France
Georgia
Germany
Ireland
ItalyNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the HCMC licence, including banking and payment rails.
Get a forex license in Greece.
A forex or CFD broker in Greece needs a licence from the Hellenic Capital Market Commission (HCMC) as an investment services company (ΑΕΠΕΥ) under Law 4514/2018, with €750,000 of IFD capital to deal on own account. Ministerial Decision 97447 ΕΞ 2024, as amended in 2025, prices the application at €5,000 plus an add-on per service, ancillary service and instrument, so a market maker with three services, two ancillary services and two instruments pays €17,500. The annual levy is a fixed €1,500-€4,000 plus a turnover increment above €700,000. Corporate tax is 22%, with 5% on dividends. We draft and file the case from our Athens office.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Greece in brief
The MiFID licence priced line by line.
Greece licenses forex and CFD brokerage as investment services: HCMC authorises an investment services company (ΑΕΠΕΥ), a société anonyme established in Greece, under Art. 5(1) of Law 4514/2018, the Greek MiFID II transposition, and Law 4920/2022 brought in the IFD. No separate forex or CFD licence exists. HCMC's application form has the applicant tick investment services 1-9, ancillary services 1-7 and instruments (1)-(11); CFDs are instrument C(9). Capital follows the IFD levels: €750,000 for dealing on own account, the class of every market-making CFD broker; €150,000 for a firm holding client assets without dealing; €75,000 for one holding none. The lighter ΑΕΕΔ licence under Art. 87 stops at order transmission and advice on transferable securities and fund units, with no client money, so it is no way into CFDs. Retail conduct sits in HCMC Board Decisions 7Α/847 and 7Β/847 of 28 June 2019: the ESMA CFD restriction and the binary-options ban.
The money is in Ministerial Decision 97447 ΕΞ 2024 (ΦΕΚ Β' 4219/18.07.2024), amended by 220492 ΕΞ 2025 in December 2025. An application costs €5,000 plus €2,000 per investment service, €3,000 for dealing on own account; €1,000 per ancillary service, €3,000 for safekeeping; €500 per instrument, €1,000 for CFDs. A market maker filing for RTO, execution and dealing, with safekeeping and FX services, derivatives and CFDs, pays €17,500. Then comes the annual levy. It has a fixed part of €1,500 to €4,000 by type of firm, plus 0.3%, 0.15% or 0.10% by band on turnover above €700,000. The full capital sits in a special account at a bank operating in Greece, and the bank's certificate is part of the final stage. The field is small: 48 ΑΕΠΕΥ on HCMC's list in October 2026, stockbroking houses among them. Corporate tax is 22% and dividends bear 5%. We plan for 9-12 months end to end, run from our Athens office.
One HCMC licence as an investment services company (ΑΕΠΕΥ) under Law 4514/2018: IFD capital €750k / €150k / €75k, CFDs as instrument C(9), retail rules in Decisions 7Α/847 and 7Β/847 of 28 June 2019.
Fee €5,000 plus add-ons, €17,500 for a market maker; fixed levy €1,500-€4,000. 48 ΑΕΠΕΥ on the list in October 2026. Tax 22%, dividends 5%. Filed from Athens.
Two scopes, one licence
The market-maker ΑΕΠΕΥ or the agency ΑΕΠΕΥ, priced add-on by add-on.
Both models hold the same ΑΕΠΕΥ licence. What moves with the scope is the capital class and the HCMC add-ons: dealing on own account costs €3,000 to add and lifts capital to €750,000, while an agency firm stays at €150,000 or €75,000.
€750k and the €3,000 A3 add-on for the market maker - or €75k-€150k for agency.
01 - DEALING ON OWN ACCOUNT
The market-maker ΑΕΠΕΥ
The HCMC licence for service A3, dealing on own account in CFDs and FX derivatives, on a €750,000 capital floor. On the HCMC schedule A3 costs €3,000 against €2,000 for most other services, and CFDs €1,000 as an instrument against €500 for the rest; the set of A1-A3, B1, B4, C4 and C9 comes to €17,500 at filing.
The HCMC licence for service A3, dealing on own account in CFDs and FX derivatives, on a €750,000 capital floor. On the HCMC schedule A3 costs €3,000 against €2,000 for most other services, and CFDs €1,000 as an instrument against €500 for the rest; the set of A1-A3, B1, B4, C4 and C9 comes to €17,500 at filing.
- ✓Dealing on own account - A3
- ✓€750,000 initial capital
- ✓A3 add-on €3,000
- ✓CFDs as instrument C9 - €1,000
- ✓€17,500 for A1-A3, B1, B4, C4, C9
- ✓Passport to 30 EEA states
02 - AGENCY · STP
€75k-€150k initial capitalThe agency ΑΕΠΕΥ
An HCMC licence for reception and transmission and execution, services A1 and A2 at €2,000 each, with no dealing book: €150,000 of capital where client assets are held, €75,000 where they are not. The ΑΕΕΔ, licensed under Art. 87, is no cheaper door into CFDs: HCMC describes it as limited to orders and advice on transferable securities and fund units, without client money.
A1 and A2 at €2,000 each; €150k with client assets, €75k without; the ΑΕΕΔ is no route into CFDs.
- ✓RTO and execution - A1, A2
- ✓€150,000 with client assets
- ✓€75,000 without
- ✓€2,000 per service add-on
- ✓Safekeeping B1 at €3,000
- ✓Extension later at the add-on price
Costs and timelines are confirmed for your case before any work begins. HCMC fees follow Decision 97447 ΕΞ 2024 as amended by 220492 ΕΞ 2025; capital, the investor-compensation Guarantee Fund, audit and substance costs are itemised in your quote.
Why Greece
A fee schedule printed in the Government Gazette.
Greece publishes the price of every line of the licence and levies little until turnover passes €700,000; the cost of that clarity is a surcharge on the lines a market maker needs.
✓
A fee you can compute
Decision 97447 ΕΞ 2024, as amended by 220492 ΕΞ 2025, prices an HCMC application line by line: a €5,000 base, then one add-on per service, ancillary service and instrument. Fitness checks of board members and qualifying holders inside the application cost nothing extra (Art. 1(7)).€5,000 base, one add-on per line.
✓
The CFD surcharge
HCMC's schedule charges a market maker the higher rate three times: €3,000 for dealing on own account against €2,000 for most other services, €3,000 for safekeeping against €1,000, and €1,000 for CFDs against €500 for other instruments.Higher rate on A3, B1, C9.
✓
A small fixed levy
The fixed part of the annual HCMC levy is €2,500, or €1,500 for a firm licensed only for RTO or advice and €4,000 for a firm within Law 4335/2015. Turnover counts only above €700,000, read from the prior year's audited accounts.€1,500-€4,000, then turnover bands.
✓
Passports priced per state
HCMC charges €600 per member state for a services passport under Art. 34 Part A and €400 for a later change. A branch or tied agent abroad costs €2,000 under Art. 35 Part A, and the reach is 30 EEA states.€600 per member state.
✓
Marketing plans read up front
HCMC's application form asks where clients will live, which languages the marketing uses and in which member states the advertising will be most visible (section ΣΤ1). A cross-border retail plan is examined at licensing, before the first client.Languages and target states in the form.
✓
5% on the way out
Profit leaves an ΑΕΠΕΥ with 5% withheld on dividends, after corporate tax of 22% under Art. 58(1) of Law 4172/2013 - the rate for legal persons whatever their book category.After 22% corporate tax.
How it compares
How Greece differs from other routes.
Cyprus and Bulgaria tax less, at 15% and 10% against Greece's 22%, and Malta's refund takes trading income to an effective 5%. Greece answers with a fee schedule priced line by line and a fixed levy of €4,000 at most before turnover increments, where Malta asks a dealer for a €17,500 minimum.
Greece vs other jurisdictions
| Feature |  Greece | Other jurisdictions |
|---|---|---|
| Regime | Law 4514/2018 - MiFID II, HCMC | CySEC CIF in Cyprus · MFSA licence in Malta |
| Application fee | €5,000 base + add-ons · €17,500 market-maker set | €15,000 for a dealer in Malta (2026) |
| Annual levy | €1,500-€4,000 + 0.3% / 0.15% / 0.10% above €700,000 | €17,500 minimum for a Malta dealer (2026) |
| Corporate tax | 22% · 5% on dividends | 15% Cyprus · 10% Bulgaria · 35% Malta, 5% after refund |
Regime
GreeceLaw 4514/2018 - MiFID II, HCMC
Other jurisdictionsCySEC CIF in Cyprus · MFSA licence in Malta
Application fee
Greece€5,000 base + add-ons · €17,500 market-maker set
Other jurisdictions€15,000 for a dealer in Malta (2026)
Annual levy
Greece€1,500-€4,000 + 0.3% / 0.15% / 0.10% above €700,000
Other jurisdictions€17,500 minimum for a Malta dealer (2026)
Corporate tax
Greece22% · 5% on dividends
Other jurisdictions15% Cyprus · 10% Bulgaria · 35% Malta, 5% after refund
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Greece | HCMC ΑΕΠΕΥ licence | 22% CIT · 5% WHT | IFD €75k-€750k, €17,500 market-maker fee |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Bulgaria | Investment intermediary | 10% flat · 5% WHT | IFD €75k-€750k, euro area |
 Malta | MFSA investment services licence | 35% · 5% after refund | IFD €75k-€750k, AX08 questionnaire |
GreeceLicense typeHCMC ΑΕΠΕΥ licence
Taxation22% CIT · 5% WHT
RequirementsIFD €75k-€750k, €17,500 market-maker fee
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
BulgariaLicense typeInvestment intermediary
Taxation10% flat · 5% WHT
RequirementsIFD €75k-€750k, euro area
MaltaLicense typeMFSA investment services licence
Taxation35% · 5% after refund
RequirementsIFD €75k-€750k, AX08 questionnaire
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the HCMC licence.Requirements for the licence.
HCMC's Έντυπο 01, issued on 9 December 2022 and built on the EU application forms, counts as accepted only when every field is completed. Ten things fill it.
01
Greek société anonyme - an ΑΕΠΕΥ established in Greece under Art. 5(1) of Law 4514/2018, with its registered and head office there.
02
Initial capital - €750,000, €150,000 or €75,000 by model at the IFD levels transposed by Law 4920/2022, composed of IFR Art. 9 items.
03
Capital deposit - the full amount in a special account at a credit institution operating in Greece, with the bank's certificate and account statement at the final stage.
04
Financial projections - three years ahead, with the IFR own-funds and liquidity calculations behind them.
05
Group chart - the whole ownership chain up to the ultimate natural-person owners (section Γ1), with qualifying holders assessed under Art. 11.
06
Fitness files - an Έντυπο 02 for each board member and key person, time commitments included (sections Δ1-Δ5, Art. 9).
07
Programme of operations - three years, naming where clients will reside, the marketing languages and the member states where advertising will be most visible (section ΣΤ1).
08
Client and conduct procedures - complaints, best execution, client categorisation and safekeeping of client funds in writing (section ΣΤ12), with the 7Α/847 limits built in: 30:1 to 2:1 leverage, 50% close-out, negative balance protection.
09
Guarantee Fund - an application to join, or membership of, the Συνεγγυητικό Κεφάλαιο Εξασφάλισης Επενδυτικών Υπηρεσιών (section ΣΤ3); the Fund's cover and the firm's contribution are confirmed per case, and EU law sets the floor at €20,000 per investor.
10
AML/CTF - risk systems under Law 4557/2018, supervised by HCMC's AML/CTF unit, and a rewrite planned for the EU AML Regulation from 10 July 2027.
01
Greek ΑΕΠΕΥ, head office in Greece.
02
Capital at the IFD levels.
03
Capital in a Greek special account.
04
Three-year projections with IFR maths.
05
Group chart to natural persons.
06
Έντυπο 02 per board member.
07
Programme naming markets and languages.
08
Procedures and 7Α/847 limits.
09
Guarantee Fund application.
10
AML under Law 4557/2018.
Reflects Law 4514/2018, Law 4920/2022, HCMC Έντυπο 01, Decision 97447 ΕΞ 2024 as amended by 220492 ΕΞ 2025 and IFR/IFD as of 2026. Law 5193/2025 on strengthening the capital market is checked against each file.Law 4514/2018 + Law 4920/2022 + Έντυπο 01 + fee decision 97447 ΕΞ 2024, as of 2026.
How it works
From scope to HCMC's list of ΑΕΠΕΥ.
01
Scope and add-ons
Services, ancillary services and instruments ticked on paper first; that list sets the capital class and the HCMC fee to the euro.Fee known to the euro.
02
Company and people
ΑΕΠΕΥ incorporated, the group chart traced to natural persons, an Έντυπο 02 fitness file for each board member and key person.ΑΕΠΕΥ, chart, fitness files.
03
Έντυπο 01 and the fee
Form complete in every field, fee paid with proof attached, the file lodged electronically and on paper with HCMC's protocol.Complete, paid, lodged.
04
HCMC review
Questions answered by us; MiFID II Art. 7(3) gives HCMC six months from a complete application, and the capital moves into the Greek special account at the final stage.Six months from complete.
05
Licence and launch
Guarantee Fund registration, the firm on HCMC's list of ΑΕΠΕΥ, passport notifications filed at €600 per member state.Fund, list, passports.
Quick facts
RegulatorHCMC
LicenceΑΕΠΕΥ · Law 4514/2018
Own account€750,000
Application fee€5,000 + add-ons
Market-maker set€17,500
Annual levy€1,500-€4,000 + turnover above €700,000
Statutory clock6 months · MiFID II Art. 7(3)
Plan for9-12 months end to end
HCMC prices the scope before it reads the file: once the services, ancillary services and instruments are ticked, the fee is known to the euro. We fix that list first.
On the ground in Greece
Run from our Athens office.
Prifinance - Greece
Athens · Greece
Athens, Greece
01
ΑΕΠΕΥ formation
A Greek société anonyme set up for the licence, its capital routed to a special account at a bank operating in Greece and the certificate ready for the final stage.Capital account in Greece.
02
The Έντυπο 01 file
Every field of HCMC's form completed and the annexes attached, with the projections and the three-year programme of operations drafted by us and defended through HCMC's questions.Every field, every annex.
03
Fee and levy model
The HCMC application fee add-on by add-on, the annual levy at your projected turnover, passport notifications at €600 per member state - priced before anything is filed.Priced before filing.
04
People and certification
Board members and key persons prepared for their Έντυπο 02 fitness files, and client-facing staff for HCMC's professional-competence certification.Fitness files, staff certified.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex brokers in Greece.
Greece taxes an ΑΕΠΕΥ at 22% under Art. 58(1) of the Income Tax Code, Law 4172/2013, and withholds 5% on its dividends; financial services are VAT-exempt under the EU VAT Directive.
Corporate tax 22%
Art. 58(1) of Law 4172/2013 taxes legal persons at 22% whatever their book category. The 29% rate in Art. 58(2) is for credit institutions under Art. 27A, which an ΑΕΠΕΥ is not.Art. 58(1), whatever the book category.
Dividends 5%
Dividends paid by an ΑΕΠΕΥ bear 5% Greek withholding under the AADE table of capital-income rates, a light charge on profit leaving the company.Withheld under the AADE table.
Interest 15%, royalties 20%
Greece's AADE table also withholds 15% on interest and 20% on royalties, which matters where the ΑΕΠΕΥ pays a group company for a platform licence or a loan.15% and 20%.
Participation exemption
Dividends a Greek company receives from its subsidiaries are exempt under Art. 48 of Law 4172/2013 after a minimum holding of 24 months - the rule for a holding layer in Greece.Art. 48, 24 months.
VAT-exempt finance
In Greece financial services are exempt from VAT under Art. 135(1)(d)-(f) of the EU VAT Directive; the treatment of each revenue line is set in the tax model before launch.Under the EU directive.
Levy on audited turnover
HCMC reads its levy from the prior year's audited accounts, and since the 2025 amendment turnover from MiCA crypto-asset services stays out of the base.Audited turnover, MiCA excluded.
Tax summary
Corporate tax22% · Art. 58(1) Law 4172/2013
Dividend withholding5%
Interest · royalties15% · 20%
Participation exemptionArt. 48 · 24-month holding
VAT on financial servicesExempt
*As of 2026 per Law 4172/2013 and the Independent Authority for Public Revenue (AADE). Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Greek investment services company (ΑΕΠΕΥ), AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
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Greece · HCMC
Launch your forex project in Greece with expert support.
Full-service assistance - from ΑΕΠΕΥ formation and the Greek capital account to the HCMC licence, Guarantee Fund membership, passporting and ongoing compliance - run through our Athens office.
Get a consultation →Free legal opinion
Is Greece the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Greece forex licence, answered.
What licence does a forex broker need in Greece?+
An HCMC licence as an investment services company (ΑΕΠΕΥ) under Art. 5(1) of Law 4514/2018. Greece has no separate forex or CFD licence: the ΑΕΠΕΥ licence lists the services, ancillary services and instruments, with CFDs as instrument C(9) and dealing on own account as service A3.
What does the HCMC application fee come to?+
€5,000 plus €2,000 per service (€3,000 for dealing on own account), €1,000 per ancillary service (€3,000 for safekeeping) and €500 per instrument (€1,000 for CFDs), under Decision 97447 ΕΞ 2024 as amended in 2025. A market maker with A1-A3, B1, B4, C4 and C9 pays €17,500; since 2025 an instrument already covered by another licensed service is not charged.
How is the annual HCMC levy calculated?+
A fixed €2,500 - €1,500 for RTO or advice only, €4,000 for firms within Law 4335/2015 - plus 0.3%, 0.15% or 0.10% by band on prior-year audited turnover above €700,000. The decision does not say whether each rate applies to the whole turnover or only to its band, so we model both.
How much capital does an ΑΕΠΕΥ need?+
€750,000 for dealing on own account, €150,000 for a firm holding client assets without dealing, €75,000 for one holding none - the IFD levels, transposed by Law 4920/2022. HCMC wants the full amount in a special account at a bank operating in Greece, with the bank's certificate, at the final stage.
How long does HCMC take?+
MiFID II Art. 7(3) gives HCMC six months from a complete application, and HCMC treats Έντυπο 01 as accepted only when every field is filled in. Our planning range, preparation included, is 9-12 months end to end.
What retail CFD rules apply in Greece?+
HCMC Board Decision 7Α/847 of 28 June 2019 is Greece's national version of the ESMA CFD restriction: leverage from 30:1 to 2:1 by asset class, 50% margin close-out per account, negative balance protection, no incentives and the standard risk warning. Decision 7Β/847 of the same date bans binary options for retail clients.
How are forex brokers taxed in Greece?+
Corporate income tax is 22% under Art. 58(1) of Law 4172/2013 and dividends are withheld at 5%; dividends a Greek company receives from subsidiaries are exempt under Art. 48 after a 24-month holding. Financial services are VAT-exempt under the EU VAT Directive.
What does passporting from Greece cost?+
HCMC charges €600 per member state for a services passport under Art. 34 Part A of Law 4514/2018 and €400 for each later change; a branch or tied agent abroad costs €2,000 under Art. 35 Part A, plus €200 a year in levy. The passport covers 30 EEA states.
Greece or Malta for a market-making CFD broker?+
Malta does better on tax and entry: an effective 5% on trading income after the shareholder refund, or a 15% final election, and a €15,000 dealer fee in 2026 against Greece's €17,500. Greece is cheaper to keep while turnover is modest, with a fixed levy of €4,000 at most against Malta's €17,500 minimum annual fee. Both passport into 30 states.
Why Prifinance for Greece?+
We build the ΑΕΠΕΥ file from our Athens office: the société anonyme and its Greek bank account, the fee and levy model, Έντυπο 01 complete in every field, and the answers to HCMC's questions. The programme of operations is written around your real markets and languages, because HCMC reads it at licensing.
What licence?+
ΑΕΠΕΥ - HCMC, Law 4514/2018.
Application fee?+
€5,000 + add-ons; €17,500 MM.
Annual levy?+
€1,500-€4,000 + turnover bands.
Capital?+
€750k / €150k / €75k, in a Greek bank.
How long?+
6 months from complete; plan 9-12.
Retail rules?+
7Α/847 and 7Β/847 of 2019.
Taxes?+
22% CIT, 5% dividends.
Passporting?+
€600 per member state.
Vs Malta?+
Their tax and entry fee; our levy.
Why you?+
Athens office, every field filled.
Client notes
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which ΑΕΠΕΥ scope fits your project and what HCMC will charge for it.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Hellenic Capital Market Commission (HCMC) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.