The economy
Cyprus's membership to the European Union (EU) has been an important milestone in its recent economic development. The country is one of the most prosperous in the Mediterranean region. The government encourages foreign investment, particularly in tourism and industry. The economic outlook looks bright, growth is expected to remain strong and unemployment is low.
International business and shipping
Despite the political problem remaining unresolved, Cyprus is today a major tourist destination and has developed into an international banking and business centre with over 1,000 fully-fledged overseas companies operating on the island. It has also become an important shipping centre and currently ranks sixth in the world as a maritime nation. The central geographical location of the island, British-modelled legal system, availability of wide-ranging professional services, excellent infrastructural facilities, advanced telecommunications network and widespread knowledge of English are some of the factors that have helped create an ideal business environment for foreign firms. Cyprus's telecommunications are among the best in the world.
Industry and construction
The industry and construction industry accounts for 19.3% of GDP. The main industries are food, beverages, tobacco, textiles, clothing, footwear, leather goods, metal products, chemicals, plastic products, mining and construction. Chief imports are: raw materials, consumer and capital goods, transport equipment and fuels. Major exports include clothing, footwear, pharmaceutical products, cement, cigarettes, wine, potatoes, citrus fruit, and grapes.
Companies in Cyprus
Many companies have bases in Cyprus. They have located there because of the attractive tax deals created by the Cypriot government. Examples are multinationals like Pepsi-Cola, United Distillers, Deloitte and Touche and banks such as Barclays and Banque de Paris. Details of others are available from the websites of the Cyprus Chamber of Commerce and Industry and the Cyprus Employers and Industrialists Federation (OEB).
Teaching English as a foreign language (TEFL)
TEFL may be possible. However, in general opportunities are limited to private schools and training establishments, as teachers in state schools must be Cypriot citizens or eligible for Cypriot citizenship.
Working conditions
Working hours vary according to sector and profession. Most offices and enterprises work from 8am - 5.30pm, with a break from 1pm - 2.40pm. Many industries have collective agreements which stipulate terms and conditions of employment in their sector. If this does not exist, it is a matter of negotiation between employer and employee. 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. Provisions also exist within the Cypriot law to protect against wrongful dismissal. EU nationals working in Cyprus have the same rights as Cypriot nationals with regard to pay, working conditions, access to housing, vocational training, social security and trade union membership. Family and relatives who are dependent on them, such as children, have similar rights. The Ministry of Labour and Social Insurance - Cyprus keeps statistics on wages and labour market information.
Source: www.prospects.ac.uk
