Are you working in the forex and fintech industry and torn between Dubai and Limassol? Let’s delve into some compelling reasons that could sway your decision.
Recent data from the latest industry-wide salary survey by FinTop Consulting, shared exclusively with FinanceMagnates.com, highlights the salary disparities between these two financial hubs. A Chief Operating Officer (COO) in Cyprus can earn up to EUR 180,000 annually, whereas the same role in Dubai can command a staggering EUR 301,000. Similarly, a Chief Revenue Officer (CRO) in Cyprus can expect a salary of about EUR 144,000, while in Dubai, it’s an impressive EUR 327,000. To add to this allure, the UAE has no personal income tax, which enhances overall earnings.
The FinTop Consulting survey reveals that although Cyprus has long been a staple in the forex and fintech sectors, Dubai is rapidly catching up. The average salary increase in Cyprus was reported at 5.4%, while Dubai enjoyed a growth rate between 6% and 8%, driven largely by heightened demand for specialized skills, as noted by Reece Pawsey, Director at FinTop Consulting.
Dubai is proving to be a formidable competitor to Cyprus in the forex and fintech arenas. The city’s abundant talent pool has attracted numerous brokers and trading-related firms, many of which have established physical offices and secured local licenses to solidify their presence.
However, it’s worth considering that the cost of living in Dubai is about 25% higher than in Limassol. This raises the question: Do the salaries in Dubai compensate for the increased living expenses enough to attract top talent to the desert city?
Dubai vs Cyprus: Salaries
In terms of overall salary comparisons, a CEO in Cyprus can earn up to EUR 300,000 annually. However, those at smaller firms might see salaries ranging from EUR 36,000 to EUR 72,000, whereas specific salary ranges for CEOs in Dubai were not disclosed in the survey. While some C-level roles show comparable salaries in both locales, others lean heavily in Dubai’s favor. For instance, a Chief Marketing Officer in Cyprus tops out at EUR 200,000 while in Dubai, that figure can reach EUR 229,000. Similarly, a Chief Technology Officer may earn up to EUR 210,000 in Cyprus, compared to EUR 229,000 in Dubai.
Historically, Cyprus has established itself as the European hub for the retail forex industry. Yet with the rise of Dubai, which showcases significantly better compensation packages for many roles, a noticeable shift is occurring.
It should be emphasized that not all positions in Cyprus offer lower salaries. For example, the maximum salary for a Chief Financial Officer (CFO) in Cyprus achieves EUR 240,000, contrasting with the EUR 196,000 that a CFO might earn in Dubai.
Dubai typically rewards middle management roles with considerably higher salaries as well. A Head of Marketing can earn between EUR 120,000 and EUR 173,000 in Cyprus, whereas in Dubai, the same position could command up to EUR 196,000.
Compliance-related roles also see a more favorable salary scale in Dubai. A Chief Compliance Officer or a Chief Risk Officer in Dubai can earn around EUR 261,000, along with similar figures for a Head of Legal. On the other hand, senior-level legal and compliance roles in Cyprus cap at around EUR 150,000.
While both regions require tech-savvy individuals, Dubai seems to place a higher demand on specific skills. Regulatory and compliance expertise tops the list, followed by blockchain development and algorithmic trading knowledge. In Cyprus, growing sectors include Regulatory Technology (RegTech), Environmental, Social, and Governance (ESG) analytics, and compliance automation, particularly in light of recent regulatory changes with the implementation of the Markets in Crypto-assets Regulation (MiCA).
This increasing compliance focus is reflected in Cyprus, where salaries for positions like Head of Compliance have nearly doubled since last year.
When focusing on revenue-generating jobs, a Head of Sales in Dubai, with a maximum salary approaching EUR 245,000, significantly outpaces earnings in Cyprus. Conversely, a Chief Dealer in Cyprus can make up to EUR 144,000—less than half of what a Chief Trading Officer would receive in the UAE. Similarly, Head of Trading salaries in Cyprus are almost half those offered in Dubai.
It’s worth mentioning some key distinctions for managerial roles. A Business Development Manager can expect up to EUR 60,000 in Cyprus versus up to EUR 88,000 in Dubai. Interestingly, salaries for Compliance Managers in Cyprus can surpass those of their counterparts in Dubai. A Risk Manager in Cyprus can also earn almost double what one in Dubai would make.
According to the survey data, Limassol remains the epicenter of financial services in Cyprus, accommodating over 62% of the country’s fintech and tech workforce. Following Limassol, Nicosia and Larnaca account for 24% and 8%, respectively. Notably, the majority of this workforce boasts between 5 to 10 years of experience.
