In the last few years, Cyprus has grown to be one of the fastest emerging fund markets in Europe. The passing of the Alternative InvestmentFund Law of 2014 and the transposition of the UCITS IV Directive into domestic Law in 2012 have harmonized the local regulatory framework in line with the EU fund regulations, increasing the country’s competitive position and opening the market for the set up of Cyprus funds which can be marketed domestically and in the EU. With a market now built on strong legal foundations, the business environment is created for fund managers, custodians, and administrators to operate and with their significant contribution the Cyprus fund market shall continue developing.