EMI and SEMI licenses in the EU: new rules and best jurisdictions to obtain

After Brexit, payment companies lost the ability to use a UK license to access the EU market. Now, to work with European clients, it is necessary to obtain an EMI or SEMI license in one of the EU countries. This has led to the formation of a new regulatory map: some countries are strengthening their positions, while others are losing their attractiveness.

How to choose a jurisdiction

Key lesson from practice: when choosing a country, it is important to consider not the speed of obtaining a license, but the operational presence of the company - the location of employees, infrastructure and executive management. In addition, large EU countries provide more independence to EMIs due to stable financial systems and large markets.

The choice depends on a number of factors: the reliability of the regulator, the attitude towards foreign fintechs, the political situation. For example, Malta's inclusion in the FATF "grey list" has reduced trust in it, and Estonia and the Czech Republic have massively revoked licenses. At the same time, Spain has simplified the rules by canceling the application fee, and Denmark continues to use a pragmatic approach - two directors are enough to open an EMI.

Recommended countries for licensing

• Spain — friendly regulator, English-speaking support, second place in the EU by the number of licenses.
• The Netherlands — difficult to obtain a license, but easy to operate after launch, developed e-governance.
• Luxembourg — stability, excellent reputation, strong opportunities for cross-border operations.
• Denmark — reliable image, strong banking sector, no overheated market.
• Malta — fintech-friendly, convenient for small companies.
• Finland — transparent regulator, especially suitable for crypto projects.

Less convenient options: Lithuania (strict supervision), Latvia (AML issues), Poland (low transparency), Ireland (high burden).

Meetings with the regulator and terms of obtaining a license

Many countries hold Pre-Application Interviews, where the company presents a business plan and financial forecasts. The timeframe varies: Denmark — 6-9 months, the Netherlands — 9-11 months, Luxembourg and Spain — about a year.

Banking infrastructure and SEPA

A safeguarding account is required to apply, but banks are reluctant to open accounts without a license. Partner banks help with this. Access to SEPA and SWIFT is available after obtaining a license. From 2026, direct access to SEPA will be standard for all EEA regulators.

Requirements for UBOs and directors

UBOs must demonstrate a transparent Source of Wealth and compliance with the fit & proper criteria. Managers (CEO, MLRO, CFO, CTO) must be residents of the country and have experience in the financial sector.

Result

Obtaining an EMI/SEMI license in the EU is a strategic step that requires choosing the right jurisdiction, preparing for an interview, and having a qualified management team.

The IT-OFFSHORE company will help you go through the entire licensing process: it will prepare management and UBO for meetings with the regulator, practicing answers to key questions, prepare all the necessary documentation and help navigate the legislation of the selected country to open a license.