Do I need a separate EMI license to issue prepaid cards in Greece?

No, but your license must cover e-money issuance. Extra procedures are needed if stored funds exceed 24 hours.

Can I apply for an EMI license without physical presence in Greece?

No. Local presence is mandatory, including an office, Greek tax ID, and at least one local director.

What’s the timeline for e-money license approval in Greece?

Typically 4–8 months. Most delays come from incomplete applications or inadequate business plans.

What are the key capital thresholds for EMI vs. PI licenses?

€350,000 for EMI. €125,000 for PI. Higher amounts may be necessary based on risk or activity.

How does EU passporting work once licensed?

You notify the Bank of Greece and the local regulator in the host country. We manage the paperwork and compliance roadmap.

Do I need audited financials before applying?

Not for initial application. But they’re required annually after approval or during capital increases.

Will the regulator contact shareholders during the process?

Yes. Shareholders with 10%+ must pass background checks and may need to provide extra documents.

Commercial Legal Advisory

Get Your E-Money License in Greece Without Getting Stuck

We provide e-money license legal consultant services in Greece and secure your EMI approval within 6-9 months typically.

Years Advising: 10+Years Advising
Typical First Response: 48hTypical First Response
& Cross-Border: UK+& Cross-Border

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Senior adviser on every matter
Free initial position assessment
Fixed-scope fees agreed upfront

Pearl Lemon Legal

Commercial legal advisory for business decisions.

UK & Cross-Border Counsel

Starting an e-money institution in Greece isn’t about ambition. It’s about execution. And execution, in this business, is 90% legal, regulatory, and procedural groundwork. Pearl Lemon Legal doesn’t just know the paperwork—we know how to get it submitted through the right channels without delay or hassle. This isn’t a side project for us. We don’t pass you off to a junior. You get the experience, legal understanding, and regulatory diligence it takes to get your e-money license sorted, approved, and ready for use. Schedule a Consultation

Legal advisory built for commercial decisions

We advise UK and international businesses on commercial contracts, business disputes, employment advisory and regulatory compliance, then set out the options and the risk attached to each.

Senior-led advisory: One accountable adviser on your matter from first assessment through to resolution.
Built for commercial pressure: Drafting, negotiation and escalation handled on one timeline, because delay costs leverage.
Clear risk and cost picture: Exposure, options and likely cost set out in plain language before you commit to a route.

See the full scope across our services, or book a call for a free legal position assessment.

Overview

Our Services: Technical, Legal, and Built to Get Your E-Money License in Greece

You don’t need speculation. You need results. Here’s what we do, how we do it, and how it solves the issues you’re facing.

1. Initial Regulatory Assessment & Licensing Path Strategy

We don’t proceed until we know exactly which license type fits your business model—whether it's an EMI (Electronic Money Institution) license under Directive 2009/110/EC or a PI (Payment Institution) license under PSD2. We analyze your current structure, compare it against Bank of Greece regulatory requirements, and provide a clear plan. Fixes: Uncertainty about license requirements, EU passporting, or whether your services qualify under Greek law.

2. Entity Formation and Corporate Structuring

We manage the Greek entity setup that meets capital requirements under Greek Law 4261/2014. We ensure the minimum initial capital (€350,000+ for EMI), appointment of local directors, and corporate governance align with financial legislation. Fixes: Delays caused by incomplete formation, tax ID setbacks, or blocked shareholder structures.

3. Capital Verification & Source of Funds Documentation

We prepare your capital documentation to comply with AML 5, FATF standards, and the Greek financial crime unit's expectations. Every source and movement of funds is verified before submission. Fixes: Regulatory flags, documentation gaps, or funding hold-ups due to unclear financial origins.

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4. Policy Drafting & Compliance Manual Development

We create anti-money laundering programs, risk matrices, and internal control frameworks that meet Bank of Greece Circular 157/2019. This includes transaction monitoring procedures and suspicious transaction report protocols. Fixes: Weak documentation that triggers application denial or long delays.

5. Appointment & Vetting of Key Function Holders

We organize the appointment and review of directors, MLROs, compliance officers, and other required staff. All declarations, CVs, and qualification files are completed per ECB and EBA standards. Fixes: Licensing blocks caused by unqualified MLROs or insufficient director profiles.

6. Application File Compilation & Submission

We manage the application from start to finish, checking every part against regulator expectations. Our legal team works directly with the Bank of Greece, tracking updates and resolving questions before they become obstacles. Fixes: Disconnected documentation, inconsistencies, or mismatched business model explanations.

7. Post-License Regulatory Reporting & Ongoing Compliance Setup

We establish ongoing reporting routines for obligations such as quarterly EMIR submissions, MiFIR transaction reports (RTS 22), and PSD2-related audits. Fixes: Fines or license suspension due to overlooked reporting requirements.

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8. EU Passporting and Cross-Border Notification Support

After licensing, we facilitate your ability to operate across the EEA by managing Article 28 PSD2 notifications to each host authority. Fixes: License holders that can’t expand due to incorrect or incomplete notifications. Book a Call – Get Practical Answers That Don’t Waste Time

How It Works

How We Prevent E-Money License Delays

The Bank of Greece rejects or drops nearly 40% of license applications due to errors or missing pieces. That’s lost money, time, and opportunity.

We reduce risk at the source

We’re not just drafting documents—we’re building regulator-approved submissions. Already Started and Stuck? Book a Call. We’ll Get It Moving.

Your AML program includes trigger thresholds and real-time alerting.

Your Greek board meets EBA/GL/2017/11 proportionality rules.

Your transaction logs meet audit standards the first time around.

Our Approach

Why Work With Us?

We’ve worked with 6+ financial authorities across the EU and know what makes the difference between approval and rejection.

Our clients see their licenses approved 35–50% faster than those using internal teams or general law firms. We don’t just “advise.” We handle the legwork—entity formation, legal writing, technical setups, and direct communication with regulators. We’re not here to explain PSD2 theory. We’re here to help you progress without getting trapped in bureaucratic delays. Talk to a Consultant

What To Expect

Ready to Get Your E-Money License Approved

If you're serious about entering the Greek financial space, waiting isn’t helping. Your competitors are moving because they have the right professionals by their side. Schedule Your Consultation Now We’ll lay out exactly what needs to happen — and how to keep it moving without delays.

Got Questions?

Frequently Asked Questions

The questions clients ask most often before instructing us on this matter.

Ready to get your legal position assessed?

Talk to a Pearl Lemon Legal adviser and get a clear view of your options, timeline and likely cost.

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How we work: Pearl Lemon Legal is a commercial legal consultancy. We scope your position, advise on strategy, commercial risk and documentation, and where a matter needs court representation or regulated advice we introduce and manage a suitable regulated firm alongside you. Nothing on this page is regulated legal advice on your specific circumstances.