The Fundamental Freedoms of the European Union

The Fundamental Freedoms of the European Union

The Four Fundamental Freedoms of the European Union (EU) are: the free movement of goods, the free movement of capital, the free movement of persons, the freedom of establishment and provide services.

Regarding the free movement of goods, Article 28 of the Treaty on the Functioning of the European Union (TFEU) prohibits the imposition of any kind of duties on goods produced in the EU when crossing borders and neither goods produced in third country once imported to the EU by the countries of the EU.

Moreover, the free movement of capital in the internal market of the EU, mentioned in Article 63 of TFEU, forbids any restriction on the movement of capital, including banking transactions, operation of accounts and purchase of real estate.

As far as free movement of persons is concerned, Article 21 of TFEU clarifies that every citizen of the Union shall have the right to move and reside freely within the territory of the Member States.

In practical terms, an EU citizen can travel to EU Member States by using only a valid identity card or passport.

In addition, according to Article 49 and Article 56 of TFEU restrictions on the freedom of establishment and services of nationals of a Member State in the territory of another Member State shall be banned. Especially, if an EU national owns a holding company in an EU Μember State he will have the right to establish a subsidiary company in another Member State.

In conclusion, if you are an EU citizen and a beneficiary of the above mentioned freedoms, you can always contact our Immigration Department where we can provide you with all the vital information pertaining migration and /or relocation to Cyprus.