Malta vs Luxembourg: which jurisdiction wins?

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

	Malta	Luxembourg
Tax headline	35% headline, ~5% effective via refund system	24.94% effective; SOPARFI structuring lowers materially
Formation days	7	14
First-year cost	$4,500	$12,000
Treaties	70+	85+
Substance	EU substance requirements + DAC6	Substance mandatory post-ATAD
Banking	Bank of Valletta, APS, plus EU EMIs	BIL, BGL BNP Paribas, prime brokers

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