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.
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.
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-
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.
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.