The Most Serene Republic of San Marino is an enclaved nation surrounded entirely by Italy.
The fifth smallest country on earth, San Marino has a land area of 61 km2 and a population of around 33,000. The Republic is named for its founder, Saint Marinus, who, in 301 AD, left his home in Croatia and built a church in what is now the city of San Marino. The Vatican recognised San Marino’s independence in 1631, confirming its status as a sovereign state.
San Marino’s economy is founded on tourism, finance and services. San Marino is not a member of the European Union. However, the Republic uses the euro with the blessing of the Council of the European Union.
San Marino’s economy was traditionally founded on quarrying, agriculture, sheep farming. Grains, grapes and fruit are still grown commercially. The main agricultural products are wine and cheese.
Today San Marino’s primary industries include banking, electronics, and ceramics. Tourism accounts for around 22% of GDP.
FDI plays an important role in the Sammarinese economy. Foreign investors are drawn to San Marino’s low corporate and income tax rates, efficient banking system and openness to the free market. In recent years, the country has made it easier for local firms to employ foreign workers and has signed an agreement with the European Union to exchange tax information – following criticism that the Republic was operating as a tax haven.
Founded in 1994, HLB San Marino provide a range of professional to those seeking to invest in the Most Serene Republic.
Latest insights, case studies and news from across the network
HLB International Tax webinar EPS 8. Taxation challenges of Cryptocurrency
In episode 8 of HLB’s International Tax webinar series, our HLB panelists will guide you on the opportunities and challenges of using crypto-currency and the tax implications across different jurisdictions.
Managing trading profiles in the construction industry
Meeting key requirements under the IFRS to manage trading profiles can be challenging for those in the construction industry.
HLB Cross-Border Business Talks Podcast Series
An HLB podcast series in which we share our insights and ideas, and welcome guest speakers to keep you informed on cross-border business topics. We provide bite-size analysis on today’s...
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation