This research aims to explain why international students choose to pursue their education in a university in a small island state (North Cyprus)—which is suffering under international embargoes, yet has been successful in establishing a global higher education sector. One hundred and eighty-four international students studying at the Eastern Mediterranean University (EMU) answered a questionnaire that gauged their reasons for coming to EMU, their satisfaction with the university, and their willingness to transfer to another institution if given the chance. The top three reasons for choosing EMU were the internationally recognized diploma, reasonable tuition fees, and English medium of instruction. Although students did not seem to be dissatisfied with the university facilities and the education they were receiving, 58.9% indicated that they would still transfer to a university abroad. This shows that EMU needs to work harder at its retention strategies and to further improve student satisfaction. Implications for EMU management and guidelines for universities in other developing nations—in particular small island states with limited natural resources—who want to establish themselves as higher education centers are discussed.