Legal & Banking System in Cyprus
Cyprus has a comprehensive, modern and forward-looking legal and regulatory framework. Due to the fact that the island was a British colony until 1960, when it became an independent republic, the legal system of Cyprus is widely based on English law with some exceptions.
Cyprus employs a common law legal system that prides itself in being widely recognised as highly reliable and effective. Following the accession of The Republic of Cyprus to the European Union in 2004, Cyprus fully applies EU law.
Banking System
The Cyprus banking and financial services sector is diverse, comprising of the domestic banks, the co-operative credit institutions (CCIs), insurance companies, and other companies that offer financial intermediation services. The system is well developed, highly organised and capable of providing fast and efficient service worldwide.
In an effort to satisfy the diverse needs from the business community all commercial banks maintain correspondent networks around the world and subscribe to SWIFT, Reuters, Telerate and other services.
There are also many foreign banks from the Middle East, Europe, Africa and Asia that operate as subsidiaries, branches or through representative offices in Cyprus.