobs@emeraldzebra.cy

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