Malta vs Seychelles: which jurisdiction wins?

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

	Malta	Seychelles
Tax headline	35% headline, ~5% effective via refund system	0% on foreign-sourced income (IBC)
Formation days	7	3
First-year cost	$4,500	$1,500
Treaties	70+	28+
Substance	EU substance requirements + DAC6	Light substance for IBCs
Banking	Bank of Valletta, APS, plus EU EMIs	Limited; rely on EMIs and intros

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