The Republic of Cyprus is the third largest island in the Mediterranean, and has a population of 1,141,166 (2013 estimate). It is a member state of the European Union, and is located at crossroads of Europe, Asia and Africa. This strategic location makes it a major attraction for both tourists and international businesses. This also helps Cyprus navigate through troubled waters of financial crises. Despite the previous financial and political instability, Cyprus enjoys a relatively stable economy and is recognised as a prominent financial hub. Its business-friendly tax regime and robust regulatory framework, has helped Cyprus emerge as an attractive offshore financial and investment centre. The financial service industry in Cyprus is a rapidly growing sector, broadly comprising of accountancy, wealth management, trust and fiduciary, financial advisory services, banking, insurance and legal. Along with the banking sector, it is committed to the integration of advanced technology for hassle-free and well-regulated operation across the board. Cyprus has a rich historical and cultural heritage that can be witnessed in the well-preserved archaeological sites and historical monuments. Cyprus’s national identity is divided into its two ethnic boundaries- the Greece Cypriot and Turkish Cypriot sides. Both sides strongly uphold their separate ethnic, linguistic, religious and cultural identities. The island’s dazzling beaches, pleasant climate and cultural heritage has established Cyprus as a top-rated tourist destination in the world, with tourism industry contributing a significant proportion to the country’s economy.