Latvia
Netherlands
North Macedonia
PolandNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the MFSA licence, including banking and payment rails.
Get a forex license in Malta.
Malta licenses forex and CFD brokerage under the Investment Services Act, Cap. 370: one MFSA investment services licence, IFD capital of €75,000 to €750,000 by model, a six-month statutory clock in art. 6(6) and a passport into 30 EU/EEA states. The headline tax is 35%; the imputation refund takes trading income to an effective 5%, or a company elects a final 15%. The MFSA questions every CFD applicant on its own form, AX08. We build the file from our Valletta office.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Malta in brief
The MiFID licence with a CFD questionnaire of its own.
Malta licenses forex and CFD brokerage under the Investment Services Act, Chapter 370 of the Laws of Malta. Art. 3(1) bars anyone from providing an investment service in or from Malta without an MFSA licence, and art. 6(4)(a) writes the exact First Schedule services onto it. MiFID II arrived through Act XXXI of 2017, the IFD through Act LXXII of 2021. Capital follows IFD Art. 9: €750,000 for dealing on own account, the class of every market-making CFD broker; €150,000 for an agency broker holding client money; €75,000 for a firm that does neither. Rolling spot forex is a CFD in the MFSA's reading. The retail rules are the ESMA set, permanent in the Conduct of Business Rulebook since August 2019: leverage capped from 30:1 to 2:1 by asset class, close-out at half the initial margin, negative balance protection, no bonuses. Art. 6(6) gives the MFSA six months from a properly completed application.
In practice the file looks like this. The MFSA pack carries a questionnaire written for this business, AX08 "CFD and Forex", on top of the standard forms; expect questions on hedging, liquidity providers, slippage, bonuses and client-loss ratios. Fees run on an escalator set by L.N. 370 of 2024. The application fee for a dealing broker is €15,000 in 2026 and €19,000 from 2027; the minimum annual fee €17,500 in 2026, €22,500 by 2028. A market maker also pays €22,000 a year into the Investor Compensation Scheme. The register is small: 80 investment firms at Q1 2026, none added in the quarter. Tax is why founders still file here: 35% headline, an effective 5% after the six-sevenths shareholder refund, or a flat 15% final tax by election under L.N. 188 of 2025. We plan for 9-12 months from Submission of Intent to licence and run the file from our Valletta office.
One MFSA investment services licence under the Investment Services Act, Cap. 370: IFD capital €75k/€150k/€750k, the ESMA retail set since August 2019, six months by art. 6(6), passport into 30 states - and a CFD questionnaire of its own, AX08.
Fees climb every January under L.N. 370 of 2024: €15,000 to apply in 2026, €17,500 minimum a year, €22,000 to the compensation scheme. Tax: 35% refunded to 5%, or a final 15% by election.
The two routes
Dealing on own account - or the agency licence.
One investment services licence, two builds: the market maker at €750,000 with a €15,000 application fee in 2026, or the agency broker at €75,000-€150,000 paying €7,250. We fix the model first, then file once.
The €750k market-maker licence at a €15,000 fee - or agency at €75k-€150k for €7,250.
01 - DEALING ON OWN ACCOUNT
The market-maker licence
First Schedule item 3, dealing on own account in CFDs and rolling spot FX: €750,000 initial capital under IFD Art. 9(1), the reg. 3(1)(d) application fee of €15,000 in 2026, a minimum supervisory fee of €17,500 and €22,000 a year to the compensation scheme. The B-book, priced in print.
First Schedule item 3, dealing on own account in CFDs and rolling spot FX: €750,000 initial capital under IFD Art. 9(1), the reg. 3(1)(d) application fee of €15,000 in 2026, a minimum supervisory fee of €17,500 and €22,000 a year to the compensation scheme. The B-book, priced in print.
- ✓Dealing on own account - item 3
- ✓€750,000 initial capital
- ✓Application fee €15,000 (2026)
- ✓Annual fee from €17,500 (2026)
- ✓ICS contribution €22,000 a year
- ✓Passport to 30 EU/EEA states
02 - AGENCY · STP
€75k-€150k initial capitalThe agency licence
Reception and transmission and execution without a dealing book: €150,000 where client margin is held (reg. 3(1)(c), fee €7,250 in 2026), €75,000 where it is not. The compensation contribution falls to €7,000 a year and the minimum annual fee to €7,600.
RTO and execution; €150k with client money, €75k without; fee €7,250; ICS €7,000; same passport.
- ✓RTO and execution - items 1 and 2
- ✓€150,000 with client money · €75,000 without
- ✓Application fee €7,250 (2026)
- ✓Annual fee from €7,600 (2026)
- ✓ICS contribution €7,000 a year
- ✓Same passport, same rulebook
Costs and timelines are confirmed for your case before any work begins. MFSA fees follow L.N. 370 of 2024 and step up each January to 2027; capital, audit, compensation-scheme and substance costs are itemised in your quote.
Why Malta
A regulator that knows the product, and a 5% outcome.
The same passport as every MiFID desk, attached to a 5% effective rate on distributed trading income and a regulator with its own CFD questionnaire.
✓
One licence, every service
Art. 6(4)(a) writes RTO, execution, dealing on own account and portfolio management onto a single investment services licence; S.L. 370.10 carries it into 30 states on a Schedule DI notification.Every First Schedule service, one file.
✓
A clock the Act prints
Art. 6(6): six months from a properly completed application. The Service Charter adds first feedback within 4-6 weeks and a 20-working-day reply to each of our answers.Six months, art. 6(6).
✓
5% or 15% - your choice
35% is paid first; a shareholder claims six-sevenths back on distribution, so trading income lands at 5%. Or elect the final 15% under L.N. 188 of 2025 and skip the refund cycle, for five years at a time.Refund model or final election.
✓
A rulebook written for CFDs
The Conduct of Business Rulebook has carried chapters on slippage settings, expert advisors and CFD record keeping since August 2019, and the pack has its own CFD and Forex questionnaire. The questions are specific; so are our answers.Slippage, EAs, AX08 since 2019.
✓
One regulator for the group
The MFSA covers banking, insurance, investment services, pensions, trustees and VFA/MiCA. A broker adding a crypto arm under MiCA deals with the authority that already holds its file.Banking to MiCA under one roof.
✓
A fee escalator, in print
L.N. 370 of 2024 prices every year to 2029: the dealing application fee €15,000 in 2026, €19,000 in 2027; the minimum annual fee €17,500 rising to €22,500; ICS €22,000. Dearer than Vilnius - and budgetable five years out.Priced to 2029, no surprises.
How it compares
How Malta differs from other routes.
Malta sells a 5% effective rate and a CFD-literate regulator; the price is a fee schedule that climbs every January. The comparison, in figures.
Malta vs other jurisdictions
| Feature |  Malta | Other jurisdictions |
|---|---|---|
| Regime | ISA Cap. 370 - MiFID II, MFSA | Same directive or offshore |
| Application fee | €15,000 (2026) dealing · €7,250 agency | €947 Lithuania · €50,000 Luxembourg |
| Statutory clock | 6 months · art. 6(6) | 6 months EU-wide · hard 12 in Luxembourg |
| Corporate tax | 35% · 5% effective or 15% final | 17% Lithuania · 15% Cyprus |
Regime
MaltaISA Cap. 370 - MiFID II, MFSA
Other jurisdictionsSame directive or offshore
Application fee
Malta€15,000 (2026) dealing · €7,250 agency
Other jurisdictions€947 Lithuania · €50,000 Luxembourg
Statutory clock
Malta6 months · art. 6(6)
Other jurisdictions6 months EU-wide · hard 12 in Luxembourg
Corporate tax
Malta35% · 5% effective or 15% final
Other jurisdictions17% Lithuania · 15% Cyprus
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Malta | MFSA investment services licence | 35% · 5% after refund | IFD €75k-€750k, AX08 questionnaire |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Lithuania | FBF licence - Bank of Lithuania | 17% CIT (2026) | Category A €750k, €947 levy |
 Luxembourg | CSSF investment firm | 23.87% aggregate (city) | IFD tiers, €50,000 fee |
MaltaLicense typeMFSA investment services licence
Taxation35% · 5% after refund
RequirementsIFD €75k-€750k, AX08 questionnaire
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
LithuaniaLicense typeFBF licence - Bank of Lithuania
Taxation17% CIT (2026)
RequirementsCategory A €750k, €947 levy
LuxembourgLicense typeCSSF investment firm
Taxation23.87% aggregate (city)
RequirementsIFD tiers, €50,000 fee
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the MFSA licence.Requirements for the licence.
The Act, the Fees Regulations and the MFSA's own forms define the pack; the craft is filing it whole, with the people already vetted. These ten items are what a pack that passes contains.
01
Maltese company - head office and registered office both in Malta under art. 6(1)(a)(ii) ISA, with management and control exercised there, not a letter-box.
02
Initial capital - €750,000 for dealing on own account, €150,000 with client money, €75,000 without, composed as own funds under IFR Art. 9 and held at the highest of the minimum, the fixed overheads requirement and the K-factor sum.
03
Fit and proper people - the applicant, every qualifying shareholder, director and officer tested under art. 6(1)(a)(i) and 6(7), with Personal Questionnaires filed before the pack.
04
Key function holders named - compliance, risk, MLRO and internal audit identified before submission; the MFSA takes the pack in one go on the LH Portal, not piecemeal.
05
Programme of operations - the services applied for, the dealing model and the Schedule C financial resources statement, as art. 5 ISA requires.
06
The AX08 questionnaire - hedging policy, liquidity providers, slippage settings, bonus position and client-loss ratios answered in full.
07
Retail CFD rules - leverage 30:1 to 2:1 by class, close-out at half the initial margin, negative balance protection and no incentives, as the Conduct of Business Rulebook has required since August 2019.
08
Client money - segregation under the Control of Assets Regulations, S.L. 370.05, with the Part BI safeguarding rules designed before launch.
09
AML/CFT - the firm is a subject person under Cap. 373 and S.L. 373.01, with an MLRO and FIAU reporting in place at licensing.
10
Compensation scheme and fees - ICS membership at €22,000 (dealing) or €7,000 (agency) a year from 2026, the application fee paid with the pack and the first supervisory fee on the day of grant.
01
Head and registered office in Malta.
02
€750k / €150k / €75k own funds.
03
Fit and proper, PQs filed first.
04
Key function holders named.
05
Programme of operations, Schedule C.
06
AX08 CFD questionnaire answered.
07
ESMA retail set engineered in.
08
Client money under S.L. 370.05.
09
MLRO and FIAU reporting live.
10
ICS €22,000 or €7,000 a year.
Reflects the Investment Services Act (Cap. 370), L.N. 370 of 2024, S.L. 370.09 and the MFSA Authorisation Process Service Charter as of 2026.ISA Cap. 370 + L.N. 370 of 2024 + S.L. 370.09, as of 2026.
How it works
From Submission of Intent to the MFSA register.
01
Model and class
Market maker or agency, First Schedule items and the capital class - fixed in writing before any drafting.MM or agency - fixed.
02
Submission of Intent
Form AN01 to the MFSA: receipt confirmed in 2 working days, an intention meeting within 10, and the pack due within 40 working days of the MFSA's clarifications.AN01, meeting in 10 days.
03
The pack, in one go
AA04, the AX series with the AX08 CFD questionnaire and Schedule C on the LH Portal; a 5-working-day submission review, then quality review with first feedback in 4-6 weeks.Whole, on the LH Portal.
04
Question rounds
We answer within 15 working days, the MFSA within 20; a missed 20-working-day document deadline counts as withdrawal. Six months by art. 6(6) from a properly completed application.15 and 20 working days.
05
Licence and passport
Register entry, the first supervisory fee on the day of grant, Schedule DI notifications into the EU - and a post-licensing meeting 6-12 months later.Register, Schedule DI.
Quick facts
RegulatorMFSA
FrameworkISA Cap. 370 · MiFID II
Own account€750,000
With client money€150,000
Application fee (2026)€15,000 dealing · €7,250 agency
Annual fee minimum (2026)€17,500 dealing · €7,600 agency
Statutory clock6 months · art. 6(6)
Plan for9-12 months end to end
The clock starts at a properly completed application, and the MFSA decides what complete means. A pack filed whole on day one is the schedule.
On the ground in Malta
Run from our Valletta office.
Prifinance - Malta
Valletta · Malta
Valletta, Malta
01
Maltese company formation
Registration at the Malta Business Registry, capital placement and the board art. 6 tests - built for the licence from day one.Board built for art. 6.
02
The MFSA pack
Submission of Intent on AN01, then AA04, the AX series and Schedule C filed in one go on the LH Portal - drafted by us and defended through the 15- and 20-working-day rounds.Filed whole, defended.
03
The AX08 answers
Hedging, liquidity, slippage and bonus policies written so the CFD questionnaire reads as one business, with the liquidity provider and the platform already chosen.One coherent business.
04
People and substance
Resident directors, MLRO and compliance officer sourced in Malta; the head office art. 6(1)(a)(ii) requires is a working office, which is what the MFSA visits.A working head office.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Malta.
Two systems, one choice: 35% with a six-sevenths refund to shareholders, or a final 15% by election. The choice is made before the first profitable year and binds for five.
Corporate tax 35%
The headline rate on chargeable income under art. 56(6) of the Income Tax Act, Cap. 123 - paid first, refunded second.Paid first, refunded second.
Six-sevenths refund
A shareholder receiving a dividend claims back six-sevenths of the tax on trading income under art. 48(4) of the Income Tax Management Act: 5% effective, paid after distribution, never before.5% effective on trading income.
The 15% final election
From year of assessment 2025 a company may elect a final 15% under L.N. 188 of 2025 instead of 35% with refunds. The election binds for five years of assessment, and so does leaving it.By election, five-year lock.
No dividend withholding
Dividends to non-resident shareholders carry the imputation credit and attract no further Maltese tax.Imputation credit travels.
VAT-exempt dealing
Transactions in securities and currency are exempt without credit under the Fifth Schedule of the VAT Act, Cap. 406: no VAT on brokerage income, and no input recovery either.No credit, no input recovery.
Participation exemption
Dividends and gains from participating holdings are exempt under art. 12(1)(u) ITA, so the holding layer above the broker carries no second charge.Holding layer untaxed.
Tax summary
Corporate tax35% headline
After shareholder refund5% effective on trading income
Final tax election15% · L.N. 188 of 2025
Dividend withholdingNone
VAT on dealingExempt without credit
*As of 2026 per the Income Tax Act (Cap. 123), the Income Tax Management Act (Cap. 372) and L.N. 188 of 2025. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Maltese company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Malta · MFSA
Launch your forex project in Malta with expert support.
Full-service assistance - from company formation to the MFSA licence, passporting and ongoing compliance - run through our Valletta office.
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The Malta forex licence, answered.
What licence does a forex broker need in Malta?+
An investment services licence from the MFSA under the Investment Services Act, Cap. 370, listing the First Schedule services the broker performs: RTO and execution for an agency model, dealing on own account for a market maker. Rolling spot FX counts as a CFD in the MFSA's reading.
How much capital does the MFSA require?+
€750,000 for dealing on own account, €150,000 for an agency broker holding client money, €75,000 for one that holds neither - the IFD Art. 9 classes. Own funds then stay at the highest of that minimum, the fixed overheads requirement and the K-factor sum.
What does the MFSA application cost in 2026?+
€15,000 for a broker dealing on own account and €7,250 for an agency broker holding client money, under L.N. 370 of 2024; both step up on 1 January 2027, to €19,000 and €8,000. The fee is paid with the pack and is not refundable.
How long does the MFSA take?+
Six months from a properly completed application under art. 6(6) ISA. Before that sit the Submission of Intent, the intention meeting and a two-tier completeness review, so we plan for 9-12 months from first filing to licence and treat the Service Charter's 20-working-day deadlines as hard.
Which retail CFD rules apply in Malta?+
The ESMA set, permanent in the Conduct of Business Rulebook since August 2019: 30:1 leverage on major pairs down to 2:1 on crypto, close-out at half the initial margin, negative balance protection, no bonuses, the standardised risk warning - plus Maltese rules on slippage settings and expert advisors.
What are the running costs after licensing?+
A minimum supervisory fee of €17,500 in 2026 for a dealing broker (€7,600 agency), capped at €30,800, plus a fixed Investor Compensation Scheme contribution of €22,000 (€7,000 agency) and 0.1% of any revenue increase into a pledged reserve. The 2027 and 2028 steps are already in the regulation.
How are Maltese brokers taxed?+
At 35%, with a six-sevenths refund to shareholders on distribution that brings trading income to an effective 5% - or, by election under L.N. 188 of 2025, a final 15% with no refunds and a five-year lock. No withholding on dividends; dealing is VAT-exempt.
Can a Maltese licence passport into Germany or Italy?+
Yes. The services passport under S.L. 370.10 runs on a Schedule DI notification to the MFSA; the home regulator forwards it within one month and the firm may start. Branches and tied agents go on Schedule EI. The host state's own CFD measures still apply to its retail clients.
Malta or Cyprus for a retail CFD broker?+
Cyprus has the Limassol cluster and 15% corporate tax, with a realistic 8-14 months. Malta has the lower effective rate - 5% after refund or 15% final - and an Act that prints a six-month clock, at a €15,000 fee and €22,000 a year to the compensation scheme. Cluster liquidity and talent argue for Cyprus; founder economics argue for Malta.
Why Prifinance for Malta?+
We form the Maltese company, write the AX08 answers around a hedging and liquidity set-up that already exists, and file the whole pack in one go on the LH Portal from our Valletta office. Resident directors, MLRO and compliance officer are sourced locally, so the head office the Act requires is a working one.
What licence?+
MFSA investment services licence.
Capital?+
€750k / €150k / €75k by class.
Fee?+
€15,000 dealing (2026).
How long?+
6 months by statute; plan 9-12.
Retail rules?+
ESMA set + slippage, EAs.
Running costs?+
€17,500 min + ICS €22,000.
Taxes?+
35% → 5%, or 15% final.
Passport?+
30 states, Schedule DI.
Vs Cyprus?+
Their cluster; your 5%.
Why you?+
Whole pack, Valletta desk.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Malta Financial Services Authority (MFSA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.