{"id":1929,"date":"2025-05-27T22:16:48","date_gmt":"2025-05-27T22:16:48","guid":{"rendered":"https:\/\/meyer-stern.com\/section-110-de-irlanda-vs-securitisation-act-de-malta-productos-financieros-estructurados-en-la-ue-vehiculos-especializados-para-inversores-alemanes\/"},"modified":"2025-05-27T22:16:48","modified_gmt":"2025-05-27T22:16:48","slug":"section-110-de-irlanda-vs-securitisation-act-de-malta-productos-financieros-estructurados-en-la-ue-vehiculos-especializados-para-inversores-alemanes","status":"publish","type":"post","link":"https:\/\/meyer-stern.com\/es\/section-110-de-irlanda-vs-securitisation-act-de-malta-productos-financieros-estructurados-en-la-ue-vehiculos-especializados-para-inversores-alemanes\/","title":{"rendered":"Section 110 de Irlanda vs. Securitisation Act de Malta: Productos financieros estructurados en la UE \u2013 Veh\u00edculos especializados para inversores alemanes"},"content":{"rendered":"<div id=\"TOC\">\n<h3>Table of Contents<\/h3>\n<ul>\n<li><a href=\"#grundlagen\">What are Section 110 and Maltas 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\">Maltas 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 stand in front of structured financial products as if facing a closed book.<\/p>\n<p>But its precisely Irelands Section 110 and Maltas Securitisation Act that are two of the most powerful tools within the EU.<\/p>\n<p>But here\u2019s the thing:<\/p>\n<p>Most advisors only explain one side of the story. They either rave about Ireland. Or promote Malta as a secret tip.<\/p>\n<p>That doesnt go far enough.<\/p>\n<p>Because both structures have their merits\u2014depending on your objectives, investment size, and risk appetite.<\/p>\n<p>Today, I invite you to join me on a journey through the world of EU securitisation. Not as a theoretical advisor, but as someone who has accompanied these structures in practice.<\/p>\n<p>You will understand why a German mid-sized company with \u20ac50 million has completely different needs than a family office with \u20ac500 million.<\/p>\n<p>Ready?<\/p>\n<p>Then let\u2019s work together to develop your optimal structure.<\/p>\n<section id=\"grundlagen\">\n<h2>What are Section 110 and Malta\u2019s Securitisation Act? Understanding the Basics<\/h2>\n<p>Before we dive into the details, we need to lay the groundwork.<\/p>\n<p>Because only those who understand the mechanisms can make the right decision.<\/p>\n<h3>Section 110 Ireland: The Tax-Efficient Vehicle<\/h3>\n<p>Section 110 of the Irish Taxes Consolidation Act is Ireland\u2019s answer to complex financial structures.<\/p>\n<p>The concept is elegant: A Section 110 Company (also called a \u201cQualifying Company\u201d) can operate in a nearly tax-neutral manner. Why? It is allowed to pass on almost all profits to its investors.<\/p>\n<p>The effective tax burden is just 0.125% on assets under management.<\/p>\n<p>Specifically, that means: With a portfolio of \u20ac100 million, you pay only \u20ac125,000 in taxes per year.<\/p>\n<h3>Malta\u2019s Securitisation Act: The EU Passport Approach<\/h3>\n<p>Malta has taken a different path.<\/p>\n<p>The Securitisation Act of 2021 creates securitisation vehicles (SVs) that automatically enjoy EU-wide recognition.<\/p>\n<p>The highlight: These vehicles can operate as \u201cNotified SV\u201d under the EU Securitisation Regulation. This opens doors to institutional investors across the EU.<\/p>\n<p>Tax-wise, they\u2019re also attractive: Only 5% effective corporate tax on profits not distributed.<\/p>\n<h3>Why bother with structured financial products at all?<\/h3>\n<p>Here\u2019s an honest question: Why should you even bother with these complex structures?<\/p>\n<p>The answer in three words: Efficiency, Flexibility, Scale.<\/p>\n<ul>\n<li><strong>Efficiency:<\/strong> You pool different assets under one tax-optimized umbrella<\/li>\n<li><strong>Flexibility:<\/strong> You can design different investor classes with distinct rights<\/li>\n<li><strong>Scaling:<\/strong> The structure grows with your success<\/li>\n<\/ul>\n<p>Additionally, both structures offer protection from German CFC taxation\u2014if done correctly.<\/p>\n<\/section>\n<section id=\"section-110-irland\">\n<h2>Section 110 Ireland: The Proven SPV Model for German Investors<\/h2>\n<p>Ireland has developed a true classic with Section 110.<\/p>\n<p>For over 20 years, international investors have used this structure. This means legal certainty and seasoned service providers.<\/p>\n<h3>The Structure in Detail: How Section 110 Works<\/h3>\n<p>At its core, a Section 110 Company is a Special Purpose Vehicle (SPV). It can hold a range 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 participations<\/li>\n<li>Intellectual Property Rights<\/li>\n<\/ul>\n<p>The special feature: The company can deduct its costs\u2014including Profit Participation Notes to investors\u2014for tax purposes.<\/p>\n<p>The result? An effective tax rate 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 clear-cut:<\/p>\n<table>\n<thead>\n<tr>\n<th>Advantage<\/th>\n<th>Direct Impact<\/th>\n<th>Example<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Tax Optimization<\/td>\n<td>Only 0.125% tax<\/td>\n<td>On \u20ac50m, just \u20ac62,500 in taxes<\/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>Multiple 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 of experience<\/td>\n<td>Established case law<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Practical Implementation: The Incorporation Process<\/h3>\n<p>Setting up a Section 110 Company is standardized, 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 (really!)<\/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 \u20ac10 million portfolio volume<\/li>\n<\/ol>\n<p>The processing time is typically 4\u20136 weeks.<\/p>\n<h3>Compliance and Ongoing Duties<\/h3>\n<p>This is where it gets interesting for German investors.<\/p>\n<p>You must fulfill 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 held in Ireland<\/li>\n<li><strong>Reporting:<\/strong> Extensive reporting duties to Irish authorities<\/li>\n<li><strong>Audit:<\/strong> Annual audits are required<\/li>\n<\/ul>\n<p>This means: You can\u2019t simply set up a shell company and hope for the best.<\/p>\n<p>Ireland takes substance seriously\u2014as it should.<\/p>\n<\/section>\n<section id=\"malta-securitisation\">\n<h2>Malta\u2019s Securitisation Act: The EU Passport Alternative for Modern Investors<\/h2>\n<p>In 2021, Malta shuffled the deck.<\/p>\n<p>With the new Securitisation Act, the island created an alternative focused specifically on EU-wide compliance.<\/p>\n<h3>The Structure: Securitisation Vehicles (SVs) in Detail<\/h3>\n<p>A Maltese SV can 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 recognized in all 27 EU countries.<\/p>\n<p><strong>Non-Notified SV:<\/strong> More flexible, but without an automatic EU passport.<\/p>\n<p>The key difference lies in regulation. Notified SVs are subject to stricter requirements but enjoy full EU protection.<\/p>\n<h3>Taxation: Why Malta Is Persuasive<\/h3>\n<p>Malta offers an attractive tax mix:<\/p>\n<table>\n<thead>\n<tr>\n<th>Tax Aspect<\/th>\n<th>Malta SV<\/th>\n<th>Effective Rate<\/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>0-5%<\/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 the key: 6\/7 of the corporate tax paid is refunded to the company.<\/p>\n<p>Effective tax burden: 5% on retained profits.<\/p>\n<h3>EU Passport: The Decisive Advantage<\/h3>\n<p>This is Malta\u2019s trump card:<\/p>\n<p>As a Notified SV under the EU Securitisation Regulation, you can address institutional investors EU-wide. Banks, insurers, pension funds\u2014all can invest without additional regulatory hurdles.<\/p>\n<p>This opens sources of capital often closed to Section 110 structures.<\/p>\n<h3>Practical Incorporation: What You Need<\/h3>\n<p>The requirements for a Maltese SV are moderate:<\/p>\n<ol>\n<li><strong>Minimum Capital:<\/strong> \u20ac25,000<\/li>\n<li><strong>MFSA License:<\/strong> Required for securitisation activities<\/li>\n<li><strong>Compliance Officer:<\/strong> Must be based in Malta<\/li>\n<li><strong>Minimum Substance:<\/strong> Office and qualified staff in Malta<\/li>\n<li><strong>Notified Status:<\/strong> Registration with ESMA for EU Passport<\/li>\n<\/ol>\n<p>Set-up costs: \u20ac40,000\u201360,000. Ongoing costs: \u20ac25,000\u201335,000 per year.<\/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> Rigorous review of all underlying assets<\/li>\n<li><strong>Risk Retention:<\/strong> Retain 5% of credit-risk exposures<\/li>\n<li><strong>Disclosure:<\/strong> Extensive information duties towards investors<\/li>\n<\/ul>\n<p>That\u2019s more effort than Section 110. But it makes your structure bulletproof for EU-wide 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 concrete.<\/p>\n<p>Which structure fits which investor type? 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 high 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>Planning 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>Here we see interesting differences:<\/p>\n<p><strong>Section 110 wins for:<\/strong><\/p>\n<ul>\n<li>Asset flexibility: Virtually all financial instruments possible<\/li>\n<li>Structuring options: 20+ years proven practice<\/li>\n<li>Choice of service providers: Largest offering in Europe<\/li>\n<\/ul>\n<p><strong>Malta SV wins for:<\/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\u2013Benefit 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>Set-up Costs<\/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 administration<\/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 the higher regulation brings advantages.<\/p>\n<h3>Risk Profile: What Are the Differences?<\/h3>\n<p>Both structures are EU-compliant. But the risks differ:<\/p>\n<p><strong>Section 110 risks:<\/strong><\/p>\n<ul>\n<li>OECD Pillar 2: Potential minimum tax of 15%<\/li>\n<li>Brexit impact: Less EU integration<\/li>\n<li>Reputational risk: \u201cAggressive\u201d tax planning<\/li>\n<\/ul>\n<p><strong>Malta SV risks:<\/strong><\/p>\n<ul>\n<li>Regulatory changes: ESMA can tighten requirements<\/li>\n<li>Higher complexity: More compliance effort<\/li>\n<li>Newer structure: Less legal precedent<\/li>\n<\/ul>\n<p>My assessment: Section 110 is proven and cost efficient. Malta SV is more future-proof and EU-conformant.<\/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 I see regularly.<\/p>\n<h3>Case 1: The German Mid-Cap (50 Million AUM)<\/h3>\n<p><strong>Profile:<\/strong> Thomas B., mechanical engineering entrepreneur from Bavaria. Sale of his company is pending. Plans 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 burden<\/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 \u20ac50 million in assets, Thomas pays only \u20ac62,500 taxes annually. An equivalent German structure would cost at least \u20ac1.5 million.<\/p>\n<p>The savings: Almost \u20ac1.5 million per year.<\/p>\n<h3>Case 2: The Family Office (200 Million AUM)<\/h3>\n<p><strong>Profile:<\/strong> Schulze-Weber family, traditional 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<\/li>\n<li>Highest 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 for \u20ac200 million AUM.<\/p>\n<p>The upside: Access to institutional capital worth 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. Exit for \u20ac15 million. Plans further ventures and angel investments.<\/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). Plus Malta SV for active venture investments with EU partners.<\/p>\n<p>The best of both worlds.<\/p>\n<h3>Decision Matrix: Your Guide<\/h3>\n<table>\n<thead>\n<tr>\n<th>Criterion<\/th>\n<th>Section 110<\/th>\n<th>Malta SV<\/th>\n<th>Decision Help<\/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\u2013benefit 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? Often it\u2019s not \u201ceither-or,\u201d but \u201cboth-and.\u201d<\/p>\n<\/section>\n<section id=\"compliance\">\n<h2>Regulatory Considerations and Compliance for German Investors<\/h2>\n<p>Now it\u2019s getting serious.<\/p>\n<p>Because even the best tax structure is worthless if it\u2019s not watertight.<\/p>\n<h3>German CFC Taxation: The Biggest Hurdle<\/h3>\n<p>The sword of Damocles for German investors is CFC taxation (AO \u00a7 7\u201314).<\/p>\n<p>The rule: Passive income of foreign entities is attributed to German shareholders if:<\/p>\n<ul>\n<li>The foreign tax burden is under 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 Exception: Your Lifeline<\/h3>\n<p>If your SPV qualifies as a financial services provider carrying out genuine banking business, CFC taxation does not apply.<\/p>\n<p>This requires:<\/p>\n<ol>\n<li><strong>Banking license:<\/strong> Full bank license or e-money license<\/li>\n<li><strong>Real operations:<\/strong> Not pure asset management<\/li>\n<li><strong>Substance:<\/strong> Qualified staff, genuine management<\/li>\n<li><strong>Third-party business:<\/strong> Not just own-account transactions<\/li>\n<\/ol>\n<p>Challenging in practice, but doable.<\/p>\n<h3>EU Free Movement of Capital: Your Second Shield<\/h3>\n<p>Article 63 TFEU protects the free movement of capital in the EU.<\/p>\n<p>German courts have repeatedly ruled: Discriminatory application of CFC taxation contravenes EU law.<\/p>\n<p>This means: If equivalent German structures are favored for tax purposes, CFC taxation on EU SPVs is unlawful.<\/p>\n<p>But beware: This is a legal grey area. You need top-notch advice.<\/p>\n<h3>OECD Pillar 2: The New Challenge<\/h3>\n<p>Since 2024, the OECD minimum tax of 15% applies in Germany.<\/p>\n<p>This affects groups with annual revenues over \u20ac750 million.<\/p>\n<p>But beware: Smaller structures can get caught if they\u2019re part of a larger group.<\/p>\n<p>The solution: Build up 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>No virtual address only<\/td>\n<\/tr>\n<tr>\n<td>Board meetings<\/td>\n<td>Min. 1x per year<\/td>\n<td>Min. 4x per year<\/td>\n<td>Keep minutes<\/td>\n<\/tr>\n<tr>\n<td>Business activity<\/td>\n<td>Real decisions<\/td>\n<td>Real decisions<\/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 automatic exchange of information (CRS).<\/p>\n<p>This means: German authorities automatically learn of your interests.<\/p>\n<p>Transparency is mandatory. But not a problem if everything is set up properly.<\/p>\n<p>Important: Ensure your German tax advisors are fully informed.<\/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 an understanding of the German side is like driving blindfolded.<\/p>\n<p>Dangerous and usually unsuccessful.<\/p>\n<h3>Taxation of Holdings in Germany<\/h3>\n<p>As a German investor, you must declare your participation in the SPV.<\/p>\n<p>The good news: Special rules often apply to structured vehicles.<\/p>\n<p><strong>Partial-income procedure (\u00a73 no. 40 EStG):<\/strong><\/p>\n<ul>\n<li>60% of distributions are tax-free<\/li>\n<li>Applies if you hold at least 1%<\/li>\n<li>Disposals partially exempt as well<\/li>\n<\/ul>\n<p><strong>Corporations benefit even more:<\/strong><\/p>\n<ul>\n<li>95% of distributions tax-free (\u00a78b KStG)<\/li>\n<li>Only 5% counted as \u201cnon-deductible expenses\u201d<\/li>\n<li>Effective burden: approx. 1.5%<\/li>\n<\/ul>\n<p>That\u2019s why many German investors use a German holding company.<\/p>\n<h3>Withholding Tax Optimization<\/h3>\n<p>This is where both structures\u2019 EU advantages show:<\/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 tax<\/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 tax<\/td>\n<td>0% (EU directive)<\/td>\n<td>0% (EU directive)<\/td>\n<\/tr>\n<tr>\n<td>CH interest<\/td>\n<td>35% withholding tax<\/td>\n<td>0% (treaty)<\/td>\n<td>0% (treaty)<\/td>\n<\/tr>\n<tr>\n<td>Asia 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 at 4% yield, you save \u20ac200,000\u2013400,000 in withholding taxes each year.<\/p>\n<h3>Tax Structuring of Distributions<\/h3>\n<p>This is where the main 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 as capital income in Germany<\/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 regular dividends<\/li>\n<li>Not deductible for the SV<\/li>\n<li>Often 0% withholding tax in Malta<\/li>\n<li>Clearer legal structure<\/li>\n<\/ul>\n<p>My recommendation: PPNs offer more flexibility, but careful documentation is essential.<\/p>\n<h3>Inheritance Tax Planning<\/h3>\n<p>Often overlooked: Both structures can aid inheritance tax planning.<\/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 Transfer:<\/strong><\/p>\n<ul>\n<li>Gradual transfer possible<\/li>\n<li>Use of usufruct models more flexible<\/li>\n<li>Facilitates international relocation<\/li>\n<\/ul>\n<p>But beware: The tax authorities scrutinize these structures carefully. You need watertight documentation.<\/p>\n<h3>Reporting Obligations: Transparency Is Required<\/h3>\n<p>German investors have extensive reporting duties:<\/p>\n<ol>\n<li><strong>Foreign shareholdings (\u00a7138 AO):<\/strong> For stakes over 10%<\/li>\n<li><strong>Foreign accounts:<\/strong> Report all SPV accounts<\/li>\n<li><strong>Transparency register:<\/strong> Declare beneficial owners<\/li>\n<li><strong>Tax filing:<\/strong> Complete documentation of the structure<\/li>\n<\/ol>\n<p>Penalties for violations are draconian: up to \u20ac1 million per case.<\/p>\n<p>So my advice: Absolute transparency from the beginning.<\/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 consultancy, I can tell you one thing:<\/p>\n<p>There\u2019s no universal solution.<\/p>\n<p>But there are optimal solutions for your specific situation.<\/p>\n<h3>Section 110 Ireland: Who Is It For?<\/h3>\n<p><strong>Perfect for you if:<\/strong><\/p>\n<ul>\n<li>You have over \u20ac25 million to invest<\/li>\n<li>Tax optimisation is your top priority<\/li>\n<li>You prefer proven, legally secure structures<\/li>\n<li>Your investments are mainly passive<\/li>\n<li>You don\u2019t plan EU-wide marketing<\/li>\n<\/ul>\n<p><strong>Less suitable if:<\/strong><\/p>\n<ul>\n<li>You\u2019re looking for institutional co-investors<\/li>\n<li>Your holding is under \u20ac15 million<\/li>\n<li>You deal in highly regulated assets<\/li>\n<li>Maximum EU conformity is more important than lowest tax<\/li>\n<\/ul>\n<h3>Malta SV: When Is It the Better Choice?<\/h3>\n<p><strong>Ideal for you if:<\/strong><\/p>\n<ul>\n<li>You want to approach institutional investors across the EU<\/li>\n<li>Highest compliance standards are important to you<\/li>\n<li>You invest in regulated asset classes<\/li>\n<li>Future-proofing is more important than the lowest tax<\/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 top priority<\/li>\n<li>You prefer simple, tried-and-tested solutions<\/li>\n<li>Your investment horizon is under 5 years<\/li>\n<li>You dislike regulatory complexity<\/li>\n<\/ul>\n<h3>My Personal Recommendation<\/h3>\n<p>For most German investors with \u20ac25\u2013100 million to invest, Section 110 remains the first choice.<\/p>\n<p>Why?<\/p>\n<p>The cost savings are dramatic. The structure is tried and tested. The risks are manageable.<\/p>\n<p>But Malta is catching up fast.<\/p>\n<p>If you\u2019re thinking long-term and planning EU-wide activities, Malta is the more future-proof choice.<\/p>\n<h3>The Hybrid Approach: The Best of Both Worlds<\/h3>\n<p>Here\u2019s a consideration 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 it offers maximum flexibility and risk diversification.<\/p>\n<h3>The Next Steps<\/h3>\n<p>If youre eager to dive deeper now:<\/p>\n<ol>\n<li><strong>Analyse your situation:<\/strong> Investment volume, goals, risk tolerance<\/li>\n<li><strong>Tax advisory:<\/strong> Clarify German and international issues<\/li>\n<li><strong>Service provider selection:<\/strong> Find experienced partners in Ireland\/Malta<\/li>\n<li><strong>Pilot project:<\/strong> Start with smaller volumes<\/li>\n<li><strong>Documentation:<\/strong> Document each step thoroughly<\/li>\n<\/ol>\n<p>And remember: The best structure is useless if it doesn\u2019t match your life.<\/p>\n<p>One last tip: Don\u2019t let tax considerations alone drive your decision. Substance, legal certainty and your personal goals are just as important.<\/p>\n<p>With that in mind: Wishing 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 this is possible. However, you need at least \u20ac10 million to invest and must fulfil the substance requirements in Ireland. You should also have the German tax implications professionally reviewed.<\/p>\n<h3>What is the minimum investment for a Maltese securitisation vehicle?<\/h3>\n<p>A Maltese SV requires at least \u20ac25,000 in share capital. In practice, you should really have at least \u20ac15 million in assets under management for the higher compliance costs to be worthwhile.<\/p>\n<h3>Does German CFC taxation apply to both structures?<\/h3>\n<p>In principle, yes, as both are low-taxed structures. However, there are exceptions, especially for financial service activities and due to EU free movement of capital. Careful legal review is essential.<\/p>\n<h3>Which structure is better suited for family offices?<\/h3>\n<p>That depends on your investment strategy. For passive investments with high volumes, Section 110 is usually more efficient. For complex structures with EU-wide marketing, Malta is often the better choice.<\/p>\n<h3>How long does it take to set up such a structure?<\/h3>\n<p>Section 110 Companies can be set up in 4\u20136 weeks. Malta SVs require 8\u201312 weeks due to MFSA licensing. The full set-up, including banking and operational structure, takes 3\u20136 months.<\/p>\n<h3>Are these structures OECD Pillar 2 compliant?<\/h3>\n<p>With sufficient substance, yes. But you must demonstrate real economic activity and cannot run them as mailbox companies. The 15% minimum tax applies to large multinational Groups.<\/p>\n<h3>Can I convert my existing Luxembourg structure?<\/h3>\n<p>A direct conversion is usually not possible. However, you can transfer the assets into a new Irish or Maltese structure. This requires careful tax planning to avoid pitfalls.<\/p>\n<h3>How transparent are these structures to German authorities?<\/h3>\n<p>Very transparent. Both are subject to automatic exchange of information (CRS). German authorities automatically learn of your involvement. Full transparency and proper reporting are mandatory.<\/p>\n<h3>What ongoing costs should I budget for?<\/h3>\n<p>Section 110: \u20ac15,000\u201325,000 annually for administration, plus \u20ac10,000\u201320,000 for compliance. Malta SV: \u20ac25,000\u201335,000 for administration, plus \u20ac20,000\u201340,000 for enhanced compliance requirements.<\/p>\n<h3>Can I use both structures in parallel?<\/h3>\n<p>Yes, thats possible and often done: Section 110 for passive investments, Malta SV for active strategies or EU-wide marketing. This offers maximum flexibility, but also increases complexity and costs.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents What are Section 110 and Maltas Securitisation Act? Section 110 Ireland: The Proven SPV Model Maltas 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-1929","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>Section 110 de Irlanda vs. Securitisation Act de Malta: Productos financieros estructurados en la UE \u2013 Veh\u00edculos especializados para inversores alemanes - 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\/es\/section-110-de-irlanda-vs-securitisation-act-de-malta-productos-financieros-estructurados-en-la-ue-vehiculos-especializados-para-inversores-alemanes\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Section 110 de Irlanda vs. Securitisation Act de Malta: Productos financieros estructurados en la UE \u2013 Veh\u00edculos especializados para inversores alemanes - Marcus Meyer-Stern - International Tax\" \/>\n<meta property=\"og:description\" content=\"Table of Contents What are Section 110 and Maltas Securitisation Act? Section 110 Ireland: The Proven SPV Model Maltas 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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Section 110 Ireland: The Proven SPV Model Maltas 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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