If anyone still thinks of Cyprus as a remote island , tucked away in the eastern Mediterranean and with little going other than its ancient monuments , they should ask themselves why those monuments are there . Every civilisation in Europe and Asia Minor has wanted to grab Cyprus : the lesson of history is that its location has made it of key strategic importance , and that ' s why it has been something of a political football right up to 1960 when it gained its independence from Britain , and later joining the European Union in 2004 . Since these events it has grown to become a favoured location for business , thanks to a high per-capita income and low tax regime , making it attractive to investors looking to take advantage of its growing service economy .