EMI licence in SpainOverview
In Spain, electronic money institutions (entidades de dinero electrónico) are governed by Law 21/2011 of 26 July on electronic money and its implementing Royal Decree 778/2012. Under Article 4 of the Law, authorisation is granted by the Banco de España after a report from the Commission for the Prevention of Money Laundering and Monetary Offences on matters within its remit. Authorised institutions are entered in the Banco de España's special register and are supervised by it on an ongoing basis.
Article 6 of Law 21/2011 sets the minimum initial capital at EUR 350,000, and Article 7 requires institutions to maintain, at all times, own funds proportionate to their business beyond that minimum, calculated in line with the regulation. Funds received in exchange for e-money must be safeguarded, at the latest within five business days of issuance. EMIs may also provide payment services, in which case the Spanish payment services rules apply to those activities.
The procedure is time-bound in a way that matters for planning. The authorisation request must be decided within three months of receipt, or from the moment the required documentation is complete, and if no decision is notified within that period the application is deemed refused by administrative silence. Applicants therefore need a complete, well-supported file from the start, prepared in Spanish, with AML/CFT procedures that will satisfy the Sepblac-supported review under Law 10/2010.
Spain also offers a financial regulatory sandbox for innovative projects, and supervisors are increasingly attentive to fraud prevention and operational resilience under DORA. As elsewhere in the EU, PSD3 will repeal the e-money directive and bring EMIs within a single payment institution licence, with existing Spanish EMIs required to seek re-authorisation during the transition period, and the safeguarding window will shorten to the end of the business day after receipt.
Key benefits
- Direct access to one of the largest consumer markets in the eurozone
- Natural bridge to Spanish-speaking markets and remittance corridors with Latin America
- EEA-wide passporting from a Banco de España authorisation
- Clear statutory deadline for a decision on the application
- Respected central bank supervision supporting banking and card scheme relationships
- Experienced local market for compliance, audit and payments talent
Requirements
- Spanish company with registered office and effective management in Spain
- Initial capital of at least EUR 350,000, fully paid and of verified origin
- Ongoing own funds proportionate to the business, under Law 21/2011 and Royal Decree 778/2012
- Directors and managers of recognised commercial and professional integrity with suitable knowledge and experience
- Suitable shareholders with significant holdings, demonstrating sound and prudent management
- AML/CFT manual, risk assessment, internal control body and representative before Sepblac under Law 10/2010
- Safeguarding of client funds within the statutory deadline in segregated accounts or secure assets
- Sound administrative and accounting organisation, internal control and audit
- Business plan with programme of operations and financial projections
- Documentation in Spanish or with official translations
Licence options & capital
EMI authorisation (entidad de dinero electrónico)
EUR 350,000 initial capital
Issuance and redemption of e-money and related payment services, passportable throughout the EEA, decided within three months of a complete file.
Payment institution alternative
Firms that execute payments without holding stored value may consider a payment institution authorisation, also granted by the Banco de España.
Passporting into Spain
EMIs licensed elsewhere in the EEA may serve Spanish clients through free provision of services, agents, distributors or a branch after home-state notification.
Step-by-step process
- 1
Model and market assessment
We review products, fund flows, distribution through agents or distributors and the ownership structure against Spanish requirements.
- 2
Incorporation and capital
A Spanish company is formed, capital is paid up and evidenced, and the board and key function holders are appointed.
- 3
Application to Banco de España
The application file, in Spanish, is submitted with the business plan, policies and fit and proper documentation.
- 4
AML review
AML/CFT procedures are reviewed for the report of the Commission for the Prevention of Money Laundering, supported by Sepblac.
- 5
Decision
The Banco de España must decide within three months of a complete file; the institution is then entered in the special register.
- 6
Launch and passporting
Safeguarding, reporting and any EEA passport notifications are completed before operations begin.
Typical documents
- Application to the Banco de España with programme of operations
- Draft or registered articles of association and deed of incorporation
- Business plan with three-year financial projections
- Certificate of deposit of initial capital and source of funds evidence
- Shareholder details and fit and proper information on significant holders
- CVs, criminal record certificates and integrity declarations for directors and managers
- AML/CFT manual, risk self-assessment and internal control body description
- Safeguarding procedures and description of the flow of funds
- Internal control, risk management, accounting and audit arrangements
- ICT security, outsourcing and business continuity policies
How Legal Wealth helps
Legal Wealth helps international founders navigate a Spanish process that rewards completeness and penalises delay. We coordinate incorporation and capital, assemble a board and compliance function that meets Banco de España expectations, prepare the business plan and AML documentation for the Sepblac-supported review, and organise translations and correspondence with discretion. We also plan for ongoing reporting and the move to PSD3. Contact info@legalwealthglobal.com to discuss your project in confidence.
Enquire with Legal WealthFrequently asked questions
Who authorises EMIs in Spain?
The Banco de España, after a report from the Commission for the Prevention of Money Laundering and Monetary Offences on AML matters, under Article 4 of Law 21/2011.
What happens if the Banco de España does not respond in time?
The application must be decided within three months of a complete file. If no decision is notified within that period, the request is deemed refused by administrative silence, so a complete, robust file is essential.
How much capital is required?
At least EUR 350,000 of initial capital, plus ongoing own funds in proportion to the business as set by Royal Decree 778/2012.
Must documents be in Spanish?
Yes. Applications and supporting documents are submitted in Spanish, and foreign documents generally require official translation and, where applicable, apostille.
Can a Spanish EMI work through agents?
Spanish EMIs cannot issue e-money through agents, but they may distribute and redeem e-money through agents and distributors, and may use agents for payment services.
How will PSD3 affect Spanish EMIs?
Law 21/2011 will be replaced as PSD3 is transposed. EMIs will become payment institutions authorised to issue e-money and must seek re-authorisation within the transition period.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
