Nikolai 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 decision, including banking and payment rails.
Get an EMI license in Malta.
An English-language EU licence with the sharpest tax engine in the Union: MFSA authorisation under the Financial Institutions Act, the freshly consolidated FIR/01/2025 rulebook, and ~5% effective corporate tax after Malta's full-imputation refunds.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Malta in brief
The English-language EU desk with a tax engine.
Malta authorises e-money and payment institutions under the Financial Institutions Act (Cap. 376), supervised by the MFSA on a risk-based model of regulatory returns and on-site inspections. The rulebook was consolidated in 2025 - FIR/01/2025 governs application procedures and authorisation requirements, with FIR/03/2025 updating outsourcing and annual compliance reporting, so the current framework is fresh, not folklore. Initial capital for an EMI is €350,000, payment institutions run €20,000-€125,000 by service, fees follow the Financial Institutions (Fees) Regulations (S.L. 376.03), and the whole file - application, annexes, question rounds - runs in English.
The commercial argument is double. First, the passport: a Maltese authorisation notifies into every EU/EEA state. Second, the tax engine: Malta's full-imputation system refunds up to six-sevenths of the 35% corporate tax to non-resident shareholders, landing most operating structures at roughly 5% effective - with no withholding on dividends. Add the deepest payments-and-iGaming acquiring cluster in southern Europe, and Malta is the value play among serious EU desks. The queue is slower than Vilnius; the economics are why founders wait.
MFSA authorisation under the Financial Institutions Act: €350,000 EMI capital, FIR/01/2025 rulebook, English-language file, EU passport.
The engine: full-imputation refunds land structures near 5% effective with no dividend withholding - the value play among serious EU desks.
The two routes
Full EMI - or the payment-institution tier.
One Act, two entries: the e-money institution at €350,000 with the full services list, or payment-institution licences from €20,000. We fix the scope first, then build once.
Full EMI at €350,000 - or PI tiers from €20,000 inside the acquiring cluster.
01 - E-MONEY INSTITUTION
EMI licence
The flagship authorisation under Cap. 376: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting. With the file built to FIR/01/2025.
The flagship authorisation under Cap. 376: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting. With the file built to FIR/01/2025.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 initial capital · own funds ongoing
- ✓Safeguarding of client funds
- ✓EU/EEA passport on notification
- ✓English-language file - FIR/01/2025
02 - PAYMENT INSTITUTION ROUTES
The acquiring clusterPI licences
Payment-institution licences run €20,000-€125,000 by service. Remittance, transfers, acquiring. Inside the EU's most experienced gaming-payments cluster, with an upgrade path to the EMI.
PI licences €20k-€125k; acquiring for e-commerce and iGaming; upgrade path to the EMI.
- ✓PI licences - €20k / €50k / €125k by service
- ✓Acquiring for e-commerce and iGaming
- ✓Money remittance and transfers
- ✓Account information services
- ✓Upgrade path to the EMI
- ✓Same MFSA supervision
Costs and timelines are confirmed for your case before any work begins. MFSA fees follow S.L. 376.03; capital, safeguarding and substance costs are itemised in your quote.
Why Malta
The economics do the arguing.
The framework is EMD2/PSD2 under an experienced EU supervisor. With three advantages no other desk combines.
✓
~5% effective tax
Malta's full-imputation system refunds up to 6/7 of the 35% corporate tax to non-resident shareholders. Most operating structures land near 5% effective, the sharpest sustained rate available on an EU payments licence.6/7 refunds; no dividend WHT.
✓
English-language jurisdiction
Law, rulebook, filings and question rounds all run in English - no translation layer between your team and the supervisor, and a common-law-flavoured legal culture familiar to international counsel.Law, file and rounds in English.
✓
The acquiring cluster
Two decades of iGaming built southern Europe's deepest payments ecosystem. Acquirers, PSPs, compliance talent and banks that actually understand merchant risk.Merchant risk is understood here.
✓
A fresh rulebook
FIR/01/2025 and FIR/03/2025 consolidated application procedures, outsourcing and compliance reporting in 2025. You build against current expectations, not legacy circulars.FIR/01/2025 - current expectations.
✓
EU passport
One Maltese authorisation notifies into every EU/EEA state. The full single market from a Mediterranean cost base.Single market on notification.
✓
No dividend withholding
Malta levies no withholding on outbound dividends. The refund-driven effective rate is what shareholders actually keep.The rate is what you keep.
How it compares
How Malta differs from other routes.
Malta trades queue speed for economics and English. The full comparison is below.
Malta vs other jurisdictions
| Feature |  Malta | Other jurisdictions |
|---|---|---|
| Regulatory regime | FIA Cap. 376 - MFSA | Same directives, other desks |
| Effective tax | ~5% after refunds | 12.5-33% |
| File language | English | Often local-language |
| Timeline | 9-15 months realistic | 6-12 at the fastest desks |
Regulatory regime
MaltaFIA Cap. 376 - MFSA
Other jurisdictionsSame directives, other desks
Effective tax
Malta~5% after refunds
Other jurisdictions12.5-33%
File language
MaltaEnglish
Other jurisdictionsOften local-language
Timeline
Malta9-15 months realistic
Other jurisdictions6-12 at the fastest desks
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Malta | EMI (MFSA) | ~5% effective | English file, refund structure |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Ireland | EMI (CBI) | 12.5% CIT trading | Engagement-led, 12+ months |
 Cyprus | EMI (CBC) | 15% CIT (2026) | Non-dom founder economics |
MaltaLicense typeEMI (MFSA)
Taxation~5% effective
RequirementsEnglish file, refund structure
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
IrelandLicense typeEMI (CBI)
Taxation12.5% CIT trading
RequirementsEngagement-led, 12+ months
CyprusLicense typeEMI (CBC)
Taxation15% CIT (2026)
RequirementsNon-dom founder economics
Before you apply
Requirements for the MFSA authorisation.Requirements for the authorisation.
FIR/01/2025 publishes the application procedure and annexes. The craft is a file that answers the risk questions before they are asked. The checklist below is what a passing application contains.
01
Maltese entity. A limited company with its head office and effective management in Malta.
02
Initial capital - €350,000 for the EMI, evidenced and paid in; €20,000-€125,000 for PI tiers.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes, three-year financials and unit economics the MFSA can interrogate.
05
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and FIAU reporting with a resident MLRO.
07
IT and security documentation. Architecture, DORA-grade resilience and incident procedures.
08
Internal governance. Control functions, conflicts procedures and the FIR/03/2025 outsourcing register.
09
Own-funds methodology. The ongoing capital calculation, modelled forward.
10
Local substance. Directors, compliance presence and operational reality in Malta, not a brass plate.
01
Maltese company, managed locally.
02
€350,000 capital (EMI).
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident MLRO (FIAU).
07
DORA-grade IT documentation.
08
FIR/03/2025 outsourcing register.
09
Own-funds method modelled forward.
10
Real substance, not a brass plate.
Reflects the Financial Institutions Act (Cap. 376), FIR/01/2025 and S.L. 376.03 as of 2026.FIA Cap. 376 + FIR/01/2025 + S.L. 376.03, as of 2026.
How it works
From first call to the authorisation - and the refunds.
01
Route and strategy
EMI or PI tier, plus the shareholder structure that makes the refund system work. Fixed in writing first.Licence + refund structure, in writing.
02
Maltese company and people
Company formation, capital evidence and the resident officers the MFSA vets.Formation, capital, resident officers.
03
The application file
Programme, safeguarding, AML and IT documentation per FIR/01/2025. Complete before filing, because completeness is the timeline.Complete before filing. That is the timeline.
04
MFSA review
Risk-based scrutiny, question rounds answered in English - 9-15 months realistic end to end.Risk-based rounds; 9-15 months realistic.
05
Authorisation and launch
The licence, passport notifications, safeguarding accounts live, and the refund mechanics running from year one.Passports, accounts, refunds running.
Quick facts
RegulatorMFSA
EMI capital€350,000
PI tiers€20k / €50k / €125k
RulebookFIR/01/2025
FeesS.L. 376.03 schedule
Realistic timeline9-15 months
Effective tax~5% after refunds
PassportEU/EEA on notification
The MFSA runs risk-based supervision. The file must answer the risk questions before they are asked. That is our job.
On the ground in Malta
Run from our Valletta office.
Prifinance - Malta
Valletta · Malta
Valletta, Malta
01
Maltese company formation
Limited company incorporation, capital placement and the two-tier refund structure that produces the ~5% effective rate. Built for the licence from day one.Two-tier refund structure, built first.
02
The MFSA file
Programme of operations, safeguarding design, AML pack and IT documentation per FIR/01/2025's annexes. Drafted by us and defended through the supervisor's rounds.Per FIR/01/2025. Defended in rounds.
03
Banking and acquiring setup
Safeguarding accounts, acquiring relationships and PSP integrations inside Malta's payments cluster. Arranged in parallel so launch follows authorisation, not a year after.Cluster relationships, in parallel.
04
Substance and staffing
Resident directors, MLRO and compliance hiring from Malta's deep payments-and-gaming talent pool. Real substance the MFSA recognises.Directors, MLRO, real ops.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Malta.
The headline 35% is not what anyone pays: Malta's full-imputation refunds land operating structures near 5% effective, with no dividend withholding on the way out.
35% nominal - ~5% effective
Non-resident shareholders reclaim up to 6/7 of the corporate tax on trading income. The refund arrives after distribution, landing the group near 5% effective.Full-imputation refunds on distribution.
No dividend withholding
Malta levies no withholding tax on outbound dividends. The refund-driven rate is what shareholders actually keep, in any treaty country.What's earned is what's kept.
VAT-exempt payment services
Payment and e-money services are VAT-exempt financial services; the 18% standard rate touches only ordinary supplies.18% only on ordinary supplies.
The structure is the work
The refund mechanics depend on a correctly built two-tier shareholding. We structure it with the licence file, not after it.Two-tier shareholding, built right.
Treaty network 70+
A deep treaty network for a jurisdiction its size. Holding structures above the Maltese entity model cleanly.Deep network for the size.
Payroll that scales
Malta's payments-and-gaming cluster prices compliance and operations talent below Western-hub rates. The licence's operating base stays lean.Cluster talent below hub rates.
Tax summary
Nominal corporate tax35%
Effective after refunds~5%
Dividend withholdingNone
VAT on payment servicesExempt
Standard VAT18%
Tax treaties70+
*The refund mechanics depend on your shareholding structure. We model the exact effective rate before you commit.
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, authorised institution.
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Malta · MFSA
Launch your payment project in Malta with expert support.
Full-service assistance - from company registration to the MFSA authorisation, refund structuring and ongoing compliance.
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Is Malta the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Maltese EMI licence: quick answers.
What licence does an e-money business need in Malta?+
An e-money institution authorisation from the MFSA under the Financial Institutions Act (Cap. 376) - €350,000 initial capital, safeguarding and EU/EEA passporting. Payment-institution licences at €20,000-€125,000 sit alongside.
What rulebook governs the application?+
FIR/01/2025 - the application procedures and authorisation requirements consolidated in 2025 - with FIR/03/2025 covering outsourcing and annual compliance reporting. The framework is current, which makes expectations knowable.
How long does licensing take?+
The MFSA runs a staged, risk-based review with question rounds in English. Realistic end-to-end: 9-15 months depending on model complexity. Completeness against FIR/01/2025's annexes is the main speed lever, and our job.
What does it cost?+
MFSA fees follow the Financial Institutions (Fees) Regulations (S.L. 376.03); the real investment is capital (€350,000 EMI), substance and the file. Everything is itemised in your quote before we start.
How does the ~5% effective tax work?+
Malta taxes companies at 35%, then refunds up to six-sevenths to non-resident shareholders on distribution under the full-imputation system - most trading structures land near 5% effective, with no dividend withholding. The shareholding must be built correctly; we structure it with the licence.
What substance is expected?+
A Maltese company effectively managed in Malta, resident directors and MLRO, real safeguarding arrangements and DORA-grade systems documentation - a brass plate will not survive the MFSA's risk-based review.
Does the licence passport across the EU?+
Yes - the authorisation notifies into every EU/EEA state. Groups serve the whole single market from Malta, typically pairing the passport with the acquiring cluster's PSP infrastructure.
Why is Malta strong for acquiring and iGaming payments?+
Two decades of licensed gaming built a payments ecosystem that actually understands merchant risk - acquirers, PSPs, compliance talent and banks. Models other desks treat as exotic are Tuesday in Malta.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Why Malta rather than Lithuania or Ireland?+
Lithuania is faster and has CENTROlink; Ireland carries the institutional stamp. Malta wins on sustained economics - ~5% effective with no dividend withholding - plus English-language process and the acquiring cluster. For margin-sensitive models, the maths usually decides.
What licence is needed?+
MFSA EMI - €350k; PI €20k-€125k.
Which rulebook?+
FIR/01/2025 + FIR/03/2025.
How long?+
9-15 months realistic.
Cost?+
S.L. 376.03 fees; capital is the investment.
The 5% - real?+
6/7 refunds to non-resident holders. Yes.
Substance?+
Resident directors, MLRO, real ops.
Passport?+
EU/EEA on notification.
Acquiring?+
The cluster's home game.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Lithuania?+
Speed there; economics here.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
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Google
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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.