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

Political benefits

• Improved security which will derive 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 is expected to increase.
• 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) is expected to lead to lower inflation and lower interest rates which are prerequisites for increased investment and higher growth rate. The abolition of the exchange risk is also expected to boost exports.
• Increased financial assistance from the EU to Cyprus.

Other benefits

• Laws and standards will be upgraded and modernised.
• Greater emphasis on improvement in the environment, safety standards and quality improvement.