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San Marino
Chamber of Commerce Country Factsheet Last update: 09.08.2017

Your advisors at the Chamber of Commerce

  • Edith Stein
    +352423939482
  • Daniel Sahr
    +352423939313
Contact us: europe@cc.lu

Key Indicators

Area
61 km2
Population
33,285 (July 2016 est.)
Government type
republic
Languages
Italian
GDP
$2.023 billion (2016 est.)
Growth rate
1% (2016 est.)
HDI
n.a.
Capital
San Marino

 

Introduction

The third smallest state in Europe (after the Holy See and Monaco), San Marino also claims to be the world's oldest republic. According to tradition, it was founded by a Christian stonemason named Marinus in A.D. 301. San Marino's foreign policy is aligned with that of the European Union, although it is not a member; social and political trends in the republic track closely with those of its larger neighbor, Italy.

Source: The CIA World Factbook - San Marino

 

Macroeconomic indicators

San Marino's economy relies heavily on tourism, banking, and the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The manufacturing and financial sectors account for more than half of San Marino's GDP. The per capita level of output and standard of living are comparable to those of the most prosperous regions of Italy.

San Marino's economy has been contracting since 2008, largely due to weakened demand from Italy - which accounts for nearly 90% of its export market - and financial sector consolidation. Difficulties in the banking sector, the recent global economic downturn, and the sizable decline in tax revenues have contributed to negative real GDP growth. The government has adopted measures to counter the downturn, including subsidized credit to businesses and is seeking to shift its growth model away from a reliance on bank and tax secrecy. San Marino does not issue public debt securities; when necessary, it finances deficits by drawing down central bank deposits.

The economy benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. The income tax rate is also very low, about one-third the average EU level. San Marino continues to work towards harmonizing its fiscal laws with EU and international standards. In September 2009, the OECD removed San Marino from its list of tax havens that have yet to fully adopt global tax standards, and in 2010 San Marino signed Tax Information Exchange Agreements with most major countries. In 2013, the San Marino Government signed a Double Taxation Agreement with Italy, but a referendum on EU membership failed to reach the quorum needed to bring it to a vote.

Source: The CIA World Factbook - Economic Overview

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
-0.9820.5001.0001.2001.300
Gross domestic product, current prices
U.S. dollars (Billions)
1.8481.5581.5561.6031.650
Gross domestic product per capita, current prices
U.S. dollars (Units)
58,793.88649,615.14849,579.44651,109.21852,622.057
Inflation, average consumer prices
Percent change
1.1000.1400.6000.7000.800
Unemployment rate
Percent of total labor force
8.7398.4397.9397.3396.739
Colored cells are estimates

Source: IMF Statistics - San Marino

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

- Convention from 27.03.2006 (Memorial 2006, A, no. 229, p. 4086)
- protocol
- Effective as of 12.29.2006 (Memorial 2007, A, p. 1786)
- Protocol amendment and Exchange of letters from 18.09.2009
- Law from 16.07.2011 (Memorial 2011, A, no. 146, p. And 2024 ff.)
- Effective as of 08.05.2011 (Memorial 2011, A, no. 184, p. 3254)

Air Services agreement

None

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in San Marino

Embassy of the Grand Duchy of Luxembourg in San Marino

Ambassador with residence in Rome: Mr Paul DÜHR

Secretary of Legation: André Flammang

90, Via di Sante Croce in Gerusalemme
I-00185 ROME

Tel: +39 06 77 20 11 77/78
Fax: +39 06 77 20 10 55
Email: rome.amb@mae.etat.lu  

Economic and Commercial Attaché (AWEX):          

Cecile FLAGOTHIER

Regione del Vallone Belgio
Via Orefici, 2
40124 Bologna

Tel: +39 051 233 209
Fax: +39 051 279 866
E-mail: bologne(at)awex-wallonia.com 

Source: www.mae.lu
Source: www.awex.be

Country risk as defined by Office du Ducroire for San Marino

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for San Marino

 

The Chamber of Commerce and the country

No related events to this country