Cyprus and the EU
Cyprus and the EU
Cyprus, an EU member since 2004, is also in the eurozone. Membership has brought key changes:
EU Basics: Four freedoms (goods, persons, services, capital) are upheld. Turkish-Cypriots need EU docs due to Turkish occupation. ·
Legal Superiority: EU law trumps Cyprus law, including the Constitution. ·
Direct vs. Indirect: EU Regulations directly apply, Directives need Cyprus Parliament adoption. ·
EU Citizens: They can live, work, invest, and move freely, registering within 4 months. ·
Third-Country Nationals: Need a Cyprus Pink Slip residence permit. ·
Banking: Cyprus banks fall under ECB supervision, follow EU banking rules, protect consumers, and combat money laundering. ·
Anti-Money Laundering: Cyprus adheres to EU standards and has units to combat money laundering. Professionals must report suspicious transactions. ·
Other Areas: Cyprus aligns with EU policies on human rights, competition, environment, sustainability, and more. ·
Rights of Third-Country Nationals: They're treated under the rule of law and human rights standards, with business opportunities, tax exemptions, and residence permits for various purposes. ·
Travel Restrictions: Permanent residency in Cyprus doesn't grant travel rights across the EU except for Bulgaria and Romania.
In short, EU membership brings benefits like business opportunities and consumer protection to Cyprus, while certain travel restrictions apply for third-country nationals.
In short, EU membership brings benefits like business opportunities and consumer protection to Cyprus, while certain travel restrictions apply for third-country nationals.