Are you working within the foreign exchange and fintech {industry} and torn between Dubai and Limassol? Right here is one thing to make your resolution simpler: a Chief Working Officer in Cyprus can earn as much as EUR 180,000 a 12 months, whereas the annual wage for a similar function in Dubai can go as much as EUR 301,000. Equally, the wage of a Chief Income Officer in Cyprus is EUR 144,000, whereas in Dubai it’s EUR 327,000. And evidently, the UAE has no private earnings tax.
The most recent industry-wide wage survey by FinTop Consulting, a staffing agency within the B2B FX {industry}, was completely shared with FinanceMagnates.com.
Are you questioning how a lot FX executives had been incomes within the earlier? Learn our earlier experiences on wage survey.
Salaries in Dubai Are Rising Sooner Than in Cyprus
The survey discovered that the typical wage enhance was 5.4 per cent throughout all sectors in Cyprus, whereas the expansion was between 6 per cent and eight per cent in Dubai-based roles, “pushed by heightened demand for specialised abilities.”
Reece Pawsey, Director at FinTop Consulting
Dubai has emerged as a challenger to Cyprus’s foreign exchange and fintech {industry}. The dominance of the Center Japanese metropolis, with its huge expertise pool, has attracted plenty of brokers and different trading-related firms.
The rising demand for FX roles in Dubai is rising as many brokers and different buying and selling {industry} service suppliers are establishing a bodily presence within the metropolis. Many brokers have even obtained native licences to cement their presence within the area.
Learn extra: IC Markets Seeks UAE License; Eightcap Secures a New Dubai License
Nevertheless, it ought to be famous that the price of dwelling in Dubai is 25 per cent greater than in Limassol. Is {that a} deterrent, or are the salaries excessive sufficient to draw high expertise to the desert metropolis?
Dubai vs Cyprus: Salaries
The wage of a CEO based mostly in Cyprus can attain EUR 300,000 yearly; nonetheless, a CEO at a smaller agency could earn between EUR 36,000 and EUR 72,000. The survey of Dubai-based roles, nonetheless, didn’t disclose the CEO wage vary.
Though salaries for sure C-level roles within the two international locations are comparable, others present a stark distinction, favouring Dubai. The wage of a Chief Advertising and marketing Officer in Cyprus reaches a most of EUR 200,000, whereas in Dubai it will possibly go as much as EUR 229,000. A Chief Know-how Officer in Cyprus can earn as much as EUR 210,000, whereas somebody in the same function in Dubai can take dwelling as much as EUR 229,000.
Cyprus has lengthy established itself because the European hub for the retail foreign exchange {industry}. Nevertheless, its dominance is now being challenged by Dubai, and this shift is clearly mirrored within the salaries supplied for a lot of roles.
That stated, not all Cyprus-based roles supply decrease salaries than these in Dubai. The utmost wage of a Chief Monetary Officer in Cyprus is EUR 240,000, whereas Dubai-based counterparts can earn as much as EUR 196,000 a 12 months, in keeping with the survey
Dubai often presents considerably greater pay for center administration roles. The wage of a Head of Advertising and marketing can attain between EUR 120,000 and EUR 173,000 in Cyprus, whereas the identical place based mostly in Dubai can earn as much as EUR 196,000.
Compliance-related roles additionally command greater salaries in Dubai. A Chief Compliance Officer and Chief Threat Officer can every earn as much as EUR 261,000, with the Head of Authorized receiving the same quantity. In distinction, a senior-level Head of Authorized & Compliance in Cyprus earns as much as EUR 150,000.
Learn extra: CFDs-Heavy Cyprus’ Compliance and Authorized Heads Are Incomes Six Figures
Each Cyprus and Dubai require tech-centric abilities. Nevertheless, the highest in-demand abilities in Dubai are regulatory and compliance experience, adopted by blockchain growth and algorithmic and quantitative buying and selling.
In Cyprus, demand can also be rising for Regulatory Know-how (RegTech), ESG analytics, and compliance automation. The necessity for compliance-related roles surged throughout Europe following the implementation of the Markets in Crypto-Property Regulation (MiCA) final 12 months.
This shift can also be mirrored in salaries in Cyprus, the place the compensation for a Head of Compliance has virtually doubled in comparison with a 12 months in the past.
On the subject of direct revenue-generating roles, a Head of Gross sales in Dubai, with a most wage of round EUR 245,000, can earn greater than double that of a counterpart in Cyprus. In operations, a Cyprus-based Chief Supplier earns as much as EUR 144,000—lower than half the annual wage of a Chief Buying and selling Officer based mostly in Dubai. The Head of Buying and selling in Cyprus additionally earns practically half the quantity supplied for a similar function in Dubai.
Nevertheless, there are notable variations in terms of managerial roles. Whereas a Enterprise Improvement Supervisor in Cyprus can earn as much as EUR 60,000 and one in Dubai as much as EUR 88,000, the highest wage of a Compliance Supervisor within the Mediterranean island is greater than within the desert metropolis. A Threat Supervisor in Cyprus also can earn virtually double the wage of 1 based mostly in Dubai.
In line with the survey, Limassol stays the epicentre of exercise inside Cyprus, representing over 62 per cent of fintech and tech professionals within the nation. Nicosia and Larnaca comply with, at 24 per cent and eight per cent, respectively. The vast majority of the workforce has 5 to 10 years of expertise.
Are you working within the foreign exchange and fintech {industry} and torn between Dubai and Limassol? Right here is one thing to make your resolution simpler: a Chief Working Officer in Cyprus can earn as much as EUR 180,000 a 12 months, whereas the annual wage for a similar function in Dubai can go as much as EUR 301,000. Equally, the wage of a Chief Income Officer in Cyprus is EUR 144,000, whereas in Dubai it’s EUR 327,000. And evidently, the UAE has no private earnings tax.
The most recent industry-wide wage survey by FinTop Consulting, a staffing agency within the B2B FX {industry}, was completely shared with FinanceMagnates.com.
Are you questioning how a lot FX executives had been incomes within the earlier? Learn our earlier experiences on wage survey.
Salaries in Dubai Are Rising Sooner Than in Cyprus
The survey discovered that the typical wage enhance was 5.4 per cent throughout all sectors in Cyprus, whereas the expansion was between 6 per cent and eight per cent in Dubai-based roles, “pushed by heightened demand for specialised abilities.”
Reece Pawsey, Director at FinTop Consulting
Dubai has emerged as a challenger to Cyprus’s foreign exchange and fintech {industry}. The dominance of the Center Japanese metropolis, with its huge expertise pool, has attracted plenty of brokers and different trading-related firms.
The rising demand for FX roles in Dubai is rising as many brokers and different buying and selling {industry} service suppliers are establishing a bodily presence within the metropolis. Many brokers have even obtained native licences to cement their presence within the area.
Learn extra: IC Markets Seeks UAE License; Eightcap Secures a New Dubai License
Nevertheless, it ought to be famous that the price of dwelling in Dubai is 25 per cent greater than in Limassol. Is {that a} deterrent, or are the salaries excessive sufficient to draw high expertise to the desert metropolis?
Dubai vs Cyprus: Salaries
The wage of a CEO based mostly in Cyprus can attain EUR 300,000 yearly; nonetheless, a CEO at a smaller agency could earn between EUR 36,000 and EUR 72,000. The survey of Dubai-based roles, nonetheless, didn’t disclose the CEO wage vary.
Though salaries for sure C-level roles within the two international locations are comparable, others present a stark distinction, favouring Dubai. The wage of a Chief Advertising and marketing Officer in Cyprus reaches a most of EUR 200,000, whereas in Dubai it will possibly go as much as EUR 229,000. A Chief Know-how Officer in Cyprus can earn as much as EUR 210,000, whereas somebody in the same function in Dubai can take dwelling as much as EUR 229,000.
Cyprus has lengthy established itself because the European hub for the retail foreign exchange {industry}. Nevertheless, its dominance is now being challenged by Dubai, and this shift is clearly mirrored within the salaries supplied for a lot of roles.
That stated, not all Cyprus-based roles supply decrease salaries than these in Dubai. The utmost wage of a Chief Monetary Officer in Cyprus is EUR 240,000, whereas Dubai-based counterparts can earn as much as EUR 196,000 a 12 months, in keeping with the survey
Dubai often presents considerably greater pay for center administration roles. The wage of a Head of Advertising and marketing can attain between EUR 120,000 and EUR 173,000 in Cyprus, whereas the identical place based mostly in Dubai can earn as much as EUR 196,000.
Compliance-related roles additionally command greater salaries in Dubai. A Chief Compliance Officer and Chief Threat Officer can every earn as much as EUR 261,000, with the Head of Authorized receiving the same quantity. In distinction, a senior-level Head of Authorized & Compliance in Cyprus earns as much as EUR 150,000.
Learn extra: CFDs-Heavy Cyprus’ Compliance and Authorized Heads Are Incomes Six Figures
Each Cyprus and Dubai require tech-centric abilities. Nevertheless, the highest in-demand abilities in Dubai are regulatory and compliance experience, adopted by blockchain growth and algorithmic and quantitative buying and selling.
In Cyprus, demand can also be rising for Regulatory Know-how (RegTech), ESG analytics, and compliance automation. The necessity for compliance-related roles surged throughout Europe following the implementation of the Markets in Crypto-Property Regulation (MiCA) final 12 months.
This shift can also be mirrored in salaries in Cyprus, the place the compensation for a Head of Compliance has virtually doubled in comparison with a 12 months in the past.
On the subject of direct revenue-generating roles, a Head of Gross sales in Dubai, with a most wage of round EUR 245,000, can earn greater than double that of a counterpart in Cyprus. In operations, a Cyprus-based Chief Supplier earns as much as EUR 144,000—lower than half the annual wage of a Chief Buying and selling Officer based mostly in Dubai. The Head of Buying and selling in Cyprus additionally earns practically half the quantity supplied for a similar function in Dubai.
Nevertheless, there are notable variations in terms of managerial roles. Whereas a Enterprise Improvement Supervisor in Cyprus can earn as much as EUR 60,000 and one in Dubai as much as EUR 88,000, the highest wage of a Compliance Supervisor within the Mediterranean island is greater than within the desert metropolis. A Threat Supervisor in Cyprus also can earn virtually double the wage of 1 based mostly in Dubai.
In line with the survey, Limassol stays the epicentre of exercise inside Cyprus, representing over 62 per cent of fintech and tech professionals within the nation. Nicosia and Larnaca comply with, at 24 per cent and eight per cent, respectively. The vast majority of the workforce has 5 to 10 years of expertise.
