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The Republic of Cyprus, an island in the eastern Mediterranean Sea south of the Anatolian Peninsula, is the best post-Brexit jurisdiction for EMI licensing. Financial firms, established there can take advantage of an effective legal framework in line with EU legislation, a straightforward process, and highly favorable taxation. Also, EMIs can carry out their services in any other countries of the European Economic Area without any separate licensing procedures or setting up an office in those jurisdictions. A Cyprus EMI license will empower an entrepreneur to service customers all across the European Union without red tape terms.
An EMI is an organization approved by regulative authorities for the issuance of e-money. In Cyprus, the regulative authority that issues permissions for EMI operation is the Central Bank (CBC). The regulator acts in accordance with the next formalities:
In line with the legislation of the European Union, the permitted EMI operations are as follows:
Now, let’s consider the core conditions and aspects you have to take into account prior to initiating the process of getting an EMI license in Cyprus.
Under the applicable law, the CBC is obliged to respond within 3 months from the day of the provision of the complete document package. Generally, the time needed for the processing and granting of authorization is approx. 6-8 months.
Institutions are required to have a physical presence (set up an office) and employ professionals to deliver the monetary services, meaning that the employees must be local residents. If they’re non-residents, appropriate permits for work must be obtained for such employees.
According to the law, the min. capital obligation for an EMI constitutes a minimum of 350,000 EUR.
The upper management of the institution must consist of a minimum of 2 executives and 2 nonexecutive directors. In addition, the institution also should assign a CIO, Anti-Money Laundering Cοmpliance Οfficer, among others.
Sharehοlders of an EMI can be either individuals or companies. The beneficial owners are required to possess an excellent repute with no criminal conviction, and appropriate education in the sphere of finances. If shareholders represent a merge of cοmpanies, the Central Bank must be notified of its system and the group’s relationships.
These are the main peculiarities of an E-Money Institution license in Cyprus. If you have any questions or want to apply for a license, please contact our lawyers for further details. You may also check EMI licenses for sale.
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