Since 1974, political stability in Cyprus has been tarnished by continued struggles between Turkish and Greek interests. In turn, its progression as a financial centre has been halted by the perception of it as a tax haven for money of questionable origin. But in the past few years, Cyprus has had good reason to celebrate a marked departure from these images, particularly with its accession to the EU due in May.
“For our accession to the EU, we had to amend our legislation in many areas and abide to stricter regulations,” says Haris Hambakis, manager of private banking at Laiki Bank.
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