Cyprus was a British colony until 16 August 1960, when it became an independent sovereign republic. On 1 May 2004 Cyprus formally joined the European Union, and on 1 January 2008 it became the 14th member of the Eurozone and the euro became the official currency.
Although approximately one-third of the island has been under Turkish occupation since 1974, this has no impact on the day-to-day life of most people, and Cyprus enjoys political and social security and stability, economic prosperity and a high quality of life. The so-called Turkish Republic of North Cyprus is recognised only by Turkey; the acquis communautaire of the EU does not apply there, and all references in this chapter are to the legitimate government of the Republic of Cyprus and the legislation enacted by it.
Cyprus's legal framework reflects the cosmopolitan nature of the island itself and gives an interesting insight into its history. On account of its history as a former British colony, Cyprus law is heavily influenced by English law and the English legal system. Cyprus, which is a common law jurisdiction, has adopted the Anglo-Saxon system and cites English cases in its courts, mostly as guidelines but, under certain circumstances, as binding law. Much of the current law regulating real estate dates back to when Cyprus was a British colony but, while the wording of the law and many of its provisions are unmistakably English, the law also reflects Turkish property law and has been extensively amended and updated since independence.
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