Cyprus is a common law jurisdiction. Cypriot law is reliant on precedent extracted from the English common law for stability and finality. The Republic of Cyprus is a democracy with a presidential system of government. The President is elected for 5 years directly by the people in a secret ballot with universal suffrage.
In 2004 Cyprus became a European Union member state and adhered to the European laws modifying its Constitution in order to harmonize it to EU Directives. Cyprus is also signatory to many international treaties and conventions. From January 1st, 2008 Cyprus joined the euro zone and adopted the euro (€) as its national currency.
The Constitution of Cyprus provides for a clear separation of powers. Executive power is exercised by the Council of Ministers (currently of 11 members) which is appointed and chaired by the President of Cyprus. Legislative power is exercised by the House of Representatives (parliament of the Republic of Cyprus) in all matters. The term of office of the House of Representatives is 5 years and the deputies are elected by universal suffrage via a simple proportional representation system.
Judicial power lies with the courts of the Republic namely the Supreme Court, the Administrative Court, the Assize Courts, the District Courts, the Military Court, the Industrial Disputes Court, the Rent Control Courts and the Family Courts.
Executive power is exercised by the Council of Ministers (currently of 11 members) which is appointed and chaired by the President of Cyprus. Legislative power is exercised by the House of Representatives (parliament of the Republic of Cyprus) in all matters.
The term of office of the House of Representatives is 5 years and the deputies are elected by universal suffrage via a simple proportional representation system.
Judicial power lies with the courts of the Republic namely the Supreme Court, the Administra-
tive Court, the Assize Courts, the District Courts, the Military Court, the Industrial Disputes Court, the Rent Control Courts and the Family Courts.Cyprus has a well-developed banking system which offers a wide range of services catering for the needs of businesses and individuals.
The Central Bank of Cyprus is responsible for the monitoring and assessment of the stability of the financial system and is the licensing authority for the conduct of banking business and for the supervision of banks.
Ownership in Cyprus is safeguarded by the provisions of the Constitution that is the ultimate Law of Cyprus, which establishes the equality of all persons and respect for human rights, including the right to ownership, without discriminations. People residing in Cyprus can enjoy all rights relating to ownership of their property without any interference either from the State or individuals.
All rights associated with immovable property, land surveying, cartography, registration, transfer and mortgage of immovable property, ownership of land, evaluation of immovable property and management of state land are monitored and protected by the Department of Lands and Surveys which is the competent Government Service that provides services related to immovable property in general.
