Cyprus was declared an independent state in 1960 on the basis of the London- Zurich agreements. Until independence the legal system was based on the English legal system.
After independence in 1960 the English legal system was largely preserved. The main sources of law in Cyprus are the following:
• The law of the European Union
• The Constitution of the Republic of Cyprus
• International conventions which have been ratified and adopted according to the provisions of the Constitution
• Statutes enacted by the House of Representatives; the laws of the United Kingdom which applied in Cyprus before independence and statutes which were in force before independence, provided there is no other provision governing the matter and there is no confict with the constitution; the laws of the vakouf.
• The case law of the Supreme Court
• The common law and in principle of enquiry provided there is no provision governing the matter and there is no conflict with the constitution.
Following the accession of The Republic of Cyprus to the European Union in 2004, the Constitution was amended so that European law has supremacy over the Constitution in case of conflict.
The Cyprus legislation in respect to legal entities offers a variety of opportunities for the establishment of businesses for operations both in the local and international market.