The procedure and requirements for the licensing of a credit institution in the Republic of Cyprus (“the Republic”) are set out in Section 4, Part II of The Business of Credit Institutions Laws of 1997 as subsequently amended (“the Law”). The scope of licensing includes:
The application for the licensing of a credit institution should be submitted by / on behalf of the applicant entity, (hereinafter “the applicant”) to the Central Bank of Cyprus (“CBC”) and should be accompanied by, amongst others:
For further guidance as regards to the information requirements and supervisory expectations for the licensing of a credit institution, applicants are advised to refer to:
For the purposes of completing an application for the licensing of a credit institution, applicants shall request from the CBC the relevant questionnaires, that need to be filled and signed by the applicant, and which form an integral part of the application, and the information that must accompany the application form submitted by / on behalf of the applicant.
Applications for the licensing of a credit institution and/or any requests for obtaining further information on the licencing procedure, should be submitted to the CBC via email, to the following email address: firstname.lastname@example.org. It is noted that the relevant applications shall include a receipt of the payment of the relevant application fee which should be deposited in the account - "APPLICATION FEES" with IBAN CY65 0010 0001 0000 0000 0772 3042.
Notifications should be sent in an e-readable format, i.e. they should be automatically converted in .pdf format, so as to provide the CBC the capability to electronically read the text of the documents and to further process it. Documents which are not issued by the applicant, such as certified copies of academic degrees, certificates of clean criminal record which are issued by the Police etc. are excluded from the aforementioned requirement, however, such documents should also be scanned and submitted only via email in a .pdf or .jpg format.
Notwithstanding the above, the originals of all documents must be kept at the registered office of the applicant entity and the CBC reserves the right to request their submission to the CBC, at any time.
The CBC notes that any application for the licensing of a credit institution submitted to the CBC together with the accompanying supporting documentation/questionnaires, will in turn be notified by the CBC to the European Central Bank (“ECB”), which is exclusively competent to authorise all credit institutions established in the Member States participating in the Single Supervisory Mechanism (“SSM”), i.e. including in the Republic of Cyprus. Specifically, from 4 November 2014, the ECB assumed a number of tasks relating to the prudential supervision of credit institutions established in member states participating in the SSM, which have been conferred on it by the Council Regulation (EU) No 1024/2013. These include the task of the licensing of all credit institutions within the SSM.
Having regard to the above, the CBC cooperates closely with the ECB throughout the licensing procedure.
Further information is available at:
The CBC notes that the licensing process, while governed by formal procedures, is intended to be interactive, and, in this respect, prospective applicants are advised to consult with the CBC as early as possible in order to discuss the nature of the prospective application and to receive the CBC’s preliminary views.
Page last updated on 12 October 2023