Doing Business in Cyprus

If you’re an expat doing business in Cyprus, you will be in a relaxed 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.

Services dominate the market in Cyprus, and tourism is especially prominent. Doing business here is largely easy, with friendly locals, and the main language of business on the island is English.

Fast facts

Business hours

8am or 9am to 5pm or 6pm.

Business language

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

Dress

Although the dress style in Cyprus is casual, you should always dress formally for meetings. Conservative dark suits for men, while women should wear a conservative dress or business suit.

Gifts

Gifts are not expected in a business setting. If invited to a colleague’s house, you should present a consumable gift, like chocolates or wine. If you choose to bring flowers, you should avoid white lilies, as they are associated with funerals.

Gender equality

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

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

The business culture in Cyprus is characterised by its laid-back attitude and value of strong personal relationships. This casual Mediterranean approach may take some getting used to if you’re from fast-paced business backgrounds, 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 destinations, there is enough time for partners to get to know each other well and build a strong business relationship. This usually means that both sides are reliable, which improves the chances of a successful partnership.

Loyalty in the Cypriot business environment is typically restricted to an individual, not their company. You should keep this in mind when considering changing jobs or retrenching staff.

Meetings

Business meetings in Cyprus tend to go off-topic and may be completely lacking in concrete decisions. You should view meetings as an opportunity to get to know your business associates. Only after a strong relationship has been established will business proceedings occur.

We recommend organising meetings in advance and following up on appointments closer to the date. Although Cypriot business partners may arrive late, punctuality is always appreciated.

Bargaining is commonplace, negotiations can be lengthy, and proposals should be designed to allow concessions. That said, once contracts are finalised, they are typically followed to the letter.

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 business associates
• 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