Tax Environment

Taxation of mutual funds in San Marino compares favourably with that generally applying to similar financial products in other countries.

More specifically, profits and capital gains deriving from the participation in San Marino mutual funds, however paid to recipients other than companies or similar entities, are not liable to income tax. However, the application of withholding - on individuals who are residents of EU countries -under Law No. 81 of May 25, 2005 implementing measures equivalent to those laid down in Council Directive 2003/48/EC remains unaffected.