Malta vs Wyoming (USA): which jurisdiction wins?

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

	Malta	Wyoming (USA)
Tax headline	35% headline, ~5% effective via refund system	21% federal, 0% state
Formation days	7	1
First-year cost	$4,500	$1,000
Treaties	70+	70+
Substance	EU substance requirements + DAC6	Federal tax considerations apply
Banking	Bank of Valletta, APS, plus EU EMIs	EMIs (Mercury) plus Wyoming SPDIs (Kraken)

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