Frequently Asked Questions
What are the capital requirements for obtaining an EMI license in Cyprus?
A minimum initial capital of €350,000 is required to support your application.
What kind of operations can an EMI in Cyprus perform?
An EMI can issue and manage electronic money, facilitate payments, and provide services like money remittance and account management.
What documents are needed for the EMI license application?
You’ll need a detailed business plan, proof of initial capital, operational and AML policies, and background checks for directors and significant shareholders.
How long does it take to obtain an EMI license in Cyprus?
The process typically takes several months, depending on how well-prepared your application is and the speed of regulatory review.
Can an EMI operate across the EU?
Yes, an EMI licensed in Cyprus enjoys passporting rights, allowing it to operate throughout the European Economic Area without additional licenses.
What ongoing compliance measures must an EMI adhere to?
EMIs must comply with AML, data protection, and consumer rights laws, and regularly update the CBC on any significant changes to their operations or management.
What are the benefits of setting up an EMI in Cyprus?
Cyprus offers a strategic EU location, competitive corporate tax rates, and a robust legal framework for fintech companies.