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Payment firms seeking an English-speaking EU base use this authorisation to passport their services across the EU and EEA, after a pre-application stage that settles the owners’ good repute first.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission to decision.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
We assemble your team: independent directors and senior managers.
The licence, the requirements, the cost and the timing for your business.
You will need a board with enough independent directors, and senior managers in the key roles, each assessed by the Central Bank under its 2025 suitability rules.
One programme, from scoping to launch. Speak to an expert about this licence.
Requirements, capital, timing, fees and common questions, drawn from the regulator’s own publications.
A business providing a payment service in Cyprus or, through passporting, in the EU and EEA needs authorisation from the Central Bank of Cyprus under the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025. A business that will also hold customer balances applies for an EMI licence instead.
| Requirement | Amount |
|---|---|
| Account, card and other services (1 to 5) | €125,000 |
| Payment initiation only | €50,000 |
| Money remittance only | €20,000 |
| Account information only | Registration; no initial capital |
| Ongoing own funds | Higher of initial capital and Method A, B or C, with a 20% adjustment either way |
The Central Bank sets the method in the authorisation and may require up to 20% more, or permit 20% less, than the method produces.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 3 months from a complete application, or from receipt of all outstanding information; refusals are reasoned | Payment Services Law, section 12 |
| Regulator’s published figure | Preliminary assessment within 30 working days of the Pre-Application Document, or 50 working days with an enhanced due diligence report, about 1.5 to 2.5 months, before the formal application | Central Bank of Cyprus, pre-application exploratory stage |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 6 to 8 months after submission | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Pre-application fee | €5,000 | Non-refundable; paid before the Pre-Application Document is submitted |
| Application fee | €10,000 | Receipt attached to the application |
| Enhanced due diligence report | At cost | Where the Central Bank commissions a third-party report on the beneficial owners |
| Annual supervisory fee | Not published | No amount is published by the Central Bank |
| Initial capital | €20,000 to €125,000 | By the highest service |
| Professional fees | Fixed | Quoted after scoping |
The Payment Services Law allows the Central Bank to exempt a provider of services 1 to 6 whose monthly average of payment transactions over twelve months stays below a limit it sets, and in any case below €3 million, where no responsible manager has a relevant conviction. The exemption is valid in Cyprus only, with no passporting. The Central Bank publishes no separate application route, so the exemption is agreed with the Central Bank before filing.
A Cyprus payment institution passports throughout the EU and EEA by branch, agent or cross-border services under Delegated Regulation (EU) 2017/2055. The Central Bank publishes a register of authorised payment institutions with their agents, branches and passported states.
The Central Bank of Cyprus publishes the errors it sees most often in applications, and in 2026 introduced the pre-application stage to settle questions of good repute before the formal file is submitted.
The law also sets the grounds on which an authorisation is withdrawn: no use within twelve months, more than six months without business, or conditions no longer met.
A payment institution needs a safeguarding account, an operating account and settlement accounts in the currencies it serves. We open each alongside the application, so you trade from authorisation. See banking and payment processing.
Three months from a complete application by statute, after the 30 or 50 working-day pre-application stage. We plan for six to eight months after submission.
€125,000 for account, card and most services; €50,000 for payment initiation only; €20,000 for money remittance only. Own funds thereafter follow the method the Central Bank sets, with a 20% adjustment either way.
€5,000 at pre-application and €10,000 on application. The Central Bank publishes no annual supervisory fee.
The law allows an exemption below €3 million of monthly transactions, for Cyprus only; the Central Bank publishes no separate route, so the exemption is agreed with it before filing.
No. An account information service provider registers under section 34 of the Payment Services Law rather than applying for authorisation.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.