Relationships with Italy
Italy is the Republic of San Marino's main trading partner, and due to geographical, historical, and cultural factors, it is also the country with which San Marino has the most extensive and structured network of relations.
The relationships between the two states are characterised by numerous agreements on different issues, from economic-financial to cultural, education and security. The 1939 Convention of Friendship and Good-Neighborliness represents the framework agreement still in force that establishes the basic principles for the collaboration and cooperation between the two countries.
This section includes information and contributions related to the relationships between San Marino and Italy, particularly as regards to those issues relevant for the financial system.
The Convention of Friendship and Good Neighbourhood 1939 - only in Italian
Download the PDF
The Agreement between the Government of the Republic of San Marino and the Government of the Italian Republic on Financial Cooperation was signed in San Marino on November 26, 2009 and entered into force on January 26, 2015.
The new agreement replaces the May 2, 1991 agreement between the Republic of San Marino and the Italian Republic on financial and currency relations, as well as those of the subsequent 1994 additional act.
The new agreement strengthens cooperation between the two countries on financial matters with particular reference to the supervision on the banking, financial and insurance sectors, by establishing the forms of cooperation between competent authorities.
In addition to reinforcing and reaffirming the principles of the economic cooperation agreement with regard to what concerns the development of San Marino's financial system, the understanding provides, inter alia, for the commitment of the Republic of San Marino to adopt the main points of the Community regulation on finance.
Agreement on financial cooperation - only in italian
Download PDF
Agreement on economic cooperation - only in italian
Download PDF
Convention on financial and currency relations, with additional act (1991) - only in italian
Download PDF
The agreement between the Government of the Republic of San Marino and the Government of the Italian Republic on economic cooperation, signed in San Marino on March 31, 2009, represents a recent understanding that strengthens the cooperation principles between the two states, already set forth in the Convention of 1939. The agreement establishes forms of cooperation in the different sectors of the economy (industry, labour, trade, tourism) as well as on issues such as the environment, infrastructures, transports, research, healthcare and energy.
Article 1 of the agreement deals with the cooperation on financial issues:
"The parties, in compliance with the principles that govern the relationships between sovereign states, acknowledge the mutual interest in the development, in the Republic of San Marino, of a stable and transparent financial system, integrated with the Italian and European financial system, subject to an appropriate supervision. The parties undertake to avoid the occurrence of any condition for unfair competition, and cooperate for the purpose of ensuring an effective supervision on the financial activities, so as to prevent and repress the use of the financial system for laundering of illegal proceeds and terrorism financing. The parties regulate, through a separate agreement, the aspects related to financial cooperation."
As evidenced from the text of the article, the development, in the Republic of San Marino, of a stable, transparent and integrated financial system to that of Italian and European financial system, is recognised as an opportunity by both parties and, inter alia, both parties undertake to establish, by means of a separate agreement, forms of cooperation so that the interaction between the respective financial systems would not create any distortions. This agreement has been signed in San Marino on November 26, 2009.
The agreement on economic cooperation and the financial cooperation agreement, both entered into force on January 26, 2015.
Agreement on economic cooperation - only in italian
Download PDF
Agreement on financial cooperation - only in italian
Download PDF
On April 10, 2015, the Italian Minister of Economy and Finance Padoan signed the Decree for the inclusion of San Marino in the list of non-EU Countries considered Jurisdictions imposing requirements equivalent to those laid down in Directive 2005/60 / EC of the European Parlament and of the Council of October 26, 2005, on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and providing for the compliance monitoring with these obligations.
The Decree, published in the Italian Official Gazette on May 12, 2015, replaces the one previously adopted on February 1, 2013.
Useful links:
The Republic of San Marino is included, with effect from January 9, 2015, in the list of States, established by the Italian Decree of September 4, 1996, with which it is possible the exchange of information in accordance with the International Conventions for the avoidance of double taxation on income in force with Italy (so-called white list).
The Decree, adopted by the Italian Minister for the Economy and Finance, Padoan, on December 29, 2014, follows the decision of February 12, 2014, by which San Marino has been removed from the "black list" of States and territories which have a preferential tax regime established by decree of May 4, 1999.
Useful links: