Malta vs Guernsey: which jurisdiction wins?

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

	Malta	Guernsey
Tax headline	35% headline, ~5% effective via refund system	0% (10% banking/insurance)
Formation days	7	5
First-year cost	$4,500	$5,500
Treaties	70+	12+
Substance	EU substance requirements + DAC6	Substance Law 2018
Banking	Bank of Valletta, APS, plus EU EMIs	Channel Islands tier-1 banks

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