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Repubblica di San Marino
Republic of San Marino

Flag of San Marino Coat of Arms of San Marino
Motto
Libertas
Anthem
Inno Nazionale della Repubblica
Map of San Marino
CapitalCity of San Marino
Government Republic and parliamentary democracy
Captain Regent
- From 2010Giovanni Francesco Ugolini
Captain Regent
- From 2010Andrea Zafferani
Legislature Great and General Council
History
September 3, 301Date
October 8, 1600Constitution
Area61.2 km²
Population
- 31 March 201031,716
 Density518.2/km²
GDP31 March 2010 (PPP)
- TotalUS$ 1.1 billion
- Per capitaUS$ 35,928
CurrencyEuro
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The Republic of San Marino is a sovereign parliamentary democracy in located in northern Italy.


Background

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.[1]

Economy

San Marino's economy relies heavily on its tourism and banking industries, as well as on the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The per capita level of output and standard of living are comparable to those of the most prosperous regions of Italy, which supplies much of its food. San Marino boasts the world's longest life expectancy for men with 80 years. The economy benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. San Marino has recently faced increased international pressure to improve cooperation with foreign tax authorities and transparency within its own banking sector, which generates about one-fifth of the country's tax revenues. Italy's implementation in October 2009 of a tax amnesty to repatriate untaxed funds held abroad has resulted in financial outflows from San Marino to Italy worth more than $4.5 billion. Such outflows, combined with a money-laundering scandal at San Marino's largest financial institution and the recent global economic downturn, have contributed to a deep recession and growing budget deficit. However, San Marino has no national debt, and an unemployment rate half the size of Italy's. The San Marino government has adopted measures to counter the downturn, including subsidized credit to businesses. San Marino also continues to work towards harmonizing its fiscal laws with EU members and international standards. In September 2009, the OECD removed San Marino from its list of tax havens that have yet to fully implement global tax standards.[2]

Captain Regent

  • Giovanni Francesco Ugolini () (October 1, 2010 - )


Captain Regent

  • Andrea Zafferani () (October 1, 2010 - )

Nation


Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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