Cyprus offers a compelling jurisdiction for obtaining Electronic Money Institution (EMI) and Payment Institution (PI) licenses, providing access to the entire EU/EEA market through passporting rights.
6-12 months
Authorization Timeline
€350,000
EMI Capital Requirement
EU/EEA
Passporting Rights
Legal Framework
EMI operations are governed under the Electronic Money Laws of 2012 and 2018. Payment Services (including PI) fall under the 2023 amendments to the Provision and Use of Payment Services and Access to Payment Systems Laws.
Upcoming Changes: PSD3
The PSD3 directive will merge current PSD2 and EMD2 regulations. Under PSD3, institutions offering e-money services will be considered payment institutions under certain conditions.
Permitted Services
EMI License
- Issuance of electronic money
- Redemption of electronic money
- Distribution of electronic money
PI License
- Cash placement and withdrawal
- Payment transactions execution
- Issuing payment instruments
- Acquiring transactions
- Remittance services
- Payment initiation services
- Account information services
Why Choose Cyprus?
Operate across the entire EU/EEA
Experienced finance professionals
CBC has established experience
Competitive corporate environment
Strong legal and tech ecosystem
Application Process
Prepare Application Package
Comprehensive documentation including business plan, compliance policies, and financials
Pay Fee to CBC
Application fee of approximately €5,000 plus additional service fees
Submit Application
Formal submission to the Central Bank of Cyprus
Operational Setup
Compliance verification and systems implementation after authorization
Capital Requirements
Full EMI license requires minimum capital of €350,000. PI licenses have varying requirements depending on services offered.
Timeline
Authorization typically takes 6-12 months. Well-prepared applications may achieve faster processing (~3 months).
Ready to Get Licensed?
We guide businesses through the licensing process across multiple jurisdictions, from application to approval.