|Population (2016)||33 005 (+0.01%)|
|EU Status||not a member|
|National Currency||EUR (Euro)|
|Nominal GDP (2014)||1.4 bln EUR (-0.01%)|
|Nominal GDP per Capita (2014)||44 244 EUR (-0.01%)|
|Real GDP Growth (2014)||-1.0 % (2013: -3.0 %)|
|CPI, Year Average (2015)||0.4 % (2014: 1.1 %)|
|Unemployment Rate (2014)||8.7 % (2013: 8.1 %)|
|Credit Ratings (as of Sep 2016)|
|Fitch||BBB||good credit quality, outlook negative|
|Withholding Tax||0.0 - 11.0%|
|Double Taxation Agreements||19 signed agreements|
|Exchange on Request||29 signed agreements|
|Automatic Exchange||starts in September 2017|
|FATCA||IGA agreed on 30 June 2014, Model 2|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||50 000 EUR|
|Country Ceiling for Deposits|
|Banking Sector Structure|
|Number of Banks||11|
|Recent Changes (2015)||new banks: 0, closed banks: 0|
|Banca di San Marino||Asset Banca|
|Cassa di Risparmio della Repubblica di San Marino||Euro Commercial Bank|
|Banca CIS - Credito Industriale Sammarinese||Banca Partner|
|List of Banks in San Marino|
San Marino uses the Euro on the basis of a formal arrangement with the European Community.
According to , nominal GDP of San Marino in 2014 was 1.4 bln EUR.
San Marino underperforms the European Union in terms of real GDP growth with the average annual differential coming to -1.6% over the past 10 years (2004 - 2014). In 2014 real GDP growth was -1.0% which was below the Euro Area average (0.9%) and below the European Union average (1.3%). Real GDP growth in 2015 - 2021 are IMF's estimates.
In 2014, nominal GDP per capita in San Marino was 44 244 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 83.7% over the past 10 years (2004 - 2014). GDP per capita at PPP in 2015 - 2021 are IMF's estimates.
According to , inflation rate in San Marino in 2015 expressed as annual percentages of average consumer prices was 0.4% which was above the Euro Area average (0.0%) and above the European Union average (0.0%). Inflation rates in 2016 - 2021 are IMF's estimates.
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 01 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 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
San Marino signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 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 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
San Marino signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
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).
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.
FATCA and European countries
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.
Deposit Guarantee Schemes in Europe
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.
Foreign currency deposit ceiling for San Marino] is Aaa (prime).
Currently there are 11 credit institutions operating in San Marino.
Recent structural changes (2013 - 2015) of the banking sector of San Marino are summarised in Table 3.
|Number of Opened Banks||0||0||0|
|Number of Closed Banks||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|