Moyes said: "We are pleased to have him. It is a signing for now and it is also a signing for the future.
"We see him as a left-back. We already have Nuno Valente to play there and Joleon Lescott can cover in that position, but we really want him (Lescott) to be a central defender.
"And he is a big Evertonian. We have been impressed by him and the reports that we have had about him over the past 12 months have been good.
"He really came to prominence last season and has done well in the Premier League and at the European Under-21 Championships, so that was a big factor."
He added: "I am very happy now it is all done and I am looking forward to getting on with it all here.
"People knew this was the place I wanted to come and I am glad now that it is all done.
"I am a local lad and all my family support Everton so it's good to be here at last."