The Republic of Cyprus has become a full member of the European Union as from 1 May 2004. On 1 January 2008 Cyprus has adopted the Euro as its official currency replacing the Cyprus Pound.
The accession of Cyprus to full EU membership has made available to Cyprus companies a number of new funding opportunities from European funds in order to support new business activities.
Furthermore, as a result of the membership of Cyprus to the European Union, Cyprus position as an international business centre has been firmly established. Moreover, Cyprus is now recognised as being one of the most attractive locations for inbound and outbound investments in the EU.