Select city in Cyprus: Cost of living in Cyprus is 9.60% lower than in United States (aggregate data for all cities, rent is not taken into account). Wages in Cyprus decreased to 1925 EUR/Month in the second quarter of 2020 from 1945 EUR/Month in the first quarter of 2020. Rent in Cyprus is, on average, 45.07% lower than in … Currently only nine professions in Cyprus are protected by a minimum wage which is set by Labour Ministry decree. The minimum salary in Nicosia, Cyprus varies depending on the activity. It starts at €870 gross a month and rises to €924 after six months. Minimum Guaranteed Income.