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What is the Tax in Cyprus for Expats?

The taxation system in Cyprus is one of the more beneficial in comparison to other countries, making it an attractive destination to both companies and individuals.

As an expat living in Cyprus, you can benefit from the following exemptions:

20% or MAX of €8,550 tax exemption

The Tax Relief entitlement was due to expire on 31/12/2020, however, according to our sources, the government is now in discussions regarding the extension of this 20% tax benefit for expats for five more years since they have seen an influx in people from abroad coming to Cyprus for employment as a result of this program. By the end of 2020, we should have an official announcement from the government on whether or not this will continue.

For someone who was not residing in Cyprus prior to taking up employment in Cyprus is exempted from tax and this would apply from January 1s from the year following the year of the beginning of employment. The lower of 20% on the annual emoluments or EUR 8,550 (whichever is lower) is the amount that is exempt for the aforementioned individuals.

This exemption can only be benefited from for a maximum of 5 years until the year 2020. It is now under review to be extended and we should have an announcement soon.

50% exemption on the tax for expats:

When an individual’s income exceeds EUR100,000 per annum starting from the actual start date of employment and 12 months onwards and was not a tax resident in Cyprus prior to the commencement of their employment, 50% of the gross emoluments are eligible to be deducted from taxable income.

This exemption can only be benefited from for a period of 10 years from the year of employment.

Which tax exemption are you entitled to as an expat in Cyprus?

It is important to emphasize that no individual is entitled to both exemptions simultaneously.

When submitting your tax returns, it is important to be able to distinguish whether or not you are considered a resident of Cyprus or not as it makes a significant difference in terms of your claims.

Book your tax consultation with our experts

At Fairfax Yeaman, our team of experts can access whether the benefit is applicable in your case.  To simplify the procedure, contact the Fairfax Yeaman team to assist your personnel by contacting them on +357 25558025 or at accounts@fairfaxyeaman

How do you answer the toughest interview questions?

Building a strong CV, applying for a job with a potential employer, and getting invited for an interview, are already huge achievements that should be acknowledged considering that only a select few get invited to interview.

The next step is the most important part of the process  – preparing for the interview. Even the most prepared and qualified candidates can feel unsettled by a difficult question posed by the interviewer.

Compiled in this article are 8 tips on how to answer some of the toughest interview questions.

How do you answer the toughest “personality” interview questions?

1) Tell me about yourself.

This question is one of the most common and would usually come on early in the interview. Candidates would typically go on for 5-7 minutes discussing subjects that may be irrelevant to the job and this is not necessarily what the interviewer is looking for. Imagine it as an elevator pitch, no more than 1-2 minutes focusing on your work experience, education, what you can bring to the table and perhaps a hobby.

2) What is your biggest weakness?

With this question, the interviewer is trying to test your abilities when faced with a difficult question and it is a test to see how you respond. The candidate should avoid using a good trait and trying to pose it as a weakness like “I am a perfectionist” – it will take the interviewer a second to realise that you just cannot identify your own weaknesses.

3) What is your biggest strength?

The fact that you have been invited for an interview most likely means that you already have strengths that aligns with the job position, but it is different when it is heard from the candidate. There are two things to focus on here; firstly, do not mention too many strengths because it will just sound like you are boasting, up to 3 is sufficient. Secondly, make sure the strengths mentioned are relevant to the job. When applying for an HR job for example, you wouldn’t use digital marketing as a strength.

How do you answer the toughest job-related interview questions?

4) How do you handle stress?

Unfortunately, stress is a common component in the workplace. Employers ask this question to know that you will handle a stressful situation with a positive attitude especially if stress is an integral part of the role you have applied for. Mishandling stressful situations could have a negative impact in the workplace as a whole so it is important for employers to know that the candidate will handle the situation with grace.

The best way to tackle this question is by explaining a stressful situation you handled well in the past.

5) Why have you been out of work for so long?

This question is asked because candidates that have gaps between their work experience are usually put in the “bad pile”, however, the fact that you have been called in for an interview means the employer is giving you a chance to explain yourself rather than assuming the worst (being fired).

The best approach in this case would be to be honest rather than make up a story. If you have a gap due to personal reasons, explain yourself and then emphasise on why now is the right time for you to go back into the market.

6) Why are you leaving your current job?

Candidates need to be very careful with this question because employers are waiting to see if you will speak badly of your previous employer which will reflect on your character. It will not benefit you at all if you complain about your previous job or colleagues.

As opposed to discussing the employer, focus more on yourself and your experience in your previous role. Something like “I have gained a lot of experience from my previous role and am now ready for a new challenge.” This way you show the interviewer that you are willing and ready to take on new challenges and bring over what you have learnt to the new role.

How do you answer the toughest future-related interview questions?

7) Where do you see yourself in 5 years?

Candidates often feel that they are obliged to say that they want to be with the company they have applied for however this should not always be the case. If you sincerely feel that way, then build the career path you see yourself in at this company. Otherwise, you can take a different approach and focus on something you would like to develop over the next five years.

This question is usually asked to find out whether you plan to stay in the company long-term or not because the hiring process is not as easy as it seems and is very time consuming for the employer.

8) Why should I hire you?

Candidates usually hesitate when answering this question as they don’t want to oversell themselves or sound arrogant. The best thing to do is to just add on what you have already said throughout the interview and make sure you haven’t left anything important out.  It is vital to highlight the strengths and experiences you have that will complement the role you have applied for.

Book your consultation with us

Do you want to ensure that you ace your next interview? Then speak to one of our Consultants at GRS Recruitment on  +357 25342720/22769369 you can also watch a video for more interview tips with more visuals on how to approach and conduct yourself within an interview.

A new public transport system was recently launched in Cyprus to expand the Bus network across Cyprus and bring it up to European standards. The newly created Cyprus Public Transport was established by the MLKP consortium comprising of Malta Public Transport and Kapnos Airport Shuttle Ltd and is serving routes in Nicosia and Larnaca as of 4^th July 2020. The contract for the services was awarded by the Cyprus Ministry of Transport and is for the next ten years.

Malta Public Transport Chairman, Felipe Cosmen, commented on the launch of operating a public transport service in Cyprus: “Thanks to our success in Malta we just launched a similar bus service in Cyprus which started to operate last weekend. We have managed to export the successful public transport model from Malta to another European country.”

GRS Group the leading recruitment, payroll and Outsourcing company in Cyprus, was selected for its high-quality service and experience with large Outsourcing projects in the Energy, Retail, Banking, and Construction sectors. Lorraine Piggott Brown, Senior Operations Manager said ‘having worked in a number of industry horizontals in Cyprus we were delighted to be partnering with CPT as it was our first Outsourced Project in the Transport sector in Cyprus’.

The project began just before lockdown and involved the transfer of over 650 employees to the new company which involved face to face meeting across Cyprus. However, as the pandemic spread and became more serious, face to face meetings had to be replaced; innovation and technology took over.  Project Manager Annita Paliou said ‘it happened very quickly, and we had to think on our feet as the Health & Safety of the CPT & GRS staff was off paramount importance. As things developed, we realised that we would have to replace the face to face meetings and use a blend of technology including What’s App, Viber, Zoom and Microsoft Teams’. Organization on the project was key to ensure the 4^th July deadline was met  and all the information and paperwork for each staff member had been gathered, recorded and processed  to ensure a seamless transition for the employees to the new company Cyprus Public Transport.

With the 4^th July target achieved successfully and the employees on-boarded by GRS it was the then over to Fairfax Yeaman, a member of the GRS Group to take over, as they were selected as the outsourced payroll provider to run and manage payroll for the new company and its employees.

The CEO of GRS Group, Steve Slocombe, commented on the partnering with CPT “We are extremely pleased to be offering our expertise and services to such a premium client. With the advent of Covid we faced some unprecedented challenges with the project but due to our organised and agile approach we turned the project into a success. This of course was all down to the project team and I would personally like to thank them all: Lorraine, Annita, Christiana, Laura S and Laura C for their outstanding performance and resilience in such a strange and difficult time.”

If you would like to learn more about how your business can benefit from our Outsourcing Services please contact Steve Slocombe /Lorraine Piggott Brown at : steve@grsrecruitment.com lorraine@grsrecruitment.com Limassol 00357 25342720 Nicosia 00357 22769369

When you have a vacancy in your company, how do you know who is the right candidate is for the position and your team? With the help of a job description, of course! Before conducting interviews and making your final decision, a detailed job description is a must to attract the most qualified candidates.

However, job descriptions do not only serve one purpose. They accomplish many essential roles within the operation of a business such as:

• Functioning as a guide for interview questions
• Provides information and content to be included in Advertisements
• Provides a starting point for employee reviews, setting goals, growth paths, and salary increases

Continue to read below to learn about the three roles which we consider to be the most crucial functions of job descriptions within the operations of a business.

What to include in a job description?

Before we dive further into three more essential roles of job descriptions, we believe it is necessary to first to discuss what you should include in your job descriptions. Each one should include the following:

1. Title, position summary and an explanation of duties
2. Education level and desired experience
3. Essential skills required for the position
4. Required certificates and licenses
5. Physical requirements (if applicable)
6. Work environment and culture
7. Team structure (who they report to)

Helps to Determine Fit

The modern job seeker no longer selects their future employers based on just an attractive salary. The new generation of workers is more socially aware, and they want to work for a company that shares similar values to theirs. Companies who want to stand out from the rest and want to attract the best talent can do so using the job description. By including information about the company culture and its values within the job posting, they can attract candidates whose values align with theirs.

Finding the right fit is a two-way road- meaning that companies also have an interest in attracting candidates whose character and goals fit theirs. When employees and companies share ideals with their employers, they are less likely to leave for new opportunities.  Shared values help personnel feel more connected to their work, and so they stay longer with their current employers.

Clarifies Expectations

The job description is vital because it spells out to the employee exactly what you expect of them from the moment they apply to the job. It helps job seekers to decide whether they have the right qualifications for the position and the human resources team to determine what skills, education, and experience they should look for in a new employee.

The job description is also key to helping other team members understand the role and responsibilities of new colleagues. When everyone has a strong understanding of what each member is capable of and which duties they are responsible for, there is less miscommunication among teammates and easier collaboration. It acts as a guide for the training of new employees. The job description will tell supervisors which the critical skills of a role are so that they can create a “lesson plan” for new hires.

Protects the organization

Every employer must comply with employment laws. Writing a job description- although it is not legally, required-can help companies defend themselves against legal action from an employee or former employee if the duties and responsibilities are clearly explained in a job description. Any company that operates within the EU must follow EU employment law, which includes legislation on working conditions (ex. working hours), workplace equality, employment contracts, gender equality and, many more.

Do you have open vacancies in your company that you need to fill Or gaps in your HR Policies ? Then you need to speak to the experts in HR & recruiting – GRS Recruitment. We can help with all your recruiting and HR needs including, sourcing candidates, writing up HR Policies and job descriptions, to advertising, pre-screening candidates, to conducting interviews on your behalf. For a confidential discussion please call us now

For more information and to find out what to include in a job description, feel free to contact GRS Recruitment.

The employee handbook is a crucial document for the running of any business.

Also known as the staff handbook, it describes the company’s mission, policies, and culture. But more importantly, it lays out what behavior the company expects of the employees and the management team.

If you are interested in learning more about what the employee manual, what it does, and how it can assist both employers and employees, keep reading.

What is the purpose of the employee handbook?

Objective 1: Formalized Policies

As we briefly mentioned above, a staff guidebook is a formal write-up of the company’s operating procedures and policies. By including everything in one manual, you can ensure that employees of every level from older staff to new hires have the same access to and understanding of the company’s operational procedures. In this way, all employees are treated equally and held accountable to the same standards and policies.

Objective 2: Equality promoted

A significant part of the employee guidebook is the policies outlining what employers expected from all their employees. These are standard guidelines that must be followed by all company staff. Having this information accessible to all company employees creates equal opportunity for promotion and advancement. That is because the handbook allows all staff to educate themselves on how management evaluates and selects candidates for promotion. And at the same time, it helps managers to make informed decisions when they are selecting candidates for further development.  As the handbook informs managers on what standard criteria the candidates must excel at to qualify for a promotion.

Objective 3: Time saved

A well-drafted staff manual is an excellent device for saving time. For new employees, it is a great tool to introduce them to their new employer as the handbook contains in-depth information about the company, such as its mission, vision, and values.

Another way the staff manual saves time is it can provide new employees with all the answers they might need about how the company operates. Including how the company will apply its procedures, how it addresses employ concerns, and what employees can expect from their employer in general.

As for older staff, whenever they have questions, they can consult the manual instead of asking their supervisors. In this way, time is freed up for both supervisors and employees, allowing them to refocus on their work.

Objective 4: Legal disputes prevented

Other than introducing the reader to who the company is, the handbook will cover policies on working conditions (ex. working hours), workplace equality, protection of pregnant workers, gender equality, equal pay, and many more. By doing this, companies can protect themselves from lawsuits, including discrimination claims, wrongful termination, and harassment claims.

By clearly stating all their policies in an employee handbook, employers protect themselves against legal disputes as it prevents any legal loopholes from being exploited and ensures that the company is following all the relevant employment laws. And that the ethical treatment for all staff is the same.

How to write an employee handbook?

Now that you understand a little more about what an employee handbook is and its purpose, let’s discuss how to write one so that you can write one for your company.

Writing an employee handbook can be a simple process. Follow our instructions below to if this is your first time writing one and you need some tips on how to begin:

1. Quick and Simple is best: Using long and complicated terms will only confuse the reader and cause them to abandon reading the handbook. We recommend you use short and simple phrases to accelerate reading time and understanding.
2. Appropriate Tone: The tone of voice should reflect your corporation’s tone and culture. To make the manual even more engaging and legible for the reader, use the 2^nd person point of view to address them directly.
3. Simplify: Take all your company’s existing policies, remove any jargon and technical terms, and rewrite them in a more straightforward language to make them more consumable for the reader.
4. Add Visual Interest: Adding images and videos to your manual will add some visual interest to your manual. Using images depicting your actual employees on a typical day at the office or a video message from the CEO can make the manual a more exciting read.
5. Use a unique format: Make your staff handbook a more pleasant read by disregarding the typical book format and using something more engaging like a quiz or an interactive survey instead.

Do you need help writing or editing your employee handbook? Then contact GRS Group, we are the largest recruitment agency in Cyprus, and we have over 15 years of experience in helping companies with all their recruiting and employee management needs. Our expert team can help you write or edit your handbook into something that is a compelling read and still covers all the necessary information.

Winning the grand prize of recruitment is finding a fast, straightforward, and precise method to shortlist candidates instantly.

Hiring the right candidate is a time-consuming and challenging task that significantly affects the productivity of the company. Fifty-two percent of talent acquisition leaders said that “the most difficult part of recruitment was identifying the right candidates from a large applicant pool.” Therefore, finding a way to quickly and effectively narrow down the pool of applicants will not only free up time, but it will also relieve some of the stress and difficulty for hiring managers.

At GRS Group, we provide recruiting services for permanent, temporary contract, and project-based vacancies in all industries. Therefore, we are very familiar with the difficulty of identifying the best candidates from a large applicant pool. Below we share with you the four most effective ways to successfully shortlist the best contenders, which we have successfully tried and tested over our 15 years of experience.

But first…

What is shortlisting?

“Shortlisting is the process of identifying the candidates from your applicant pool who best meet the required and desired criteria for the open req and who you want to move forward onto the next step of your recruitment process, which is usually some form of an interview.”

1. What Qualities Does My Ideal Candidate Have?

The first thing we advise you to do is sit down and create a list of ideal qualities a candidate should have to perform the duties required by their role successfully. This list should be broken down into essential and desirable attributes, and they should be directly related to job performance. For example, an essential skill should be something necessary for the role, while desirable criteria can be things like education and years of experience.

With the help of your list, you can quickly eliminate the applicants that don’t meet your requirements and quickly narrow down the pool of applicants.

However, keep in mind that if you are too strict with your criteria, you may unintentionally dismiss suitable candidates. A balanced list of essential and desirable qualities and a touch of flexibility will allow the best candidates to remain, and you won’t accidentally screen out any qualified candidates.

Other than understanding the type of candidate you are looking for, you need to understand your company’s vision and values.

Which of your values would attract job potential employees? What types of people flourish in your company? How would you like your business to grow in the future? When you understand these things, then you get a better sense of what kind of candidate will fit the best in your team. That’s because your ideal candidate will have similar values, attitude, and mission to that of your company’s, and therefore, they will blend smoothly with your team.

2. Determine the Length of Your Shortlist

How many people do you think you have to talk to find your ideal hire?

When it comes time to shortlist applicants having a specific number in mind will help make the process easier. For example, maybe you decide that you want to interview five shortlist candidates and pick the best out of those five.

How much time can you set aside for interviews according to your schedule and workload? How many people can you meet? What has worked for you in the past?

The length of your shortlist will also depend on the number of applicants you get; if you get a smaller number of applicants, then you would benefit from interviewing more candidates.

Another way to determine the ideal number of your shortlist is to use the average applicants to interviews rate. Which according to a 2019 recruiting report, it has remained at 12% since 2017. This rate means that for 100 applications, only 12 of those candidates will get shortlisted.

3. Consider Additional Screening Measures

In addition to setting a list of criteria to help you identify and select the best candidates, consider adding further screening measures to your hiring process.  Aptitude, competency, and other tests are excellent examples of testing if candidates have the right skills to pass on to the interview stage.

You can add these tests at the application stage or ask candidates to complete them after reviewing their application. This will depend on which will fit better your company’s needs.

With the help of the additional information provided by the screening tests, you become more informed about each candidate, and shortlisting candidates becomes easier.

4. Watch out for red flags

Multiple spelling and grammatical errors on the applicant’s cover letter and C.V are your first sign that a candidate is not the right fit. Numerous errors may be an indicator of carelessness, inattentiveness, or the candidate’s lack of interest in the role.

Inconsistent formatting and font usage are also a sign of someone who is not detail-oriented and careless.

Another thing to pay attention to is someone who changes their job frequently. While this is something that has now become more common frequent job-hopping with unexplained gaps could suggest a lack of commitment to work.

Finally, look out other red flags during the recruitment process that show the candidate as unprofessional. Such as poor email etiquette, and lack of organization.

5. Employ Professionals

If you want to make the shortlisting process easier, you could always partner with a recruitment agency such as GRS Recruitment. As a team with 100+ years of combined recruitment experience, we have matched thousands of happy clients with their ideal employees, and we can do the same for you! Email us or give us a call at our Nicosia, Limassol, or Malta Office to discuss how our recruitment solutions can meet your needs.