San Marino is a microstate in the middle of the Italian Peninsula and surrounded by Italy.
San Marino has highly stable economy, relied on tourism, banking, and manufacturing and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine.
San Marino uses the Euro on the basis of a formal arrangement with the European Community.
|Nominal GDP (2015)||Nominal GDP per Capita (2015)||Real GDP Growth (2015)|
|1.4 bln EUR (+0.02%)||41 622 EUR (+0.01%)||0.5 % (2014: -0.9 %)|
According to , nominal GDP of San Marino in 2015 was 1.4 bln EUR.
San Marino underperforms the European Union in terms of real GDP growth with the average annual differential coming to -1.0% over the past 10 years (2005 - 2015). In 2015 real GDP growth was 0.5% which was below the Euro Area average (1.6%) and below the European Union average (1.9%). Real GDP growth in 2016 - 2022 are IMF's estimates.
Chart 1. Real GDP Growth in San Marino. Source: International Monetary Fund.
In 2015, nominal GDP per capita in San Marino was 41 622 EUR.
San Marino has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 63.8% over the past 10 years (2005 - 2015). GDP per capita at PPP in 2016 - 2022 are IMF's estimates.
Chart 2. GDP Per Capita at Purchasing Power Parity in San Marino; European Union = 100.
|CPI, Year Average (2016)|
|0.6 % (2015: 0.2 %)|
According to , inflation rate in San Marino in 2016 expressed as annual percentages of average consumer prices was 0.6% which was above the Euro Area average (0.2%) and above the European Union average (0.3%). Inflation rates in 2017 - 2022 are IMF's estimates.
Chart 3. Inflation Rate in San Marino. Source: International Monetary Fund.
|Unemployment Rate (2016)|
|8.6 % (2015: 9.2 %)|
|BBB (good credit quality), outlook negative||-|
Withholding taxes are imposed at source of income and are often applied to dividends, interest, royalties, rent and similar payments. The rates of withholding tax are often reduced by double taxation agreements.
Withholding tax rates applied on payments of interest and dividends in San Marino are shown in Table 1.
|Natural person, resident||0.0 %||11.0 %|
|Natural person, non-resident||0.0 %||11.0 %|
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
San Marino signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):
There are also several agreements between San Marino and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 1 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
San Marino signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):
There are also several agreements between San Marino and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 1 January 2013 of signing the agreement is given in brackets):
San Marino signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
San Marino has signed bilateral agreements with 49 jurisdictions to automatically receive information:
San Marino has signed bilateral agreements with 55 jurisdictions to automatically send information:
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
|FATCA Status in San Marino|
|IGA agreed on 30 June 2014, Model 2|
San Marino agreed in substance to use FATCA on 30 June 2014 (Intergovernmental Agreement Model 2): the text of the IGA has not been released and financial institutions operating in San Marino are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that San Marino continues to demonstrate firm resolve to sign the IGA as soon as possible.
|Maximum Protected Amount|
|50 000 EUR|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in San Marino are summarised in Table 2.
|Scheme Participants||all credit institutions operating in San Marino (including branches of foreign banks), branches of San Marino's banks abroad|
|Eligible Depositors||natural persons, legal entities|
|Maximum Protected Amount||50 000 EUR|
|Paid In Currency||EUR|
Table 2. Deposit guarantee scheme in San Marino.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
|Local Currency (Euro)||Foreign Currency|
Foreign currency deposit ceiling for San Marino is Aaa (prime).
|Number of Banks|
|Recent Changes (2016)|
|new banks: 0, closed banks: 0|
Currently there are 8 credit institutions operating in San Marino.
Recent structural changes (2013 - 2016) of the banking sector of San Marino are summarised in Table 3.
|Number of Opened Banks||0||0||0||0|
|Number of Closed Banks||0||0||0||0|
Table 3. Recent structural changes in the banking sector of San Marino.
All the credit institutions operating in San Marino can be classified into several categories. Table 4 summarises the number of banks in each category.
|Category||Number of Banks|