Estonia vs Malta: which jurisdiction wins?

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

	Estonia	Malta
Tax headline	0% on retained earnings, 20% on distributions	35% headline, ~5% effective via refund system
Formation days	1	7
First-year cost	$1,500	$4,500
Treaties	60+	70+
Substance	Real management required for tax residency	EU substance requirements + DAC6
Banking	LHV, Swedbank, EMIs (Wise)	Bank of Valletta, APS, plus EU EMIs

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Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.