Accession to the European Union

Cyprus became a member of the EU in 2004. The benefits are substantial and include political, economic, social, environmental and other benefits.

  • Political benefits
    • Improved security which is derived from membership of a community of nations that stresses its attachment to democracy, respect of human rights, fundamental freedoms and the rule of law.
    • Reference to European Treaties and the body of EU law in resolving problems and disputes.
    • The ability to participate as a voting member in the decision - making process of the EU, so as to be able to influence decisions that affect Cyprus and the whole of Europe.
    • The provision of EU citizenship to the citizens of Cyprus.
  • Economic benefits
    • The export of goods and services to EU Member States has increased.
    • Attraction of investment from the EU in activities in which Cyprus possesses comparative advantages, thus accelerating the transformation of Cyprus into a regional business centre.
    • Adoption of the Euro and participation of Cyprus in the Economic and Monetary Union (EMU) as from 1 January 2008, has helped to control inflation and keep interest rates low, which are prerequisites for increased investment and higher growth rate. The abolition of the exchange risk has also helped to boost exports.
    • Increased financial assistance from the EU to Cyprus.
  • Other benefits
    • Laws and standards are constantly upgraded and modernized.
    • Greater emphasis on improvement in the environment, safety standards and quality improvement.


2014 Tax diary

Posted: November 24, 2014
End of each monthPayment of tax deducted from employees salary (PAYE) in the preceding…

2013 Tax diary

Posted: November 20, 2014
End of each month Payment of tax deducted from employees salary (PAYE) in the preceding…

Cyprus-Ukraine Tax Treaty

Posted: November 20, 2014
Cyprus Signed new Double Tax Treaty with Ukraine On 8th November 2012, Cyprus and Ukraine signed a…

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