Cyprus and the EU

The Republic of Cyprus is a member of the European Union as from 1 May 2004. The accession of Cyprus in the EU and the adoption of the acquis communittaire have given rise to new challenges and opportunities in the business world in Cyprus. Moreover a number of new funding opportunities became available from EU funds aiming mainly to support the development of business activities in the area of manufacturing, agriculture and agrotourism as well as the promotion of human resource development and the development of the rural areas of the island.

Cyprus has entered the European Exchange Mechanism (ERMII) on 2 May 2005 as a first step towards the adoption of the Euro as the official currency on 1 January 2008.