Malta vs Panama: which jurisdiction wins?

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

	Malta	Panama
Tax headline	35% headline, ~5% effective via refund system	0% on foreign-sourced income (territorial)
Formation days	7	5
First-year cost	$4,500	$2,200
Treaties	70+	17+
Substance	EU substance requirements + DAC6	Light
Banking	Bank of Valletta, APS, plus EU EMIs	Local Panamanian banks; USD economy

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.