COREDO > Financial Licence in Greece

Financial Licence in Greece

Greece offers extensive opportunities for companies seeking to obtain a financial licence in one of the dynamically developing jurisdictions of the European Union. The country has a transparent regulatory system, an attractive tax regime and full access to the EU single market through the passporting mechanism.

COREDO, which has been operating in the legal and compliance services market since 2016, provides comprehensive support in obtaining financial licences in Greece — from preliminary analysis to interaction with the regulator.

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Cost of the service
from 60 000 EUR

Regulatory Framework for Financial Licensing

The financial regulatory system in Greece is based on national legislation implementing European Union directives.

Payment services are regulated by Law 4537/2018, which transposed Directive (EU) 2015/2366 on payment services (PSD2) into national law. This law establishes the rules for authorisation of payment institutions, user protection requirements and conditions for third-party access to accounts with client consent.

The activities of Electronic Money Institutions (EMI) are regulated by Law 4021/2011, which transposed Directive 2009/110/EC (EMD2). This law defines the conditions for authorisation, capital requirements, rules for the protection of client funds and prudential supervision of electronic money issuers. Additional requirements are established by Acts of the Executive Committee of the Bank of Greece — in particular, Act 164/2019 and Act 178/2020.

Investment activities are regulated by Law 4514/2018, implementing Directive 2014/65/EU (MiFID II). Supervision of investment firms is exercised by the HCMC, which also monitors compliance with client protection requirements, transaction reporting and business conduct rules.

Banking activities are regulated by Law 4261/2014, transposing Directive 2013/36/EU (CRD IV), as well as Regulation (EU) 575/2013 (CRR). The authorisation of credit institutions in Greece is a joint procedure of the Bank of Greece and the European Central Bank (ECB), with the final decision made by the ECB.

Types of Financial Licences in Greece

Depending on the planned activities, companies in Greece can obtain various types of financial licences. The table below summarises the main types.

Licence Type	Regulator	Description	Min. Capital	Approximate Timeframe
EMI (Electronic Money Institution)	Bank of Greece	Issuance of electronic money, payment services	€350,000	6–12 months
PI (Payment Institution) — full range	Bank of Greece	Provision of payment services (transfers, acquiring, payment initiation)	€20,000–€125,000	6–9 months
Investment Firm (AEPEY)	HCMC	Investment services under MiFID II (brokerage, portfolio management, advisory)	from €150,000	6–12 months
Credit Institution (bank)	Bank of Greece / ECB	Acceptance of deposits, lending, full range of banking services	€5,000,000	12–18 months
AISP (Account Information Service Provider)	Bank of Greece	Provision of account information	Not required	3–6 months

The minimum capital for payment institutions depends on the category of services: €20,000 for money transfers (PSD2, Art. 7(a)), €50,000 for payment initiation (PSD2, Art. 7(b)) and €125,000 for the full range of payment services (PSD2, Art. 7(c)). Investment firms are also required to make a mandatory contribution to the Investment Guarantee Fund of €200,000.

Advantages of the Greek Jurisdiction

Greece has a number of significant advantages for companies planning to obtain a financial licence.

Full membership in the EU and the eurozone

ensures the possibility of passporting EMI, PI and investment licences throughout the European Economic Area. This means that a company licensed in Greece can provide services in 30 EEA countries without obtaining additional licences — notification of the home regulator and the regulator of the host country is sufficient (PSD2, Art. 28; EMD2, Art. 3; MiFID II, Art. 34–35).

The competitive corporate tax rate

is 22%, which is below the EU average. Greece has concluded double taxation avoidance treaties with more than 50 countries. Small and medium-sized businesses can benefit from additional tax deductions of up to 215% on expenses related to cooperation with companies from the National Startup Registry.

Developed digital infrastructure

and digitalisation of public services simplify the process of business registration and interaction with regulators. Many bureaucratic procedures are available through digital portals.

The fast-track regime for strategic investments

provides accelerated licensing and tax incentives for large projects, including those in the digital and financial sectors.

The strategic geographical location

at the crossroads of Europe, the Middle East and North Africa creates additional opportunities for companies targeting an international client base.

The rising investment rating

strengthens trust from international counterparties, correspondent banks and partners.

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General Requirements for Obtaining a Financial Licence

Regardless of the licence type, applicants must meet a number of general requirements established by the Bank of Greece and the HCMC.

Capital requirements

Requirements vary depending on the licence type — from €20,000 for the most restricted payment services to €5,000,000 for credit institutions. Capital must be fully paid up and maintained throughout the entire period of operation.

Management requirements (Fit & Proper)

The company’s management must meet fit and proper criteria, hold relevant qualifications, and have confirmed professional experience of at least 2–3 years in the financial sector. EMIs in Greece are required to have a minimum of three individual directors; legal entities may not serve as directors.

AML/KYC compliance framework

The company must develop and implement an AML/KYC compliance system covering customer identification procedures, transaction monitoring, suspicious activity reporting, sanctions list screening, and staff training. The appointment of a Money Laundering Reporting Officer (MLRO) is mandatory.

Organisational structure and internal controls

The organisational structure must include independent internal control functions: risk management, compliance, and internal audit. Credit institutions are also required to establish a Risk Committee and an Audit Committee.

Physical presence in Greece

The company must have an office in Greece — either owned or leased. The existence of a local operational office is a mandatory condition.

IT infrastructure and digital resilience (DORA)

IT systems must ensure the security of client data, operational resilience, and compliance with DORA (EU Regulation 2022/2554 on digital operational resilience).

Cost of COREDO Services

COREDO provides comprehensive support in obtaining financial licences in Greece. The cost depends on the licence type and project complexity.

Service	Cost
Financial licence (EMI/PSP) in Greece	from EUR 60,000 + VAT

The cost includes preparation of the complete set of documents, development of a business plan with financial projections, preparation of AML/KYC policies and procedures, support in interaction with the Bank of Greece at all stages of licensing, as well as advisory support on organisational structure and corporate governance matters.

Please note that the cost of COREDO’s services does not include regulatory fees, notarial expenses and state duties, which are paid separately by the applicant. The exact cost is determined after a detailed analysis of the specific project.

Payment Terms

Payment for COREDO’s services is made in stages, allowing the financial burden to be distributed throughout the licensing process:

The first stage

40% of the total cost is paid upon signing the agreement and commencement of work. This payment covers the initial project analysis, preliminary consultations and formation of the project team.

The second stage

40% is paid after the preparation of the main document package and before submitting the application to the Bank of Greece. At this stage, the development of the business plan, compliance policies and all necessary documents is completed.

The third stage

20% is paid upon receipt of a positive decision from the regulator. This payment structure ensures transparency and confirms COREDO’s results-oriented approach.

List of Required Documents

To submit an application for a financial licence to the Bank of Greece, the following set of documents must be prepared:

A business plan including a description of the business model, target markets, planned products and services, as well as financial projections for three years.

Documents confirming the identity of shareholders and ultimate beneficial owners (passports, proof of residential address).

Confirmation of the origin of share capital funds and the financial standing of shareholders.

A description of the management organisational structure and internal control system, including the corporate governance framework.

CVs and professional biographies of board members and key executives with confirmation of qualifications and experience.

AML/KYC/CFT policies and procedures, including a risk assessment system, client identification procedures, transaction monitoring and suspicious transaction reporting.

A description of IT infrastructure and security systems, including measures for the protection of client data and ensuring operational resilience.

Operational risk management procedures.

A description of client fund safeguarding mechanisms.

Documents for office premises in Greece (lease agreement or certificate of ownership).

Incorporation documents (articles of association, memorandum of association).

Receipt of payment of the state duty.

A description of planned outsourced functions (if applicable).

Additional documents upon request of the regulator during the review of the application.

Procedure for Obtaining a Financial Licence

The process of obtaining a financial licence in Greece includes several sequential stages.

Preliminary consultation and analysis.

COREDO specialists conduct a detailed analysis of the project, determine the optimal licence type and develop an application strategy. At this stage, the readiness of the applicant’s team and resources is also assessed. Duration: 2–4 weeks.

01

Completion of the pre-application procedure at the Bank of Greece.

This procedure includes two mandatory meetings with regulator staff. At the first, introductory meeting, issues regarding shareholders, the business model and payment of share capital are discussed. At the second, technical meeting, the business plan, viability of the business model and the company’s ability to meet regulatory requirements are examined in detail. Meetings can be held in person, online or in a hybrid format. Duration: 2–4 weeks.

02

Preparation of the complete document package.

The COREDO team develops the business plan, financial projections, AML/KYC policies, IT system descriptions and all necessary documentation taking into account the comments received during the pre-application procedure. Duration: 6–10 weeks.

03

Submission of the application and review by the regulator.

The complete set of documents is submitted to the Bank of Greece. The regulator evaluates the application and may request additional information or clarifications. COREDO ensures prompt interaction with the regulator throughout the entire review period. Duration: 3–6 months.

04

Obtaining the licence and launching operational activities.

After a positive decision by the regulator, the company receives the licence and can begin providing financial services. If necessary, COREDO provides support in the process of passporting the licence to other EEA countries.

05

The total duration of the process from commencement of work to obtaining the licence averages 6–12 months depending on the licence type and the applicant’s readiness.

Our Experts

Obtaining a financial licence in Greece requires a deep understanding of both European and national regulatory legislation. The COREDO team has many years of experience in supporting licensing projects across various EU jurisdictions.

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017, heading the legal team since 2020. Specialises in financial licensing, corporate law and regulatory compliance. Coordinates licensing projects across dozens of EU jurisdictions.

Basang Ungunov

Lawyer at COREDO. Has been with the company since 2022. Holds a Master of Laws degree (LLM). Handles preparation of documentation for licence applications, legal analysis and client support.

Frequently Asked Questions

Which regulator issues financial licences in Greece?

There are two main financial regulators in Greece. The Bank of Greece is responsible for licensing payment institutions, Electronic Money Institutions (EMI) and exchange offices. The Hellenic Capital Market Commission (HCMC) licenses investment firms. For banking licences, the decision is made by the ECB jointly with the Bank of Greece.

Can a Greek financial licence be used to operate in other EU countries?

Yes, EMI, PI and investment licences issued in Greece allow the provision of services throughout the EEA through the passporting mechanism. This requires notification of the home and host regulators in accordance with PSD2 (Art. 28), EMD2 (Art. 3) and MiFID II (Art. 34–35). An additional licence in another EEA country is not required.

What is the minimum capital for obtaining an EMI licence in Greece?

The minimum initial capital for an Electronic Money Institution (EMI) is €350,000 in accordance with Directive EMD2 (2009/110/EC, Art. 4). This capital must be paid up before submitting the application and maintained throughout the entire period of the institution’s activity.

How long does it take to obtain a financial licence in Greece?

Timeframes depend on the licence type. For payment institutions (PI) and EMI, the process usually takes 6 to 12 months, including the pre-application procedure at the Bank of Greece. For investment firms — 6 to 12 months. For banking licences, timeframes can be 12–18 months. The applicant’s preparedness and the quality of documentation significantly affect the duration of the process.

Is it mandatory to have an office in Greece to obtain a licence?

Yes, having a physical office in Greece is a mandatory requirement for all types of financial licences. The office can be owned or leased. It is also required to have local management personnel meeting the regulator’s qualification requirements.

What AML requirements apply to licensed companies in Greece?

All licensed financial institutions are required to implement a comprehensive AML/CFT compliance system, including: a risk-based approach, client identification procedures (KYC), transaction monitoring, suspicious transaction reporting, sanctions list screening, staff training, record-keeping and appointment of a responsible person (MLRO). COREDO also provides AML audit services for licensed financial institutions.

Can a non-resident obtain a financial licence in Greece?

Yes, non-residents can establish companies and obtain financial licences in Greece. However, all requirements for local presence must be met, including an office and qualified management personnel on the territory of Greece. Shareholders and executives undergo fit & proper checks regardless of citizenship.

What is the corporate tax rate in Greece?

The corporate tax rate in Greece is 22%, which is a competitive rate within the EU. Greece also provides tax deductions for research and development, and has concluded double taxation avoidance treaties with more than 50 countries.

Start the Process of Obtaining a Financial Licence in Greece

COREDO is a team of lawyers and compliance specialists that has been helping companies obtain financial licences in the European Union since 2016. We provide comprehensive project support — from initial analysis and strategy development to successful licence acquisition and passporting to other EEA countries.

Contact us for an individual consultation on your project.