{"id":3014,"date":"2021-04-08T09:51:56","date_gmt":"2021-04-08T09:51:56","guid":{"rendered":"https:\/\/sevenfinances.com\/?p=3014"},"modified":"2021-04-13T18:24:37","modified_gmt":"2021-04-13T18:24:37","slug":"forex-license-in-cyprus-or-bulgaria","status":"publish","type":"post","link":"https:\/\/sevenfinances.com\/7f\/forex-license-in-cyprus-or-bulgaria\/","title":{"rendered":"Forex License in Cyprus or Bulgaria?"},"content":{"rendered":"
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Thinking to expand your Forex and Investment Firm\u2019s business and services reach into Europe, but you are not sure which European country destination can support your business activities and allow you to enjoy a relaxed tax regime on both business and personnel?<\/p>\n

You are not the only one. In our preliminary consultations with clients, this is one of the most commonly asked question \u201cWhy Cyprus?<\/span>\u201d<\/em><\/p>\n

Even more common now with UK out of European Union and ASIC closing its reach of services\u2019 to the Australian borders only, more and more FCA and ASIC regulated brokers are turning their attention to the European grid of regulators in search for their next location that can allow them to serve the EU countries freely, on EU cross-border basis.<\/p>\n<\/div>

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The most popular Investment Firms and Forex Licenses\u2019 destination in Europe, used to be FCA in UK, CySEC in Cyprus, FSC in Bulgaria and MFSC in Malta. Today, the first is no longer an EU option and the last, due to corruption scandals<\/a>, it is not considered a jurisdiction with the brightest reputation at the moment, and this may make it difficult for an Investment Firm, a Forex or a Crypto Exchange business\u2019 collaboration with payment service providers, banks and other related associates.<\/p>\n

That leave us with the last 2 currently standing, CySEC (2001) and FSC (2003). Which brings us to another commonly asked question \u201cCyprus or Bulgaria?\u201d. This is not a decision to be taken lightly and since there are many benefits and advantage associated to each jurisdiction, we prepared 2 simple bullet points lists with the most important highlights of each jurisdiction that should be considered in your perusal.<\/p>\n<\/div>

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Cyprus<\/h3>\n

Cyprus, officially called the Republic of Cyprus, is an island nation in the eastern Mediterranean Sea. It is the third largest and third most populous island in the Mediterranean, and is located<\/a> south of Turkey, west of Syria, northwest of Lebanon, Israel and Palestine, north of Egypt, and southeast of Greece.<\/p>\n

The Island is happy to be populated with a diversification of nationalities from all over world, mingled along with the friendly and generous Cypriot people. The native language is Greek however English language is extremely common and most people speak English as a second mother tongue. Cyprus has one of the warmest climates in the Mediterranean part of the European Union. The average annual temperature on the coast is around 24 \u00b0C (75 \u00b0F) during the day and 14 \u00b0C (57 \u00b0F) at night. Generally, summers last about eight months, beginning in April and are snow is available during the winter months of January and February in the Troodos Mountains, 2 hours\u2019 drive from a sunny day in the city.<\/p>\n

The currency is Euro being a member of the European Union since 2004, and the country adheres to European level regulation, including MiFID II and ESMA publications.<\/p>\n

The Cyprus Securities and Exchange Commission (CySEC)<\/a> was established in 2001 and its Chairwomen is Mrs. Demetra Kalogirou<\/a>. Cyprus is the number 1 destination for Funds, Forex and Investment licenses among other, in the world and it has awarded over 600 licenses<\/a>, speaking highly of the Regulator\u2019s personnel\u2019s experience and knowledge. The Annual and Quarterly publications<\/a> and reports of CySEC, speak to the professionalism, competence, transparency and effectiveness of the Regulators\u2019 activities and its contribution to the economy.<\/p>\n<\/div>

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Main features for acquiring a CySEC Forex License in Cyprus:<\/strong><\/h5>\n