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Cyprus ATM Network Contracts As Contactless Access Continues To Grow

Cyprus’ cash-access infrastructure remained broadly stable in 2025, even as the number of automated teller machines continued its gradual decline, according to a new report from the Central Bank of Cyprus. The number of ATMs fell from 398 at the end of the second half of 2024 to 396 a year later.

While banks added new machines in remote and mountainous areas to improve access for local communities, those installations were offset by removals elsewhere as lenders continued adjusting their branch and self-service networks.

Contactless ATMs Expand

By the end of the second half of 2025, around 73% of ATMs in Cyprus supported contactless transactions, well above the euro area average of 38%.

ATM numbers also declined across the euro area, falling from 252,249 to 248,888 over the same period. Over the past five years, both Cyprus and the euro area have reduced their ATM networks by around 13%, reflecting lower cash usage and banks’ efforts to streamline operations.

Cash Withdrawals Become Less Frequent

The report also highlights a continued shift in payment habits. According to the ECB’s SPACE study, Cyprus recorded the largest decline in the share of cash payments at the point of sale among euro area countries between 2022 and 2024. At the same time, cashback services have become a more common way for consumers to access cash.

ATMs remained the primary withdrawal channel, with around €2.6 billion withdrawn during the second half of 2025. Although the total value was broadly unchanged from a year earlier, fewer transactions pushed the average withdrawal up from €307 in the second half of 2022 to €390 by the second half of 2025.

Bank Counter Withdrawals Continue To Decline

Cash withdrawals at bank counters have almost halved over the past three years, reinforcing the shift toward self-service and alternative cash-access channels.

Cyprus Company Registration: Two To Four Days, Unless Security Checks Intervene

Cyprus aims to register companies within two to four working days when applicants submit complete documentation. However, regulatory approvals, sanctions checks, foreign ownership and national security considerations can extend the process or prevent registration.

Energy, Commerce and Industry Minister Michael Damianou outlined the timeframe in a written response to MP Efrem Christou, who asked about company formation procedures and the checks required before approval.

Fast Registration Depends On Complete Documentation

Damianou said authorities seek to process complete applications within two to four working days, regardless of a company’s structural complexity. The timeframe also depends on whether applicants pay an additional fee for expedited processing.

According to the official incorporation requirements, the standard registration fee is €165, rising to €235 for companies without share capital. Expedited processing costs an additional €100.

Applicants must submit an approved company name, a memorandum and articles of association, and forms HE1, HE2 and HE3. Public companies must also provide form HE5.

Regulated Businesses Require Additional Approval

Companies operating in certain sectors must obtain prior clearance from the relevant authorities or professional bodies. These include medical and dental businesses, law firms, insurance and reinsurance companies, and firms supervised by the Cyprus Securities and Exchange Commission.

The Central Bank of Cyprus must also approve company names associated with payment institutions, electronic money and foreign exchange services. Additional restrictions apply to educational institutions using terms such as “university” or “college”, casino operators, broadcasters and wine producers.

Non-profit organisations seeking to register without “Limited” or “Ltd” in their names also require ministerial authorisation.

Sanctions And Foreign Ownership Trigger Extra Checks

Applications involving shareholders, directors or company secretaries subject to EU, UN or US sanctions receive additional scrutiny. Registration can proceed only if the competent sanctions authority does not prohibit it. Damianou noted that US sanctions are considered indirectly but have not been incorporated into Cyprus legislation in the same way as EU and UN restrictions.

Applications involving Turkish interests are also subject to additional review. Under procedures introduced around 20 years ago, the registrar must consult national security services before proceeding with registrations involving Turkish interests or businesses that could threaten the Republic’s security.

Damianou distinguished these cases from applications submitted by Turkish Cypriots, saying there is “no substantial difference” in how their registration documents are examined. Applications may nevertheless be refused if classified information raises concerns about national interests or national security.

Public Servants Face Separate Restrictions

Under Article 65 of the public service law, government employees cannot act as directors, company secretaries or shareholders in private or public companies without prior special permission from the finance minister.

Proposed Law Would Expand Registrar’s Powers

The government is also seeking to strengthen the Registrar of Companies’ authority to address potential security risks. An amendment to the companies law, submitted to Parliament on September 17, would allow the registrar to reject applications, refuse company filings or remove existing businesses from the register on grounds including national security, public order, public interest and the protection of state sovereignty.

The proposal, approved by the Council of Ministers on August 6, remains before the House commerce committee. It would allow authorities to withhold detailed justifications where disclosure could reveal sensitive information, while informing affected companies of the general grounds for decisions.

The bill follows parliamentary discussions about companies controlled by non-EU nationals, particularly those with Turkish ultimate beneficial owners, and possible implications for property ownership through foreign-controlled businesses. Further details are available in the proposed amendment and earlier parliamentary reporting.

Balancing Investment And Oversight

Cyprus is seeking to maintain an efficient company registration process while strengthening checks on ownership, sanctions compliance and potential security risks.

The two-to-four-day target supports the country’s appeal to entrepreneurs and international investors, but the actual timeline depends on the nature of the business, the documentation submitted and any additional regulatory or security reviews required.

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