Bermuda vs Malta: which jurisdiction wins?

Bermuda vs Malta — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Bermuda	Malta
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	35% headline, ~5% effective via refund system
Formation days	7	7
First-year cost	$6,500	$4,500
Treaties	Limited	70+
Substance	Economic Substance Act 2018	EU substance requirements + DAC6
Banking	Butterfield, HSBC Bermuda, Clarien	Bank of Valletta, APS, plus EU EMIs

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