The club will pay an additional amount of 1.5 million Euros in variables to the former Barcelona midfielder.
Confirming the transfer on their official Twitter handle, Barcelona posted a picture of Mina and thanked him for his contributions to the team.
"Yerry Mina signs for @Everton," they wrote.
Meanwhile, another Barcelona midfielder Andre Gomes is also set to join Everton on loan at a price of 2.25 million Euros.
The transfer was confirmed by Barcelona on their Twitter account.
"[LATEST NEWS] Agreement with @Everton for the loan of @aftgomes http://ow.ly/kmLP30ll7JJ," they tweeted.
Gomes, who failed to fix his pot in Barcelona even after a long association of almost two years, said that it felt like a "hell" after first six months with the team, goal.com reported.
Earlier, French Footballer Lucas Digne was also roped in by Everton on the last day of the transfer window. (ANI)