On the 1st of May 2004 Cyprus became a full member of the European Union (EU).
The accession of Cyprus in the EU has enhanced the already significant influence the country has as an International Financial Centre (IFC). Cyprus is a well respected and reputable IFC and it is not identified with tax havens, with countries engaged in harmful tax practices and with non-cooperative countries in the fight against money laundering.
Its attractive tax system together with its extensive double tax treaty network, have established Cyprus as the ideal gateway location for EU inbound and outbound investment. This compliments the already developed and strong political and economic relations with the Central and East Europe (CEE) countries, Russia and other markets such as India and China.
Having in mind the above, Cyprus offers a unique business opportunity to investors and trading partners. The strong pro-business attitude, the multi-lingual and highly skilled human capital and the state-of-art telecommunications infrastructure have advanced the island to one of the most efficient and successful business locations in Europe and differentiated it from other financial centers.