On May 1, 2004 Cyprus became a full EU Member State. Following the country's accession to the EU, the government of the Republic of Cyprus undertook the obligation to join the Economic and Monetary Union and to adopt the euro as soon as the necessary requirements were fulfilled. From January 1st, 2008 Cyprus joined the euro zone and adopted the euro as its national currency.
- Access of Cypriot goods and services to a huge single market consisting at present of the 15 most economically advanced countries in Europe, with a population of over 370 million.
- Participation of Cyprus in the Union’s internal market, an area where free movement of goods, services, persons and goods is ensured, will lead in the medium and long term to a more efficient allocation of factors of production towards activities in which Cyprus possesses comparative advantages. This will have positive repercussions on growth and employment.
- Share in the growth and development of the EU economy.
- 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.
- Widening of the choices of the consumer as far as goods and services are concerned.
- Increased financial assistance from the EU to Cyprus. Most EU funding will be provided for agriculture and through structural funds.