Cyprus is already in EU. You cannot form the old offshore status, but you can form INTL companies which are not black sheeps in world markets, they have low taxation, better privacy than any solution (Milosevic himself was using cyprus companies and nobody ever managed to break the privacy).
Why Cyprus is better than the rest? Because intl companies is the vast majority of the earnings in the island and they protect them like nothing else. If you believe you'll get the same protection from a country you give them just $1-2k/year you are wrong. Anyhow, if your activities are illegal nobody will want your business or cover you regardless the country. I'm reffering strictly to good privacy and taxation.
I know an example of inside trading in stockmarket where the authorities went through 6 different corporations in 6 different countries in order to expose the directors behind it. Not 1 or 2, but 6! Bottom line,play safe
