Why Cyprus is the Go-ahead Jurisdiction to establish your Electronic Money institution
Cyprus is a favorable jurisdiction for establishing an Electronic Money Institution (EMI) for several reasons:
- Strategic Location: Cyprus is strategically located at the crossroads of Europe, Asia, and Africa. Its location makes it an ideal gateway for businesses that want to tap into the markets of these regions.
- Regulatory Framework: Cyprus has a well-established regulatory framework for electronic money institutions that is in line with the European Union’s regulations. The Central Bank of Cyprus is the regulatory authority for EMIs and has a streamlined application process for EMI licenses.
- Taxation: Cyprus has a favorable tax regime for businesses. It has one of Europe’s lowest corporate tax rates, making it an attractive location for businesses and companies that want to minimize their tax liabilities.
- Skilled Workforce: Cyprus has a highly skilled and educated workforce with a good command of the English language. This makes it easy for businesses to find the right talent to support their operations.
- Competitive Costs: The cost of doing business in Cyprus is relatively low compared to other European countries. This makes it an ideal location for startups and small businesses that want to establish their presence in Europe.
Overall, Cyprus offers a favourable business environment for EMIs, with its strategic location, favorable tax regime, well-established regulatory framework, skilled workforce, and competitive costs. These factors make Cyprus an attractive location for businesses that want to establish their EMI operations.
This article is only for informative purposes. Should you require further expert guidance, please do not hesitate to contact Simon Zenios & Co LLC below:
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Telephone: +357 24 023370