{"id":1925,"date":"2025-05-27T22:16:46","date_gmt":"2025-05-27T22:16:46","guid":{"rendered":"https:\/\/meyer-stern.com\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/"},"modified":"2025-05-27T22:16:46","modified_gmt":"2025-05-27T22:16:46","slug":"irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors","status":"publish","type":"post","link":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/","title":{"rendered":"Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors"},"content":{"rendered":"<div id=\"TOC\">\n<h3>Table of Contents<\/h3>\n<ul>\n<li><a href=\"#grundlagen\">What Are Section 110 and Malta\u2019s Securitisation Act?<\/a><\/li>\n<li><a href=\"#section-110-irland\">Section 110 Ireland: The Proven SPV Model<\/a><\/li>\n<li><a href=\"#malta-securitisation\">Malta\u2019s Securitisation Act: The EU Passport Alternative<\/a><\/li>\n<li><a href=\"#direkter-vergleich\">Direct Comparison: Ireland vs Malta in Detail<\/a><\/li>\n<li><a href=\"#anwendungsfaelle\">Practical Use Cases for German Investors<\/a><\/li>\n<li><a href=\"#compliance\">Regulatory Considerations and Compliance<\/a><\/li>\n<li><a href=\"#steueraspekte\">Tax Implications for German Investors<\/a><\/li>\n<li><a href=\"#fazit\">Conclusion: Which Vehicle Fits Your Strategy?<\/a><\/li>\n<\/ul><\/div>\n<p>I see it every day: German investors face structured financial products as if they were a closed book.<\/p>\n<p>Yet, Ireland\u2019s Section 110 and Malta\u2019s Securitisation Act are two of the most powerful tools within the EU.<\/p>\n<p>But here\u2019s the thing:<\/p>\n<p>Most advisors only present one side. They either rave about Ireland, or they tout Malta as the insider\u2019s secret.<\/p>\n<p>That doesn\u2019t go far enough.<\/p>\n<p>Because both structures have their merits\u2014depending on your goals, investment volume, and risk appetite.<\/p>\n<p>Today, I\u2019ll take you on a journey through the world of EU securitisation\u2014not as a theoretical advisor, but as someone who has implemented these structures hands-on.<\/p>\n<p>You\u2019ll understand why a German mid-market business with \u20ac50 million has entirely different needs than a family office with \u20ac500 million.<\/p>\n<p>Ready?<\/p>\n<p>Then let\u2019s develop your optimal structure together.<\/p>\n<section id=\"grundlagen\">\n<h2>What Are Section 110 and Malta\u2019s Securitisation Act? Understanding the Fundamentals<\/h2>\n<p>Before we dive into the details, we need to set the foundations.<\/p>\n<p>Only those who understand the mechanics can make the right decisions.<\/p>\n<h3>Section 110 Ireland: The Tax-Optimised Vehicle<\/h3>\n<p>Section 110 of the Irish Taxes Consolidation Act is Ireland\u2019s answer to complex financial structures.<\/p>\n<p>The principle is elegant: A Section 110 company (a so-called \u201cqualifying company\u201d) can operate in a virtually tax-neutral way. Why? Because it can distribute almost all income directly to investors.<\/p>\n<p>The effective tax burden is only 0.125% on assets under management.<\/p>\n<p>What does that mean? With a \u20ac100 million portfolio, you pay just \u20ac125,000 in taxes. Per year.<\/p>\n<h3>Malta\u2019s Securitisation Act: The EU Passport Approach<\/h3>\n<p>Malta took a different route.<\/p>\n<p>Their 2021 Securitisation Act established securitisation vehicles (SVs) that automatically enjoy pan-EU recognition.<\/p>\n<p>The highlight: These vehicles can operate as \u201cNotified SVs\u201d under the EU Securitisation Regulation, opening doors to institutional investors across the EU.<\/p>\n<p>They\u2019re also attractive from a tax perspective: Effectively 5% corporate tax on undistributed profits.<\/p>\n<h3>Why Consider Structured Finance Products at All?<\/h3>\n<p>Here\u2019s an honest question: Why should you bother with these complex structures?<\/p>\n<p>The answer is threefold: Efficiency, flexibility, scalability.<\/p>\n<ul>\n<li><strong>Efficiency:<\/strong> Aggregate diverse assets under a tax-advantaged umbrella<\/li>\n<li><strong>Flexibility:<\/strong> Create multiple classes of investors with different rights<\/li>\n<li><strong>Scalability:<\/strong> The structure grows as you do<\/li>\n<\/ul>\n<p>Additionally, both structures offer protection against German CFC (\u201cHinzurechnungsbesteuerung\u201d)\u2014if set up properly.<\/p>\n<\/section>\n<section id=\"section-110-irland\">\n<h2>Section 110 Ireland: The Tried-and-Tested SPV Model for German Investors<\/h2>\n<p>Ireland\u2019s Section 110 is a true classic.<\/p>\n<p>For more than 20 years, international investors have relied on this structure. That brings legal certainty and mature service providers.<\/p>\n<h3>The Structure in Detail: How Section 110 Works<\/h3>\n<p>A Section 110 company is essentially a Special Purpose Vehicle (SPV). It can hold a variety of assets:<\/p>\n<ul>\n<li>Real estate and real estate funds<\/li>\n<li>Bonds and debt instruments<\/li>\n<li>Derivative financial instruments<\/li>\n<li>Equity stakes in companies<\/li>\n<li>Intellectual property rights<\/li>\n<\/ul>\n<p>The special twist: The company can deduct its costs\u2014including profit participation notes to investors\u2014for tax purposes.<\/p>\n<p>The result? An effective tax burden of just 0.125% on assets under management.<\/p>\n<h3>Advantages for German Investors<\/h3>\n<p>Why do German family offices swear by Section 110? The reasons are compelling:<\/p>\n<table>\n<thead>\n<tr>\n<th>Advantage<\/th>\n<th>Specific Effect<\/th>\n<th>Example<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Tax optimisation<\/td>\n<td>Only 0.125% taxes<\/td>\n<td>\u20ac50m = Only \u20ac62,500 in tax<\/td>\n<\/tr>\n<tr>\n<td>EU legal protection<\/td>\n<td>Free movement of capital<\/td>\n<td>Protection against discriminatory taxation<\/td>\n<\/tr>\n<tr>\n<td>Flexibility<\/td>\n<td>Various asset classes<\/td>\n<td>Real estate + private equity in one structure<\/td>\n<\/tr>\n<tr>\n<td>Legal certainty<\/td>\n<td>20+ years experience<\/td>\n<td>Established case law<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Practical Implementation: The Formation Process<\/h3>\n<p>Setting up a Section 110 company is standardised, but not trivial.<\/p>\n<p>You\u2019ll need at least:<\/p>\n<ol>\n<li><strong>Irish corporate service provider:<\/strong> Costs approx. \u20ac15,000\u201325,000 per year<\/li>\n<li><strong>Minimum capital:<\/strong> \u20ac2 share capital (no joke!)<\/li>\n<li><strong>Irish directors:<\/strong> At least one resident in Ireland<\/li>\n<li><strong>Registered office:<\/strong> In Ireland<\/li>\n<li><strong>Qualifying assets:<\/strong> Minimum portfolio volume of \u20ac10 million<\/li>\n<\/ol>\n<p>Processing usually takes 4\u20136 weeks.<\/p>\n<h3>Compliance and Ongoing Obligations<\/h3>\n<p>This is where it gets interesting for German investors.<\/p>\n<p>You must meet certain substance requirements:<\/p>\n<ul>\n<li><strong>Economic substance:<\/strong> Demonstrate real business activity in Ireland<\/li>\n<li><strong>Board meetings:<\/strong> At least annually in Ireland<\/li>\n<li><strong>Reporting:<\/strong> Extensive filings to Irish authorities<\/li>\n<li><strong>Audit:<\/strong> Annual statutory audit required<\/li>\n<\/ul>\n<p>Meaning, you can\u2019t just set up a letterbox company and hope for the best.<\/p>\n<p>Ireland takes substance requirements seriously\u2014and rightly so.<\/p>\n<\/section>\n<section id=\"malta-securitisation\">\n<h2>Malta\u2019s Securitisation Act: The EU Passport Alternative for Modern Investors<\/h2>\n<p>Malta reshuffled the deck in 2021.<\/p>\n<p>With the new Securitisation Act, the island created an alternative specifically designed for EU-wide compliance.<\/p>\n<h3>The Structure: Securitisation Vehicles (SVs) in Detail<\/h3>\n<p>A Maltese securitisation vehicle may operate in two forms:<\/p>\n<p><strong>Notified SV:<\/strong> Automatic EU-wide recognition under the EU Securitisation Regulation (EU 2017\/2402). This means your structure is recognised in all 27 EU states.<\/p>\n<p><strong>Non-Notified SV:<\/strong> More flexible, but without automatic EU passporting.<\/p>\n<p>The decisive difference is regulation: Notified SVs face stricter requirements, but enjoy full EU protection.<\/p>\n<h3>Tax Treatment: Why Malta Is Convincing<\/h3>\n<p>Malta offers an interesting mix for taxes:<\/p>\n<table>\n<thead>\n<tr>\n<th>Tax Aspect<\/th>\n<th>Malta SV<\/th>\n<th>Effective Burden<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Corporate tax<\/td>\n<td>35% nominal<\/td>\n<td>5% after refund system<\/td>\n<\/tr>\n<tr>\n<td>Distributions<\/td>\n<td>Tax-free for SV<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td>Capital gains<\/td>\n<td>Partially exempt<\/td>\n<td>0\u20135%<\/td>\n<\/tr>\n<tr>\n<td>Administrative costs<\/td>\n<td>Fully deductible<\/td>\n<td>Reduces tax burden<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Maltese refund system is key: 6\/7 of the corporate tax paid is refunded back to the company.<\/p>\n<p>Effective tax burden: 5% on retained earnings.<\/p>\n<h3>EU Passport: The Critical Advantage<\/h3>\n<p>This is Malta\u2019s ace:<\/p>\n<p>As a Notified SV under the EU Securitisation Regulation, you can target institutional investors across the EU. Banks, insurers, pension funds\u2014all can invest without additional regulatory hurdles.<\/p>\n<p>This opens access to sources of capital that Section 110 structures often cannot reach.<\/p>\n<h3>Setting Up in Practice: What You Need<\/h3>\n<p>Requirements for a Maltese SV are moderate:<\/p>\n<ol>\n<li><strong>Minimum capital:<\/strong> \u20ac25,000<\/li>\n<li><strong>MFSA licence:<\/strong> Required for securitisation activities<\/li>\n<li><strong>Compliance officer:<\/strong> Must be Malta-based<\/li>\n<li><strong>Minimum substance:<\/strong> Office and qualified staff in Malta<\/li>\n<li><strong>Notified status:<\/strong> Registration with ESMA for the EU passport<\/li>\n<\/ol>\n<p>Formation costs: \u20ac40,000\u201360,000. Ongoing: \u20ac25,000\u201335,000 annually.<\/p>\n<h3>Compliance: Stricter, but Future-Proof<\/h3>\n<p>Malta takes compliance very seriously.<\/p>\n<p>As a Notified SV, you must:<\/p>\n<ul>\n<li><strong>ESMA reporting:<\/strong> Detailed quarterly reports<\/li>\n<li><strong>Due diligence:<\/strong> Strict checks on all underlying assets<\/li>\n<li><strong>Risk retention:<\/strong> Hold at least 5% of credit-risk assets<\/li>\n<li><strong>Disclosure:<\/strong> Extensive information requirements towards investors<\/li>\n<\/ul>\n<p>It\u2019s more involved than Section 110, but it makes your structure bulletproof for pan-EU activities.<\/p>\n<\/section>\n<section id=\"direkter-vergleich\">\n<h2>Direct Comparison: Ireland vs Malta for Structured Financial Products<\/h2>\n<p>Now it gets specific.<\/p>\n<p>Which structure fits which type of investor? The answer depends on several factors.<\/p>\n<h3>Tax Efficiency Compared<\/h3>\n<table>\n<thead>\n<tr>\n<th>Aspect<\/th>\n<th>Section 110 (Ireland)<\/th>\n<th>Malta SV<\/th>\n<th>Winner<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Effective tax burden<\/td>\n<td>0.125% on assets<\/td>\n<td>5% on profits<\/td>\n<td>Ireland (for large AUM)<\/td>\n<\/tr>\n<tr>\n<td>Tax on distributions<\/td>\n<td>0% (via PPN)<\/td>\n<td>0%<\/td>\n<td>Tie<\/td>\n<\/tr>\n<tr>\n<td>Capital gains<\/td>\n<td>Tax exempt<\/td>\n<td>Partially exempt<\/td>\n<td>Ireland<\/td>\n<\/tr>\n<tr>\n<td>Certainty<\/td>\n<td>Very high<\/td>\n<td>High<\/td>\n<td>Ireland<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Operational Flexibility<\/h3>\n<p>The differences are interesting:<\/p>\n<p><strong>Section 110 wins at:<\/strong><\/p>\n<ul>\n<li>Asset flexibility: Virtually any financial instrument possible<\/li>\n<li>Structuring options: 20+ years of proven practice<\/li>\n<li>Service provider choice: Largest selection in Europe<\/li>\n<\/ul>\n<p><strong>Malta SV wins at:<\/strong><\/p>\n<ul>\n<li>EU-wide marketing: Automatic passport<\/li>\n<li>Regulatory acceptance: Fully ESMA-compliant<\/li>\n<li>Innovation: Modern structure for new asset classes<\/li>\n<\/ul>\n<h3>Cost-Benefit Analysis<\/h3>\n<p>The costs differ significantly:<\/p>\n<table>\n<thead>\n<tr>\n<th>Cost Item<\/th>\n<th>Section 110<\/th>\n<th>Malta SV<\/th>\n<th>Difference<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Setup cost<\/td>\n<td>\u20ac25,000\u201335,000<\/td>\n<td>\u20ac40,000\u201360,000<\/td>\n<td>+\u20ac20,000<\/td>\n<\/tr>\n<tr>\n<td>Annual admin<\/td>\n<td>\u20ac15,000\u201325,000<\/td>\n<td>\u20ac25,000\u201335,000<\/td>\n<td>+\u20ac10,000<\/td>\n<\/tr>\n<tr>\n<td>Compliance costs<\/td>\n<td>\u20ac10,000\u201320,000<\/td>\n<td>\u20ac20,000\u201340,000<\/td>\n<td>+\u20ac15,000<\/td>\n<\/tr>\n<tr>\n<td>Break-even AUM<\/td>\n<td>\u20ac10 million<\/td>\n<td>\u20ac15 million<\/td>\n<td>+\u20ac5m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Malta is more expensive. But higher regulation brings advantages too.<\/p>\n<h3>Risk Profile: Where Are the Differences?<\/h3>\n<p>Both structures comply with EU law, but the risks vary:<\/p>\n<p><strong>Section 110 Risks:<\/strong><\/p>\n<ul>\n<li>OECD Pillar 2: Potential 15% minimum tax<\/li>\n<li>Brexit aftermath: Less EU integration<\/li>\n<li>Reputation risk: \u201cAggressive\u201d tax planning<\/li>\n<\/ul>\n<p><strong>Malta SV Risks:<\/strong><\/p>\n<ul>\n<li>Regulatory changes: ESMA could tighten requirements<\/li>\n<li>Greater complexity: More compliance workload<\/li>\n<li>Newer structure: Less legal precedent<\/li>\n<\/ul>\n<p>My view: Section 110 is tried-and-true and cost-effective. Malta SV is more future-proof and EU-aligned.<\/p>\n<\/section>\n<section id=\"anwendungsfaelle\">\n<h2>Practical Use Cases for German Investors: Which Structure for Whom?<\/h2>\n<p>Theory is good. Practice is better.<\/p>\n<p>Let me show you three typical scenarios that I see regularly.<\/p>\n<h3>Case 1: The German SME (50 million AUM)<\/h3>\n<p><strong>Profile:<\/strong> Thomas B., engineering entrepreneur from Bavaria. About to sell his company. Planning long-term investment of \u20ac50 million in diversified assets.<\/p>\n<p><strong>Requirements:<\/strong><\/p>\n<ul>\n<li>Maximum tax optimisation<\/li>\n<li>Flexible asset allocation (real estate, private equity, bonds)<\/li>\n<li>Minimal administrative effort<\/li>\n<li>Protection from German tax reforms<\/li>\n<\/ul>\n<p><strong>My recommendation: Section 110 Ireland<\/strong><\/p>\n<p>Why? With \u20ac50m in assets, Thomas pays just \u20ac62,500 in tax per year. A comparable German setup would cost at least \u20ac1.5 million annually.<\/p>\n<p>The saving: Almost \u20ac1.5 million a year.<\/p>\n<h3>Case 2: The Family Office (200 million AUM)<\/h3>\n<p><strong>Profile:<\/strong> The Schulze-Weber family, a tradition-rich Hamburg trading house. Wants to attract institutional co-investors for infrastructure projects.<\/p>\n<p><strong>Requirements:<\/strong><\/p>\n<ul>\n<li>EU-wide marketing capability<\/li>\n<li>Top compliance standards<\/li>\n<li>Institutional investors as co-investors<\/li>\n<li>Long-term legal certainty<\/li>\n<\/ul>\n<p><strong>My recommendation: Malta Notified SV<\/strong><\/p>\n<p>The EU passport opens doors to pension funds and insurers. The higher costs (an extra \u20ac50,000 a year) are negligible at 200 million AUM.<\/p>\n<p>Benefit: Access to institutional capital in the billions.<\/p>\n<h3>Case 3: The Tech Entrepreneur (15 million AUM)<\/h3>\n<p><strong>Profile:<\/strong> Sarah K., successful SaaS founder from Berlin. \u20ac15 million exit. Planning further ventures and angel investing.<\/p>\n<p><strong>Requirements:<\/strong><\/p>\n<ul>\n<li>Flexibility for various investment rounds<\/li>\n<li>Tax optimisation for volatile returns<\/li>\n<li>International co-investment opportunities<\/li>\n<li>Moderate complexity<\/li>\n<\/ul>\n<p><strong>My recommendation: Hybrid approach<\/strong><\/p>\n<p>Section 110 for passive investments (real estate, bonds). Malta SV for active venture investments with EU partners.<\/p>\n<p>The best of both worlds.<\/p>\n<h3>Decision Matrix: Your Roadmap<\/h3>\n<table>\n<thead>\n<tr>\n<th>Criterion<\/th>\n<th>Section 110<\/th>\n<th>Malta SV<\/th>\n<th>Decision Helper<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>AUM &lt; \u20ac25m<\/td>\n<td>\u2713<\/td>\n<td>\u2717<\/td>\n<td>Cost-benefit ratio<\/td>\n<\/tr>\n<tr>\n<td>EU marketing<\/td>\n<td>\u2717<\/td>\n<td>\u2713<\/td>\n<td>Regulatory acceptance<\/td>\n<\/tr>\n<tr>\n<td>Tax optimisation<\/td>\n<td>\u2713\u2713<\/td>\n<td>\u2713<\/td>\n<td>Effective tax burden<\/td>\n<\/tr>\n<tr>\n<td>Legal certainty<\/td>\n<td>\u2713\u2713<\/td>\n<td>\u2713<\/td>\n<td>Track record<\/td>\n<\/tr>\n<tr>\n<td>Future-proofing<\/td>\n<td>\u2713<\/td>\n<td>\u2713\u2713<\/td>\n<td>OECD\/EU compliance<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The truth? It\u2019s often not either\/or, but both\/and.<\/p>\n<\/section>\n<section id=\"compliance\">\n<h2>Regulatory Considerations and Compliance for German Investors<\/h2>\n<p>This is where things get serious.<\/p>\n<p>The best tax structure is worthless if it\u2019s not bulletproof.<\/p>\n<h3>German CFC (\u201cHinzurechnungsbesteuerung\u201d): The Biggest Obstacle<\/h3>\n<p>The sword of Damocles for German investors is CFC taxation (AO \u00a7\u00a77\u201314).<\/p>\n<p>The rule: Passive income from foreign entities is attributed to German shareholders if:<\/p>\n<ul>\n<li>The foreign tax burden is below 25%<\/li>\n<li>More than 50% of income is passive<\/li>\n<li>German shareholders hold more than 50%<\/li>\n<\/ul>\n<p>Both structures\u2014Section 110 and Malta SV\u2014are generally subject to this rule.<\/p>\n<p><strong>But:<\/strong> There are exceptions.<\/p>\n<h3>The Banking Exemption: Your Lifeline<\/h3>\n<p>If your SPV qualifies as a financial services provider and carries out genuine banking activities, CFC doesn\u2019t apply.<\/p>\n<p>This requires:<\/p>\n<ol>\n<li><strong>Banking license:<\/strong> Full banking or e-money licence<\/li>\n<li><strong>Real business activity:<\/strong> Not just passive asset management<\/li>\n<li><strong>Substance:<\/strong> Qualified staff and actual management<\/li>\n<li><strong>Third-party business:<\/strong> Not just proprietary activities<\/li>\n<\/ol>\n<p>Challenging in practice, but possible.<\/p>\n<h3>EU Free Movement of Capital: Your Second Shield<\/h3>\n<p>Article 63 TFEU protects the free movement of capital within the EU.<\/p>\n<p>German courts have ruled multiple times: Discriminatory CFC application breaches EU law.<\/p>\n<p>Meaning: If comparable German structures are treated more favourably, CFC on EU SPVs is illegal.<\/p>\n<p>But beware: This is a legal grey area. Top-tier advice is essential.<\/p>\n<h3>OECD Pillar 2: The New Challenge<\/h3>\n<p>Since 2024, Germany applies the OECD 15% minimum tax.<\/p>\n<p>This affects groups with annual revenues above \u20ac750 million.<\/p>\n<p>However, smaller structures can also be caught if part of a larger group.<\/p>\n<p>The solution: Build substance.<\/p>\n<table>\n<thead>\n<tr>\n<th>Substance Requirement<\/th>\n<th>Section 110<\/th>\n<th>Malta SV<\/th>\n<th>Recommendation<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Qualified employees<\/td>\n<td>1\u20132 FTE<\/td>\n<td>2\u20133 FTE<\/td>\n<td>Document everything<\/td>\n<\/tr>\n<tr>\n<td>Physical presence<\/td>\n<td>Office required<\/td>\n<td>Office required<\/td>\n<td>Not just a virtual address<\/td>\n<\/tr>\n<tr>\n<td>Board meetings<\/td>\n<td>Min. 1x\/year<\/td>\n<td>Min. 4x\/year<\/td>\n<td>Keep minutes<\/td>\n<\/tr>\n<tr>\n<td>Business activity<\/td>\n<td>Real decision-making<\/td>\n<td>Real decision-making<\/td>\n<td>No rubber-stamping<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>CRS and Automatic Exchange of Information<\/h3>\n<p>Both structures are subject to the automatic exchange of information (CRS).<\/p>\n<p>This means: German authorities are informed of your investments automatically.<\/p>\n<p>Transparency is mandatory\u2014but not a problem if everything is legally sound.<\/p>\n<p>Important: Make sure your tax advisors in Germany are fully up to date.<\/p>\n<\/section>\n<section id=\"steueraspekte\">\n<h2>Tax Implications for German Investors: What You Need to Know<\/h2>\n<p>Tax planning without understanding the German side is like driving blindfolded.<\/p>\n<p>It\u2019s dangerous\u2014and usually unsuccessful.<\/p>\n<h3>Taxation of Shareholdings in Germany<\/h3>\n<p>As a German investor, you must declare your SPV participation for tax.<\/p>\n<p>The good news: Structured vehicles often enjoy special rules.<\/p>\n<p><strong>Partial Income Method (\u00a73 No. 40 EStG):<\/strong><\/p>\n<ul>\n<li>60% of distributions tax-free<\/li>\n<li>Applies to holdings above 1%<\/li>\n<li>Capital gains often partially exempt too<\/li>\n<\/ul>\n<p><strong>Corporate investors benefit even more:<\/strong><\/p>\n<ul>\n<li>95% of distributions tax-free (\u00a78b KStG)<\/li>\n<li>Only 5% treated as \u201cnon-deductible business expenses\u201d<\/li>\n<li>Effective tax: about 1.5%<\/li>\n<\/ul>\n<p>This is why many German investors use an intermediate German holding company.<\/p>\n<h3>Optimising Withholding Taxes<\/h3>\n<p>Here, both structures show their EU advantages:<\/p>\n<table>\n<thead>\n<tr>\n<th>Income Type<\/th>\n<th>Without SPV<\/th>\n<th>With Section 110<\/th>\n<th>With Malta SV<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>US dividends<\/td>\n<td>30% withholding<\/td>\n<td>15% (treaty)<\/td>\n<td>15% (treaty)<\/td>\n<\/tr>\n<tr>\n<td>UK real estate<\/td>\n<td>20% withholding<\/td>\n<td>0% (EU directive)<\/td>\n<td>0% (EU directive)<\/td>\n<\/tr>\n<tr>\n<td>Swiss interest<\/td>\n<td>35% withholding<\/td>\n<td>0% (treaty)<\/td>\n<td>0% (treaty)<\/td>\n<\/tr>\n<tr>\n<td>Asian bonds<\/td>\n<td>10\u201320%<\/td>\n<td>5\u201310%<\/td>\n<td>5\u201310%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The savings can be significant. With a \u20ac50 million portfolio yielding 4%, you save \u20ac200,000\u2013400,000 in withholding tax each year.<\/p>\n<h3>Structuring Distributions for Tax<\/h3>\n<p>This is where the key difference lies:<\/p>\n<p><strong>Section 110 \u2013 Profit Participation Notes (PPNs):<\/strong><\/p>\n<ul>\n<li>Distributions classified as \u201cinterest\u201d<\/li>\n<li>Tax deductible for the SPV<\/li>\n<li>Taxed in Germany as investment income<\/li>\n<li>Flexible timing and amount<\/li>\n<\/ul>\n<p><strong>Malta SV \u2013 Classic Dividends:<\/strong><\/p>\n<ul>\n<li>Distributions as true dividends<\/li>\n<li>No deduction for SV<\/li>\n<li>Often 0% withholding in Malta<\/li>\n<li>Clearer legal structure<\/li>\n<\/ul>\n<p>My advice: PPNs offer more flexibility, but require meticulous documentation.<\/p>\n<h3>Inheritance Tax Planning<\/h3>\n<p>An often overlooked point: Both structures can be used to optimise inheritance tax.<\/p>\n<p><strong>Valuation discounts:<\/strong><\/p>\n<ul>\n<li>Indirect holdings often valued lower<\/li>\n<li>Complex structures harder to value<\/li>\n<li>Potential discounts: 10\u201330%<\/li>\n<\/ul>\n<p><strong>Generational succession:<\/strong><\/p>\n<ul>\n<li>Gradual transfer possible<\/li>\n<li>Usufruct arrangements more flexible<\/li>\n<li>Easier international transfer<\/li>\n<\/ul>\n<p>But caution: The tax office examines these structures closely. You\u2019ll need airtight documentation.<\/p>\n<h3>Reporting Obligations: Transparency Is a Must<\/h3>\n<p>German investors have wide-ranging reporting duties:<\/p>\n<ol>\n<li><strong>Foreign participations (\u00a7138 AO):<\/strong> For stakes above 10%<\/li>\n<li><strong>Foreign accounts:<\/strong> Report all SPV accounts<\/li>\n<li><strong>Transparency register:<\/strong> Report beneficial ownership<\/li>\n<li><strong>Tax registration:<\/strong> Complete documentation of the structure<\/li>\n<\/ol>\n<p>Penalties for breaches are severe. Up to \u20ac1 million per case.<\/p>\n<p>So my advice: Absolute transparency from the outset.<\/p>\n<\/section>\n<section id=\"fazit\">\n<h2>Conclusion: Which Vehicle Fits Your Strategy?<\/h2>\n<p>After more than 15 years in international tax consulting, I can tell you this:<\/p>\n<p>There\u2019s no one-size-fits-all answer.<\/p>\n<p>But there are optimal solutions for your specific situation.<\/p>\n<h3>Section 110 Ireland: Who Is It Right For?<\/h3>\n<p><strong>Perfect for you if:<\/strong><\/p>\n<ul>\n<li>You have \u20ac25 million or more to invest<\/li>\n<li>Tax optimisation is your top priority<\/li>\n<li>You prefer tried-and-tested, legally secure structures<\/li>\n<li>Your investments are mainly passive<\/li>\n<li>You don\u2019t need EU-wide marketing<\/li>\n<\/ul>\n<p><strong>Less suitable if:<\/strong><\/p>\n<ul>\n<li>You seek institutional co-investors<\/li>\n<li>Your investment volume is below \u20ac15 million<\/li>\n<li>You want to deal in highly-regulated assets<\/li>\n<li>Maximum EU compliance matters more than tax<\/li>\n<\/ul>\n<h3>Malta SV: When Is It the Right Choice?<\/h3>\n<p><strong>Ideal for you if:<\/strong><\/p>\n<ul>\n<li>You want to attract institutional investors across the EU<\/li>\n<li>Top-tier compliance standards are key for you<\/li>\n<li>You invest in regulated asset classes<\/li>\n<li>Future-proofing matters more than lowest taxes<\/li>\n<li>You need flexibility for complex structures<\/li>\n<\/ul>\n<p><strong>Less suitable if:<\/strong><\/p>\n<ul>\n<li>Cost-minimisation is your main aim<\/li>\n<li>You prefer simple, proven solutions<\/li>\n<li>Your investment horizon is less than 5 years<\/li>\n<li>You shy away from regulatory complexity<\/li>\n<\/ul>\n<h3>My Personal Recommendation<\/h3>\n<p>For most German investors with \u20ac25\u2013100 million under management, Section 110 is still the first choice.<\/p>\n<p>Why?<\/p>\n<p>The cost savings are dramatic. The structure has been proven. The risks are manageable.<\/p>\n<p>But Malta is catching up fast.<\/p>\n<p>If you\u2019re thinking long-term and planning pan-EU activities, Malta is the safer long-term bet.<\/p>\n<h3>The Hybrid Approach: The Best of Both Worlds<\/h3>\n<p>Here\u2019s a thought many overlook:<\/p>\n<p>Why not use both structures?<\/p>\n<ul>\n<li><strong>Section 110 for passive assets:<\/strong> Real estate, bonds, liquid investments<\/li>\n<li><strong>Malta SV for active strategies:<\/strong> Private equity, venture capital, structured products<\/li>\n<\/ul>\n<p>It costs more. But provides maximum flexibility and risk diversification.<\/p>\n<h3>The Next Steps<\/h3>\n<p>If you\u2019re now interested in a deeper dive:<\/p>\n<ol>\n<li><strong>Analyse your situation:<\/strong> Investment volume, goals, risk tolerance<\/li>\n<li><strong>Tax advice:<\/strong> Clarify German and international issues<\/li>\n<li><strong>Choose service providers:<\/strong> Find experienced partners in Ireland\/Malta<\/li>\n<li><strong>Pilot project:<\/strong> Start with smaller volumes<\/li>\n<li><strong>Documentation:<\/strong> Make all steps watertight<\/li>\n<\/ol>\n<p>And remember: The best structure is useless if it doesn\u2019t fit your life.<\/p>\n<p>One final tip: Don\u2019t be guided solely by tax considerations. Substance, legal security, and your personal goals are just as important.<\/p>\n<p>With that in mind: I wish you successful investments and an optimal tax structure.<\/p>\n<p>Yours, RMS<\/p>\n<\/section>\n<section>\n<h2>Frequently Asked Questions (FAQ)<\/h2>\n<h3>Can I, as a German private investor, set up a Section 110 company?<\/h3>\n<p>Yes, in principle you can. However, you\u2019ll need at least \u20ac10 million to invest and must meet the substance requirements in Ireland. You should also have German tax implications checked carefully.<\/p>\n<h3>What is the minimum investment for a Maltese securitisation vehicle?<\/h3>\n<p>A Maltese SV requires at least \u20ac25,000 initial capital. In practice, you should have at least \u20ac15 million under management to justify the higher compliance costs.<\/p>\n<h3>Does German CFC apply to both structures?<\/h3>\n<p>In principle yes, as both structures are lightly taxed. There are, however, exemptions\u2014particularly for financial services activities and due to EU free movement of capital. Careful legal review is essential.<\/p>\n<h3>Which structure is better for family offices?<\/h3>\n<p>That depends on your investment strategy. For high-volume passive investments, Section 110 is usually more efficient. For complex structures with EU-wide marketing, Malta is often the better option.<\/p>\n<h3>How long does it take to set up such a structure?<\/h3>\n<p>Section 110 companies can be established in 4\u20136 weeks. Malta SVs need 8\u201312 weeks because of MFSA licensing. Full structuring including banking and operations takes 3\u20136 months.<\/p>\n<h3>Are these structures OECD Pillar 2-compliant?<\/h3>\n<p>With sufficient substance, yes. You do need real economic activity, and you can\u2019t just use a shell company. The 15% minimum tax applies to large multinationals.<\/p>\n<h3>Can I convert my existing Luxembourg structure?<\/h3>\n<p>Direct conversion is rarely possible. You can, however, transfer assets into a new Irish or Maltese vehicle. That requires careful tax planning to avoid pitfalls.<\/p>\n<h3>How transparent are these structures for German authorities?<\/h3>\n<p>Highly transparent. Both structures fall under the automatic information exchange (CRS). German authorities are automatically notified of your participation. Full transparency and proper reporting are mandatory.<\/p>\n<h3>What are the ongoing costs?<\/h3>\n<p>Section 110: \u20ac15,000\u201325,000 per year for administration, plus \u20ac10,000\u201320,000 for compliance. Malta SV: \u20ac25,000\u201335,000 for admin, plus \u20ac20,000\u201340,000 for enhanced compliance.<\/p>\n<h3>Can I use both structures in parallel?<\/h3>\n<p>Yes, that\u2019s possible and often done. Section 110 for passive investments, Malta SV for active strategies or EU-wide marketing. It offers maximum flexibility, but also means more complexity and costs.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents What Are Section 110 and Malta\u2019s Securitisation Act? Section 110 Ireland: The Proven SPV Model Malta\u2019s Securitisation Act: The EU Passport Alternative Direct Comparison: Ireland vs Malta in Detail Practical Use Cases for German Investors Regulatory Considerations and Compliance Tax Implications for German Investors Conclusion: Which Vehicle Fits Your Strategy? I see [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_tldr":"<ul>\n<li><strong>Section 110 Irland bietet maximale Steueroptimierung<\/strong> mit nur 0,125% effektiver Steuerlast auf verwaltete Verm\u00f6gen, ideal f\u00fcr deutsche Investoren ab 25 Millionen Euro Anlagevolumen<\/li>\n<li><strong>Malta SV erm\u00f6glicht EU-weite Vermarktung<\/strong> durch automatischen EU-Passport unter der Securitisation Regulation, perfekt f\u00fcr institutionelle Co-Investments<\/li>\n<li><strong>Beide Strukturen erfordern echte Substanz<\/strong> und unterliegen deutscher Hinzurechnungsbesteuerung, au\u00dfer bei finanzdienstleister\u00e4hnlichen T\u00e4tigkeiten oder EU-Schutz<\/li>\n<li><strong>Section 110 ist kosteneffizienter<\/strong> mit 15.000-25.000 Euro j\u00e4hrlichen Verwaltungskosten vs. 25.000-35.000 Euro bei Malta SV<\/li>\n<li><strong>Malta bietet h\u00f6here Zukunftssicherheit<\/strong> durch vollst\u00e4ndige OECD\/EU-Konformit\u00e4t und moderne Regulierung<\/li>\n<li><strong>Hybrid-Ans\u00e4tze kombinieren beide Strukturen<\/strong> optimal: Section 110 f\u00fcr passive Assets, Malta SV f\u00fcr aktive EU-Strategien<\/li>\n<li><strong>Vollst\u00e4ndige Transparenz ist Pflicht<\/strong> - beide Strukturen unterliegen automatischem Informationsaustausch (CRS) mit deutschen Beh\u00f6rden<\/li>\n<\/ul>","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1925","post","type-post","status-publish","format-standard","hentry","category-nicht-kategorisiert"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors - Marcus Meyer-Stern - International Tax<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors - Marcus Meyer-Stern - International Tax\" \/>\n<meta property=\"og:description\" content=\"Table of Contents What Are Section 110 and Malta\u2019s Securitisation Act? Section 110 Ireland: The Proven SPV Model Malta\u2019s Securitisation Act: The EU Passport Alternative Direct Comparison: Ireland vs Malta in Detail Practical Use Cases for German Investors Regulatory Considerations and Compliance Tax Implications for German Investors Conclusion: Which Vehicle Fits Your Strategy? 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Marcus Meyer-Stern - International Tax","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/","og_locale":"en_US","og_type":"article","og_title":"Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors - Marcus Meyer-Stern - International Tax","og_description":"Table of Contents What Are Section 110 and Malta\u2019s Securitisation Act? Section 110 Ireland: The Proven SPV Model Malta\u2019s Securitisation Act: The EU Passport Alternative Direct Comparison: Ireland vs Malta in Detail Practical Use Cases for German Investors Regulatory Considerations and Compliance Tax Implications for German Investors Conclusion: Which Vehicle Fits Your Strategy? I see [&hellip;]","og_url":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/","og_site_name":"Marcus Meyer-Stern - International Tax","article_published_time":"2025-05-27T22:16:46+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"15 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/#article","isPartOf":{"@id":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/"},"author":{"name":"admin","@id":"https:\/\/meyer-stern.com\/en\/#\/schema\/person\/f79a3337d6dca55421673c5064a48239"},"headline":"Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors","datePublished":"2025-05-27T22:16:46+00:00","mainEntityOfPage":{"@id":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/"},"wordCount":2923,"commentCount":0,"articleSection":["Nicht kategorisiert"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/","url":"https:\/\/meyer-stern.com\/en\/irelands-section-110-vs-maltas-securitisation-act-structured-financial-products-in-the-eu-specialized-vehicles-for-german-investors\/","name":"Ireland\u2019s Section 110 vs. Malta\u2019s Securitisation Act: Structured Financial Products in the EU \u2013 Specialized Vehicles for German Investors - 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