Who fills it in
A company seeking authorisation as a payment institution for any of payment services 1–7, or service 8 combined with others, and an authorised payment institution adding services. A provider of account information services only (service 8) uses the separate AISP registration form, and an e-money issuer uses the EMI application.
What goes with it
- Receipt of the €10,000 application fee paid to the CBC account APPLICATION FEES
- Documents for each EBA guideline, referenced in the tables at the end of each section
- Questionnaires of qualifying holders (QHL for a legal person, QHN for a natural person) and of members of the management body and key function holders (MMB/KFH)
- Evidence of initial capital (EUR 125,000 for payment services 1–5, as the form states)
Field by field
Sections (EBA guidelines)
| On the form | What to write | Example |
|---|---|---|
| General principles Guideline 1 – General principles | How to answer: every question answered, every document referenced. | — |
| Applicant details Guideline 2 – Details of the applicant | Company name, registration, registered office and contact details. | — |
| Programme of operations Guideline 3 – Programme of operations | The payment services you will provide, step by step, in a separate document. | Money remittance |
| Structural organisation Guideline 5 – Structural organisation | Organisation chart, outsourcing, agents, branches. | — |
| Initial capital Guideline 6 – Evidence of initial capital | Proof of the initial capital the law requires, for example EUR 125,000 for services 1–5. | — |
| Safeguarding of client funds Guideline 7 – Measures to safeguard the funds of payment service users | How client money is kept separate and protected. | — |
| Governance and internal control Guideline 8 – Governance arrangements and internal control mechanisms | Risk management, compliance, internal audit and AML arrangements. | — |
| Incidents, data, continuity, statistics, security Guidelines 9–13 – Incidents, sensitive payment data, business continuity, statistics, security policy | Procedures for incident reporting, protecting sensitive payment data, continuity, statistical reporting and the security policy document. | — |
| Owners, managers, insurance Guidelines 15–16, 18 – Qualifying holders, management body and key function holders, professional indemnity insurance | Who owns and runs the company, with their questionnaires, and insurance where the services need it. | — |
Common mistakes
- Applying without the pre-application stage: since August 2026 the CBC asks for a Pre-Application Document first, with a non-refundable €5,000 fee.
- Signing with one director: the form needs two authorised directors.
- Sending scans that cannot be searched: applications must be e-readable.
- Mixing up the forms: account information only goes on the AISP form, e-money on the EMI form.
Questions
How much does a payment institution licence application cost in Cyprus?
The CBC lists a €10,000 application fee, and a non-refundable €5,000 for the pre-application exploratory stage.
What is the minimum capital for a payment institution?
The CBC form names EUR 125,000 of initial capital for payment services 1–5.
How is the application submitted?
Through the CBC's e-platform; the Licensing Section sends instructions on request (licensingsection@centralbank.cy).
Is there a separate form for an EMI licence?
Yes, the CBC publishes an electronic money institution application with the same structure on its EMI page.
Sources
- Central Bank of Cyprus: payment institutions, application submission and assessment stage, checked 24 October 2026
- Central Bank of Cyprus: electronic money institutions, application submission and assessment stage, checked 24 October 2026
- Central Bank of Cyprus: pre-application exploratory stage for EMI and PI licences (€5,000 fee), checked 24 October 2026
- Central Bank of Cyprus: application form for a payment institution (Word, May 2024), checked 24 October 2026
Figures checked 24 October 2026. Rules change: we confirm them for your case before you act.