Between 1915 and 1961 Cyprus was colonised by the UK, and therefore endorsed the English language and common law throughout the country.
The EU offers European passports that are actively used within the financial sphere. With respect to Cyprus, it means that having a European passport, local companies are authorised to work in any EU country without the necessity to obtain a new license – it is enough to notify financial regulators of the respective country.
Cyprus therefore hopes the UK-registered financial houses will rush to register financial companies in Cyprus to grant access to the EU financial market instruments. Malta, however, also aspires to take this role, who will win the race remains to be seen.