Just over two years ago my family and I moved to Cyprus from Beirut, Lebanon, where we’d been based since time began. As a content creator, I was told that there was no demand for my services, that Cyprus was a tiny market, that people were kind and that the pay was awful.
Some of those are true. Some aren’t. Here are some of the key takeaways from setting up my business in Cyprus. This is what I’ve learnt, distilled, so you’re a little more informed.
There are all sorts of serious guides online that can take you through the legal processes. This one from the British government's good. There are also consultants who’ll do it for a fee. This isn’t a step-by-step, these are personal observations from someone who runs their own company in a small and sometimes challenging market.
Winter might be short in Cyprus, but it certainly creates stunning photographic opportunities. ❄️ Have you ever seen Love Bridge in Agia Napa looking this awesome before? 😍 #visitcyprus #ayianapa #famagusta 📷 IG evgeni.fab pic.twitter.com/8yOpAYnsnj
— VisitCyprus (@visitcyprus) February 5, 2024
Admit it, the weather's not bad for February.
It Is a Small Market
That’s obvious. So, let’s get it out of the way. Don’t rely on local clients, spread your reach outside of the island. Don’t expect to get international pay from local jobs. Simple. But… what this also means is that everybody knows each other. If you need an introduction? Your banker, your lawyer, your accountant, will know somebody who knows somebody. This means you need to be a good networker and sociable. It also means that if you upset someone, a lot of people might learn of it.
Working with Freelancers
In my experience, Cypriot companies don’t like working with external people or companies. In my field at least, they prefer to hire in-house, to have an employee, rather than outsource. That’s all well and good. However, it signals an old school mindset. As an experienced pro, I can tell you that you’re never going to find someone of my experience in the local market, or if you can, you can’t afford them for anything less than a very senior position. I’m sure that holds true across a wide number of industries.
… and Remote Work
Moving on from there, most companies I’ve come across, and this includes firms in the forex and fintech fields, don’t like the idea of remote work, at all. The combination of these two elements mean that service provision for a small company, an individual, or a new company, might be difficult.
Patience Is Key
Things can happen slowly in Cyprus. Very, very slowly. Case in point. I applied for a loan in July, it took two months to be approved. This was not a large loan and it was clear that it wouldn’t be a problem from the start. My banker confirmed that it would go through, it just took two months… And this doesn’t include the one month my accountant took to provide the relevant information. Thankfully, the other party in all this didn’t really seem to care. Like I said, things move slow.
The Need to Chase
Customer service here is … lacking … in many cases. Be prepared to chase if you want to get anything done. Got a piece of post you need delivered? Call the post office. Applied for a loan? Call the bank. Getting your Internet installed? Call the provider. Call, call, call. You can’t rely on companies (of all sorts) getting back to you, you have to be proactive. So pick up the phone. Again. And again.
A Coconut Culture
A coconut culture is one where it’s hard to get to know someone, but once you’re close, you’re in – hard on the outside, but once you get through the shell, it’s all good. At least that’s my experience. Cypriots can seem a little stand offish, but only initially. You just need to prove you’re a good person and once you’re in, they’ll be there, they’re welcoming and helpful. And that’s a great thing, because it’s a small market.
For those who are curious, the opposite of a coconut culture is a peach culture, it’s soft on the outside, but hard on the inside, meaning it’s easy to make acquaintances, but deep connections are tough. Hey, I didn’t make the terms up.
The Price of Power
No, I’m not about to talk about the pitfalls of wealth and success. I’m talking about electricity. It’s bloody expensive in Cyprus. Let me put this in perspective, my four-person family once ran up a power bill of 800 Euros over two months. And no, we’re not into crypto, there was no Bitcoin farm in the spare room sucking up the power. Now we just freeze. Or sweat. But in all seriousness, be aware that electricity is expensive here.
A Great Place to Live
Cyprus is a great place to live. Things are slow here, things take time. It’s an island, so it’s a small market and everyone knows everybody else. But it’s also an island, so it’s a small market and everyone knows everybody else – see, that cuts both ways. Serious crime is almost nonexistent. People are kind – once you get to know them. The weather’s great in the spring, not bad outside of it and only really cold in January and February. The pace of life is a little slow, but it works. And the food, the food is great. Go on, give the island life a try.
