The professional services sector plays a significant – and rapidly expanding – role in the Cyprus business landscape. Financial and business services are fast becoming leading contributors to the Cypriot economy. In fact, above 78% of the country’s economy is based on the provision of services. The growth rate of this sector is significantly higher than that of the economy as a whole, which resulted in the creation of many job opportunities and contributed to the continuation of full employment conditions. It is estimated that today the professional services sector absorbs the majority of the graduates of tertiary education.
The sector is increasingly becoming export oriented thus successfully counteracting the major restricting factor of a small local market. The subsectors with the highest development include those of telecommunications, banking, higher education and consultancy services, medical, paramedical, software and information technology and market research.
Some of the many factors that have contributed to the establishment of Cyprus as a commercial, financial and services centre in the region are the central geographic position, a highly developed socioeconomic infrastructure, a sophisticated banking system and excellent telecommunications. Of paramount importance is the highly educated workforce.
Equally significant are the comparatively low costs. Although the quality is very much in line with the European standards, the fees are lower making professional services from Cyprus reliable and affordable.