How UK Insurance Brokers Can Obtain a Cyprus Insurance License and Passport to the EU

How UK Insurance Brokers Can Obtain a Cyprus Insurance License and Passport to the EU

Are you a UK-based insurance brokerage firm looking to access the EU market post-Brexit? Cyprus offers a strategic, cost-effective route to obtaining an EU-recognised insurance broker license through the Superintendent of Insurance. Our law firm has successfully advised and guided numerous UK firms through this process, enabling them to establish a legal presence in Cyprus, obtain licensing, and passport their services across the EU.

Quick Navigation

• Why Choose Cyprus?
• Step-by-Step Licensing & Establishment
• EU Passporting Rights
• Cost & Legal Support
• Frequently Asked Questions

Why Choose Cyprus?

• EU member state with full passporting rights under Solvency II
• English-speaking professional and legal environment
• Attractive tax regime and business-friendly infrastructure

Step-by-Step Licensing and Establishment in Cyprus

1. Company Formation

You must first establish a Cyprus company with the appropriate objects clause stating that the company will act as an insurance broker. Our firm can handle the full incorporation process, including Articles of Association tailored to insurance activities.

2. Capital Requirements

The company must have a minimum share capital of €20,000.

3. Professional Indemnity Insurance

Insurance brokers are required to maintain professional indemnity insurance from a recognised insurer to cover their activities.

4. Office and Personnel Requirements

• Maintain a fully operational office in Cyprus (not just a registered address)
• Hire local personnel to demonstrate real economic substance
• Appoint at least one Cypriot director licensed as an insurance broker in Cyprus

5. Director Qualifications

If non-Cypriot directors are appointed, they must either:

• Hold a recognised professional certificate in insurance, or
• Sit the Cyprus Insurance Exams to qualify

Alternatively, if a licensed Cypriot insurance broker is appointed as a director, the company may be licensed based on their qualifications.

6. Application Process & Timeline

Our law firm will prepare and submit the application to the Superintendent of Insurance. The full process typically takes 6–12 months.

7. Banking Requirements

During the review period, the company will need to:

• Open a corporate bank account in a Cyprus bank
• Open a clients’ account under specific regulatory conditions

8. Ongoing Compliance

Once licensed, the brokerage must:

• Submit annual turnover reports to the Superintendent of Insurance
• Comply with Cyprus Companies Law requirements (e.g., annual returns, tax filings)

EU Passporting Rights

With a Cyprus license, your brokerage gains access to passporting rights under Solvency II, allowing you to offer services across all EU member states without requiring a separate license in each country.

Cost and Legal Support

The estimated cost for the complete process, including incorporation, legal support, document gathering, application drafting, and licensing assistance is €10,000 + VAT.

Contact our law firm today to get tailored advice and support from our team, who have successfully handled licensing and passporting for multiple UK insurance brokers.