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Economy and Banking Sector of San Marino

Withholding Tax

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 in San Marino: 0.0 - 11.0%

Withholding tax rates applied on payments of interest and dividends in San Marino are shown in Table 1.

Dividends Interest
Natural Persons (residents) 0.0 %11.0 %
Natural Persons (non-residents) 0.0 %11.0 %
Table 1. Withholding tax rates in San Marino.

Double Taxation Agreements

Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.

DTAs of San Marino: 19 Signed Agreements

San Marino signed DTAs which already came info force with the following jurisdictions:

AT Austria
BB Barbados
BE Belgium
CY Cyprus
GE Georgia
GR Greece
HU Hungary
IT Italy
LI Liechtenstein
LU Luxembourg
MY Malaysia
MT Malta
RO Romania
KN Saint Kitts and Nevis
SC Seychelles

There are also several agreements between San Marino and other jurisdictions which were signed but haven't yet come into force:

PT Portugal
QA Qatar
SG Singapore
VN Vietnam

Information Exchange

There are 3 ways for jusrisdictions to exchange information on tax matters:

  • spontaneously;
  • on request;
  • automatically.

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.

Exchange on Request: 29 Signed Agreements

San Marino signed TIEAs which already came info force with the following jurisdictions :

AD Andorra
AR Argentina
AU Australia
BS Bahamas
CA Canada
CN China
CZ Czech Republic
DK Denmark
FO Faroe Islands
FI Finland
FR France
DE Germany
GG Guernsey
IS Iceland
IN India
IE Ireland
MC Monaco
NL Netherlands
NO Norway
PL Poland
WS Samoa
ZA South Africa
ES Spain
SE Sweden
GB United Kingdom

There are also several agreements between San Marino and other jurisdictions which was signed but haven't yet come into force:

GL Greenland
ID Indonesia
CH Switzerland
VU Vanuatu

Automatic Exchange: Starts in September 2017

San Marino signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.

Automatic Excnange: 49 Bilateral Agreements to Receive Information

San Marino has signed bilateral agreements with 49 jurisdictions to automatically receive information:

AR Argentina
AU Australia
AT Austria
BE Belgium
BQ Bonaire, Saint Eustatius and Saba
BG Bulgaria
CA Canada
CO Colombia
HR Croatia
CY Cyprus
CZ Czech Republic
DK Denmark
EE Estonia
FO Faroe Islands
FI Finland
FR France
DE Germany
GI Gibraltar
GR Greece
GG Guernsey
HU Hungary
IS Iceland
IN India
IE Ireland
IM Isle of Man
IT Italy
JP Japan
JE Jersey
KR Korea, Republic of
LV Latvia
LI Liechtenstein
LT Lithuania
LU Luxembourg
MT Malta
MX Mexico
MC Monaco
NL Netherlands
NZ New Zealand
NO Norway
PL Poland
PT Portugal
RO Romania
SC Seychelles
SK Slovakia
SI Slovenia
ZA South Africa
ES Spain
SE Sweden
GB United Kingdom

Automatic Excnange: 55 Bilateral Agreements to Send Information

San Marino has signed bilateral agreements with 55 jurisdictions to automatically send information:

AI Anguilla
AR Argentina
AU Australia
AT Austria
BE Belgium
BM Bermuda
BQ Bonaire, Saint Eustatius and Saba
VG British Virgin Islands
BG Bulgaria
CA Canada
KY Cayman Islands
CO Colombia
HR Croatia
CY Cyprus
CZ Czech Republic
DK Denmark
EE Estonia
FO Faroe Islands
FI Finland
FR France
DE Germany
GI Gibraltar
GR Greece
GG Guernsey
HU Hungary
IS Iceland
IN India
IE Ireland
IM Isle of Man
IT Italy
JP Japan
JE Jersey
KR Korea, Republic of
LV Latvia
LI Liechtenstein
LT Lithuania
LU Luxembourg
MT Malta
MX Mexico
MC Monaco
MS Montserrat
NL Netherlands
NZ New Zealand
NO Norway
PL Poland
PT Portugal
RO Romania
SC Seychelles
SK Slovakia
SI Slovenia
ZA South Africa
ES Spain
SE Sweden
TC Turks and Caicos Islands
GB United Kingdom

Further Information

FATCA

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.

Further Information