With the accession of Cyprus into the European Union, as from the 1st of May 2004, it has been able to offer more attractive investment opportunities to entrepreneurs and advantages to investors. Cyprus has an open, free-market, service-based economy with some light manufacturing. The Tertiary sector is the largest contributor to the Cyprus economy. After its independence, Cyprus has enjoyed a thriving economic performance, reflected in rapid economic growth, full employment rates and external and internal stability. Cyprus is classified among the high-income countries. Its standard of living is even higher than some EU member-states and its economic performance compares favorably with that of most EU countries.