Cyprus is a euro-area financial centre best known for its large population of investment firms (Cyprus Investment Firms, CIFs) licensed by the Cyprus Securities and Exchange Commission, many of them retail forex and CFD brokers passporting across the EU. The Central Bank of Cyprus licenses e-money and payment institutions and works with the ECB on banks.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyEUR
S&P ratingA
Next electionFebruary 2028
Cyprus is not on the FATF grey or black lists after the June 2026 plenary (17 to 19 June 2026); as an EU Member State it cannot appear on the EU high-risk third country list (last amended by Delegated Regulation (EU) 2026/46, published 9 January 2026) or on Annex I of the EU tax list (last revised 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Presidential republic
President
Nikos Christodoulides · since February 2023
President
Nikos Christodoulides (Independent)
Governing parties
Independents aligned with President Christodoulides, Democratic Party (DIKO)
Last election
Legislative (House of Representatives), 24 May 2026
Next election
Presidential, February 2028. Due February 2028; the president is both head of state and head of government.
Legislature
House of Representatives (unicameral; 80 seats, of which 56 Greek Cypriot seats are filled; the 24 Turkish Cypriot seats have been vacant since 1974)
Legal system
Mixed system of English common law and civil law, with EU law supremacy
Economy and finance
Population
1.4m (2025)
GDP
USD 41bn (2025)
GDP per person
USD 41,730 (2025)
Currency
Euro (EUR), euro
Central bank
Central Bank of Cyprus (part of the Eurosystem)
Credit rating
S&P A (positive) · Moody's A3 (stable) · Fitch A- (positive) (as of September 2026)
A services-driven EU and euro area island economy built on tourism, shipping, professional and financial services, with an established international business and fund centre regulated by the Cyprus Securities and Exchange Commission and the Central Bank of Cyprus.
Bank
Authorisation as a credit institution
Minimum capitalUSD 5.6m
TimelineCRD art. 15: six months from a complete application, and in any event 12 months
AuthorityECB on proposal of the CBC
EUR 5 million initial capital (section 4(2)(b)); the CBC may authorise particular categories with not less than EUR 1 million under CRD art. 12(4)
Law
The Business of Credit Institutions Law of 1997 (as amended), section 4
Crypto-asset service provider authorisation (MiCA)
Minimum capitalUSD 56k
TimelineMiCA art. 63: completeness check within 25 working days, decision within 40 working days of a complete application; no month figure is set
AuthorityCySEC
MiCA Annex IV: EUR 50,000 (class 1: advice, portfolio management, order execution, placing, transfer, reception and transmission), EUR 125,000 (class 2: adds custody, exchange for funds or other crypto-assets), EUR 150,000 (class 3: operating a trading platform), or one quarter of the previous year's fixed overheads if higher
Law
Regulation (EU) 2023/1114 (MiCA), arts. 59 to 63; CySEC Directive DI 73-2009-04 of 2024 on charges and fees
Fees
CySEC Directive DI 73-2009-04, application fee per service: EUR 30,000 trading platform; EUR 10,000 custody and administration; EUR 8,000 each for order execution, placing, reception and transmission, advice and portfolio management; EUR 5,000 each for exchange for funds, exchange for other crypto-assets and transfer services. Annual fees per service apply plus a turnover-based element, capped at EUR 500,000.
Passporting
Yes: MiCA passport by notification (art. 65).
Key requirements
Registered office in Cyprus with place of effective management in the EU and at least one director resident in the EU (MiCA art. 59(2))
Fit and proper management body and suitable qualifying shareholders
Prudential safeguards per MiCA art. 67 and Annex IV
Governance, custody, complaints handling and AML/CFT arrangements
TimelineMiFID II art. 7(3): decision within six months of a complete application
AuthorityCySEC
IFD art. 9: EUR 75,000 (reception and transmission, execution, portfolio management, advice, placing without firm commitment, with no client money), EUR 150,000 (other firms), EUR 750,000 (dealing on own account, underwriting or placing on a firm commitment basis, operating an OTF with own-account dealing)
Law
Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017), section 5
Fees
CySEC Directive DI87-03 (consolidated to 2020): application fee EUR 7,000 lump sum for investment services 1 to 7, EUR 25,000 for dealing on own account and underwriting/firm-commitment placing (activities 8 and 9), EUR 500 per ancillary service, EUR 2,000 if engaging in algorithmic trading. Annual fees also apply.
Passporting
Yes: EU/EEA passport under MiFID II.
Key requirements
Fit and proper management body and suitable qualifying shareholders
Organisational, compliance, risk management and AML/CFT functions
Own funds and prudential requirements under IFR/IFD
Investor compensation fund membership where applicable
Issued and paid-up share capital of at least EUR 500,000, plus a bank guarantee of EUR 550,000
Law
Betting Law of 2019 (Law 37(I)/2019); Betting (Payable Fees) Regulations of 2019 (R.A.A. 84/2019)
Fees
Application fee EUR 30,000 for a one-year licence or EUR 45,000 for a two-year licence, payable on filing; refunded less 25% if the licence is refused.
Passporting
No: gaming is not harmonised in the EU.
Key requirements
Company established in Cyprus, or abroad with a registered branch in Cyprus, whose main activity is betting
Share capital of at least EUR 500,000 and a EUR 550,000 bank guarantee
Player funds held in a segregated clients' account at a credit institution
Covers online betting on sports and other events only; slot machines, online casino games and electronic horse racing are excluded
Bank guarantee: the National Betting Authority FAQ states EUR 550,000, while the English text of Law 37(I)/2019, s.32(2), states EUR 500,000; confirm the current amount with the Authority.
Central Bank of Cyprus (CBC) · websitebanks, E-money institutions, Payment service providers
European Central Bank (Single Supervisory Mechanism) (ECB) · websitebanks
Cyprus Securities and Exchange Commission (CySEC) · websiteInvestment firms, Virtual asset service providers (VASPs), funds
National Betting Authority (NBA) · websiteOnline gaming
Online gaming in Cyprus is limited to betting: the National Betting Authority issues Class B licences for online betting, while online casino games, poker and betting exchanges are not licensable and are placed on the Authority's weekly blocking list. Land-based casinos fall under a separate regime (not covered here). MiCA: Cyprus applied an 18-month transitional period; CASPs registered with CySEC under national rules before 30 December 2024 could operate until 1 July 2026 at the latest, had to apply by 27 February 2026, and otherwise must wind down. CySEC stopped accepting national CASP registrations on 17 October 2024. The CySEC CIF fee directive used here is the 2020 consolidation; later amendments, if any, were not checked. Bank licences are granted by the ECB.
General information
About Cyprus
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Nicosia
Area
9,251 km²
Official languages
Greek, Turkish
Time zone
UTC+02:00 (UTC+03:00 in summer)
Main exports
Ships
Refined petroleum
Packaged medicine
Cheese (halloumi)
Tourism
Financial and shipping services
Main export partners
Libya
Greece
Lebanon
Bermuda
Marshall Islands
Sources for the country information(11)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
