A Cyprus licence for EMI and PI are both attractive options as they allow the holders to operate across the EU, whilst taking advantage of - and benefitting from - a host of benefits that the island offers, including its highly favourable tax regime.

Both options for payment provider services are regulated by the CBC and follow a similar application process, but do differ a little in that they are both subject to certain regulations; EMIs are governed by the Electronic Money Law (2012), and PIs are regulated by the Payment Services Law (2009-2010).

Furthermore, the minimum capital requirements differ, whilst EMIs can function as PIs, but unlike PIs, can also issue electronic money.

Kaimakliotis & Co offers unrivalled expertise in the licensing procedure and the operation of both -  in Cyprus and the rest of the EU - including obtaining licenses, corporate services and ongoing post-licence support and services that ensure compliance.

A thorough consultation ensures that you are fully briefed on the regulatory requirements for either EMIs or PIs, followed by an application form filled and filed to the CBC. We will also prepare your Know Your Client (KYC) policies and procedures; Internal Operations Manual; Anti Money-Laundering Manual, and undertake all steps required to legally obtain a licence.

If you require corporate services, then our dedicated Corporate & Commercial Department will handle the required procedures for incorporating a legal entity in Cyprus, and all associated documents and applications.

Other services offered for EMIs and PIs are:

  • Recruitment (including immigration services if required)
  • Accounting and Auditing (according to the IFRS)
  • Ongoing Post-license Support (to ensure ongoing compliance)