Malta vs Bermuda: which jurisdiction wins?

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

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

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