Cyprus has a presidential system of government which is modeled on western democratic systems where human rights, political and private property are safeguarded. The legal system is based on the same principles applicable in the United Kingdom. Cyprus legislation is considering a complete system to preven money laundering as well as other illegal activities related to financial or drug crimes.

Cyprus has an open economy, with the major business activities being on tourism and services. Cyprus accounting profession follows the international accounting and auditing standards, that of the accounting members of the local institute of CPAs, ACCA and ACA.

The island's banking system is highly developed and consists of many local and foreign commercial banks as well as a large number of offshore banking units. The Island has excellent transportation and telecommunication infrastructure. There are modern ports, 2 international airports and the road network
consists of motorways and large carriage-ways linking all the cities.