The EU Post Accession Era
Cyprus has acceded to the EU on 1 May 2004 along with the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. The Accession to the European Union has further enhanced Cyprus’ political and economic stability. Cyprus has become a prime business and financial business centre within the EU.
Cyprus is now not only the prime vehicle of investment in and out of Central and Eastern Europe, Russia, and the Middle East, but it is also a prime vehicle of investment in and out of the EU.
Indicatively, the Government of Cyprus’ decision to lift incoming direct investment restrictions for EU residents as of January 2000 has given a boost to foreign investment from the EU, which jumped from $225.2 million in 1999 to $374.7 million in 2000 (67% increase in a year)! The inflow of foreign direct investment from all countries reached $1.0 billion in 2003, 58.1% of which came from the EU.
Cyprus has the infrastructure, the know-how, the legal system, the professional services and the expertise to fulfil successfully its new strategic role as one of EU’s prime International Business and Financial Centre.