Banking Advantages San Marino
Bank Secrecy
With a bank every six hundred inhabitants, the small State beats the record of the nearby Italian community of Rimini which has a bank every 1000 inhabitants.
European withholding tax on accrued interest
With the euro tax of 15%, the withholding tax on bank accounts of Italians in San Marino banks is higher than that of Italian banks. As of today, the withholding tax on accrued interest from bank deposits is 12,5% and, even if the present Italian Government intends to raise it to 20%, the relative draft law is held up in Parliament "until further notice". In the meantime, as of 2008, San Marino has approved a progressive increase of the euro tax to 20%, with another increase, raising it to 35%, within 2011. On the contrary, the fiscal policy made available to San Marino residents amounts to a 5% withholding tax on accrued interest from bank deposits.
Capital Gain
Unlike the Italian banks, the San Marino Credit Institutes do not apply withholding taxes on capital gain earnings. In Italy a 12.5% tax is applied on capital gains.
Stamp Tax
Bank accounts opened in Italian banks are subject to a Stamp Tax of approximately 15 euro each quarter. On the contrary, this type of deduction does not exist for bank accounts held in San Marino.
