Editing Economy of Cyprus (section)

===Investment climate===
The Cyprus [[legal system]] is founded on [[English law]], and is therefore familiar to most [[international financiers]]. Cyprus's legislation was aligned with EU norms in the period leading up to [[EU accession]] in 2004. Restrictions on foreign direct investment were removed, permitting 100% foreign ownership in many cases. Foreign portfolio investment in the [[Cyprus Stock Exchange]] was also liberalized.<ref name="ft.com">[http://www.ft.com/intl/cms/s/0/e2899694-4eb4-11dc-85e7-0000779fd2ac.html#axzz2A6usbMmz Cyprus will continue to fight against money laundering] FT.com 20 August 2007</ref> In 2002 a modern, business-friendly tax system was put in place with a 12.5% corporate tax rate, one of the lowest in the EU. Cyprus has concluded treaties on [[double taxation]] with more than 40 countries, and, as a member of the [[Eurozone]], has no exchange restrictions. Non-residents and foreign investors may freely repatriate proceeds from investments in Cyprus.<ref name="ft.com" />