Malta vs Delaware (USA): which jurisdiction wins?

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

	Malta	Delaware (USA)
Tax headline	35% headline, ~5% effective via refund system	21% federal + 8.7% Delaware (no state tax on non-DE income)
Formation days	7	1
First-year cost	$4,500	$1,200
Treaties	70+	70+
Substance	EU substance requirements + DAC6	US tax presence considerations
Banking	Bank of Valletta, APS, plus EU EMIs	Mercury, Brex, plus tier-1 US banks

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