This chapter briefly examines and assesses how the relations of the Republic of Cyprus with the European Union (EU) have been influencing the economy and social issues, before and after accession. The complex accession path of Cyprus was mainly preoccupied by political issues given that since 1974, Turkey occupies 37% of the territory of this island state. As Cyprus had by far the highest standard of living in comparison with all the ten countries that became members of the EU in 2004, pre-accession economic aid to it was modest. Furthermore, Cyprus was a net donor for many years after its accession to the EU. Cyprus had high expectations from the EU which were not fulfilled. Be that as it may, this island state has to function in the best possible way to advance its own national goals and also contribute to the broader European objectives.