Malta EMI Licence (MFSA)
The Malta Financial Services Authority (MFSA) issues EMI licences under the Financial Institutions Act. Malta's unique proposition is the combination of MFSA EMI licensing for payment services with Malta Gaming Authority (MGA) licensing for online gaming — creating a one-stop Mediterranean regulatory hub for gaming-fintech crossover businesses. The 5% effective corporate tax rate through Malta's refund system adds significant tax efficiency.
Malta — Gaming & Fintech Crossover Hub
Malta has positioned itself as one of Europe's most versatile regulatory jurisdictions, combining licensed gaming, financial services, and crypto activities under a unified Mediterranean hub. The Malta Financial Services Authority (MFSA) supervises all financial institutions including EMIs under the Financial Institutions Act (Cap. 376), while the Malta Gaming Authority (MGA) supervises the substantial online gaming industry.
The convergence of gaming and fintech in Malta creates unique opportunities. Gaming operators that want to process player deposits and withdrawals directly — rather than paying third-party payment processors expensive fees — obtain an MFSA EMI licence to handle their payment flows. The EMI licence allows them to issue e-wallets to players, process SEPA transfers, and issue payment cards linked to player accounts. Combined with an MGA licence, this creates a vertically integrated gaming-payments operation.
Malta's standard corporate tax rate is 35%, but the full imputation system with the 6/7 refund mechanism available to qualifying non-resident shareholders reduces the effective rate to approximately 5%. This makes Malta one of the most tax-efficient EU jurisdictions for profitable EMI operations, particularly for companies with non-EU holding structures. The refund mechanism is well-established in Maltese law and widely used by international financial services companies.
For crypto companies, Malta was an early adopter of complete crypto regulation through its Virtual Financial Assets Act (VFAA, 2018) — one of the world's first complete crypto regulatory frameworks. While the VFAA framework has been superseded by EU MiCA, Malta's early-mover experience means MFSA has substantial expertise in crypto business models, making it a natural home for crypto-adjacent EMI operations.
The 5% Effective Tax Refund System
Malta's corporate tax system operates on a full imputation basis. The company pays 35% tax on its profits. When dividends are distributed to qualifying non-Maltese shareholders, those shareholders are entitled to a refund of 6/7 of the tax paid — reducing the effective corporate tax burden to approximately 5%.
The 6/7 refund applies when dividends are distributed from profits that were not subject to the favourable 5/7 rate (which applies to passive interest and royalties). For EMI operating profits from payment services activities, the 6/7 refund typically applies, yielding the ~5% effective rate. The refund is paid by the Maltese Inland Revenue to the shareholder within a defined period after the dividend is declared.
This structure requires careful implementation: the holding structure must be properly designed, the dividends must be formally declared and paid, and the refund claim must be filed by the qualifying shareholder. Working with experienced Maltese tax advisors is essential to ensure the refund mechanism operates as intended. The MFSA also requires EMIs to demonstrate that their corporate structure does not conflict with substance requirements for licensing purposes.
Important: The 5% effective rate requires proper structuring and annual refund claims. It is not automatic — it requires dividend distribution, a qualifying non-resident shareholder structure, and timely filing with Maltese Inland Revenue. Always work with licensed Maltese tax advisors to implement this structure correctly.
MFSA EMI Application Requirements
Malta EMI Licence Cost Breakdown
| Item | Details | Cost |
|---|---|---|
| Regulatory Capital | Own funds — Financial Institutions Act | €350,000 |
| MFSA Application Fee | MFSA EMI licence application fee | ~€5,000 |
| Maltese Company Incorporation | Malta Ltd setup, MFSA registration | €2,000–€5,000 |
| Legal & Compliance Preparation | FIA application, AML policy (PMLFTR) | €20,000–€55,000 |
| Director & MLRO (Year 1) | Malta-resident director and AML officer | €15,000–€40,000 |
| MFSA Annual Supervision Fee | Ongoing MFSA supervision levy | €3,000–€10,000/yr |
| Office & Banking Setup | Valletta/Sliema office, safeguarding account | €8,000–€20,000 |
| Tax Structuring (Year 1) | Maltese tax advisors for refund structure setup | €5,000–€15,000 |
| Total Year 1 (excl. capital) | Professional fees and operational setup | €53,000–€145,000 |
| Total Year 1 (incl. capital) | Full investment including regulatory capital | €403,000–€495,000 |
Malta EMI Licence Requirements
Malta EMI Licensing Timeline
Frequently Asked Questions
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MFSA application management + MGA dual-licence structuring. 5% effective tax planning. Fixed fees.
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- Application success rates vary significantly by jurisdiction — well-prepared applications with complete documentation have 2-3x higher approval rates.
- Budget 20-30% above the published government fees for legal support, compliance setup, and local representation.
- Banking access is typically the longest lead-time item — start bank due diligence in parallel with the licence application.
Based on CryptoLicenses.net consulting data, 2024-2026
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