Malta vs Estonia: which jurisdiction wins?

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

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

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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.