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Cyprus, officially the Republic of Cyprus is a Eurasianisland country situated in the eastern Mediterranean south of Turkey, west ofthe Levant, north of Egypt, and east-southeast of Greece.  Cyprus is the third-largestMediterranean island and one of the most popular tourist destinations,attracting over 2.4 million tourists per year. A former British colony, itgained independence from the United Kingdom in 1960 and became a Commonwealthrepublic in 1961. The Republic of Cyprus is a developed country and has been amember of the European Union since 1 May 2004. It adopted the Euro on 1 January2008.

The Cypriot economy is prosperous and has diversified inrecent years. According to the latest IMF estimates, its per capita GDP(adjusted for purchasing power) is, at $46,865, the third highest in theEuropean Union, after that of Luxembourg and Malta. Cyprus has been sought as abase for several offshore businesses for its highly developed infrastructureand has a market economy dominated by the service sector, which accounts for78% of GDP. Tourism, financial services, and real estate are the most importantsectors. Oil has recently been discovered in the seabed between Cyprus andEgypt, and talks are underway between Lebanon and Egypt to reach an agreementregarding the exploration of these resources. The seabed separating Lebanon andCyprus is believed to hold significant quantities of crude oil and natural gas.

The tourist industry in Cyprus is also gaining momentummaking the demand for rental property higher. Buying a property in Cyprus alsoappeals to many second-home buyers who feel very safe investing in a propertymarket such as Cyprus where the legal system is based on that of the UK inaddition to it being a full EU member country. South Cyprus is popular forpurchasing property, but often more for a lifestyle investment. North Cypruscan offer excellent investment potential as the countries move close tounification, only if legally secure in the purchase.