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Business Profile
Economy: San Marino exports wine and cheese. Its other agricultural products are wheat, barley, maize, grapes and olive oil. Industrial production is concerned with cement, synthetic rubber, leather, textiles and ceramics. Light industries have been expanding quickly in recent years as the Government seeks to diversify the economy away from tourism. Nonetheless, tourism continues to provide much of the Republic’s income, accounting for about half of GDP from around three million visitors each year. Quarried stone is an arcane though important export. Another unusual source of revenue is postage stamps, produced several times a year and sold almost entirely to collectors: this brings in ten per cent of total government income. Statistical details of San Marino’s external trade are included with those of Italy, with whom San Marino maintains a customs union. However, there are differences in taxation and regulatory structures which have afforded San Marino the status of a tax haven, as a growing number of non-resident deposits have been made in the principality’s banks. In 2001 and 2002, the government responded to OECD calls for tax haven economies to institute measures to tackle money-laundering.
Business: A suit is recommended and prior appointments are absolutely essential. Avoid making appointments early in the morning or straight after lunch. A knowledge of Italian is useful.
Conferences/Conventions: For information contact the State Tourist Office (see Contact Addresses section).
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