The first of May 2004 marked the official entry of the Republic of Cyprus into the European Union.

Joining Cyprus on that date was the smaller Mediterranean island of Malta, and eight central and eastern European countries.

They were to be followed by Bulgaria and Romania three years later to make a total of 27 countries by 2008.

The gradual implementation of E.U. regulations in all walks of life was followed by the adoption of the Euro as the official Cyprus currency on the first of January 2008. (see Cyprus currency).

Although sales of properties in Cyprus were vibrant from UK and Ireland before 2004, membership of E.U. has brought many other different country members into Cypriot property ownership and extended the inbound tourism market to a wider E.U. audience.

E.U. membership has increased the internationalism of the island, given it strength to live and work alongside the large world nations, and broaden import and export opportunities.

Subsidies have helped the growth of the economy and accelerated infrastructure projects.

Major road construction and marinas will all help to improve the attractiveness to overseas property buyers.

13th December 2007 saw the signing by all 27 countries of the Treaty of Lisbon, designed to make the E.U. more democratic, efficient and transparent and to take on global challenges such as climatic change, security and development.

Cyprus had a significant number of plus points for overseas property investors before accession to E.U., and now has even more.