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Introduction to San Marino
San Marino is a small republic located in the northeastern part of the Italian Peninsula, with a population of just over 33,000 as of 2021. It is surrounded by the Emilia-Romagna region of Italy and is one of the smallest countries in the world. San Marino is the oldest functioning republic in the world, having been established in 301 A.D., and is also the world's smallest landlocked country. San Marino is made up of nine municipalities or "castelli," each with its own distinct character and cultural heritage. The country prides itself on its historic landmarks, including the Three Towers of San Marino, which have stood for centuries and are symbols of the country's independence and resilience. The economy of San Marino is primarily based on tourism, as visitors from around the world flock to see its natural beauty and cultural wonders. Despite its small size, San Marino is home to a thriving artistic community, with many local artists and artisans showcasing their work in galleries and exhibitions throughout the country.
Republic of San Marino
Context. The global financial crisis and international efforts to address preferential tax regimes exposed the vulnerabilities of San Marino’s oversized financial sector servicing nonresidents. While the banking system entered a deep crisis in 2008 and continues to struggle, the nonfinancial sector has experienced a recovery underpinned by cost-competitiveness and strong corporate balance sheets. More recently, prudent fiscal policies, access to international capital markets and favorable external conditions improved the public finances and boosted confidence. As a result, the economy has been remarkably resilient throughout the pandemic and Russia’s invasion of Ukraine. Despite volatile financial conditions, the government was able to rollover the Eurobond maturing next year. However, San Marino is a microstate subject to very high volatility and financial sector vulnerabilities remain, suggesting that larger-than-usual fiscal buffers are needed.
San Marino
The level of domestically generated proceeds of serious crime in San Marino is low. However, San Marino is vulnerable to money laundering (ML) of proceeds of crimes committed abroad. The Sammarinese financial sector, until recently, was characterized by a number of features that have created a favorable environment to ML. San Marino has made considerable progress in bringing its legal and institutional framework in line with the Financial Action Task Force (FATF) recommendations. Banks and financial institutions have started implementing the new Antimoney Laundering and Combating the Financing of Terrorism (AML/CFT) requirements, with mixed results.
Republic of San Marino
This paper offers elements of a possible strategy to deal with San Marino’s nonperforming loans (NPLs). It provides a brief overview of the reasons behind the accumulation of impaired assets by Sammarinese banks. This paper also presents some stylized facts regarding the nature and composition of San Marino’s problem loans. Further, it summarizes the experience of other small economies in dealing with weak banks and NPLs, with a view to drawing policy lessons. This paper also discusses recent measures implemented by the Sammarinese authorities to address weak financial institutions and their problem assets and examines the main impediments to deal with NPLs in San Marino’s legal and tax framework.
Republic of San Marino
This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort. The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability.
San Marino and International Investments
This book seeks to promote investment opportunities in a global context, given San Marino’s advantageous tax and corporate system. After introducing readers to the country’s historical, geographical and political background, it focuses on current economic trends, business practices and the main institutions for economic development. In turn, the book illustrates San Marino’s unique international status, which supports its active membership in numerous international organizations. Additionally, it reports on the country’s ties with the world’s largest economies. These ties are chiefly characterized by international treaties and Double Tax Agreements (DTAs), which are also analyzed. In closing, the book shares insights into other small European countries’ dealings with San Marino (Andorra, Lichtenstein and Monaco).
San Marino Country Study Guide - Strategic Information and Developments
San Marino Country Study Guide - Strategic Informtion and Developments Volume 1 Strategic Information and Developments
