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Topic: “Business and Investment Opportunities in the Republic of San Marino” 

Host: U.S. Consul General Ragini Gupta 

Date and Time: Recorded in October 2022 and Released in February 2023

Brief Description of Call:  Join U.S. Consul General Ragini Gupta and the Republic of San Marino’s Minister of Foreign Affairs, Luca Beccari, to hear about business opportunities for U.S. companies in the Republic of San Marino.  In this video, Minister Beccari welcomes investment in hospitality and leisure, heath infrastructure, nutraceuticals, digital services, FinTech, HealthTech, and GreenTech.

Supporting statistics for U.S. businesses and investors interested in the Republic of San Marino: 

  • In the last decade, the country reformed its banking and finance sectors, diversified its economy, and passed legislation to create a strong ecosystem for innovation and digitization
  • The leading contributors to San Marino’s GDP are manufacturing (33.6%, including pharmaceutical, packaging and ceramic tiles manufacturing) and service (26.2%), with trading, financial and insurance activities, transportation, and construction also contributing
  • Tourism is an important facet of the country’s economy with over 2 million visitors every year
  • San Marino has a $165 million positive net export balance of trade
  • San Marino initiated an economic modernization process centering around high-tech manufacturing, digital service, and health sectors
  • San Marino has a highly competitive tax regime with:
    • 17% single import flat tax 
    • 8.5-17% corporate tax rate 
    • 0-8% corporate tax rate for highly innovative corporations 
    •  9-35% personal revenue tax rate 
  • There is growth in investments in hospitality and leisure, heath infrastructure, nutraceuticals, digital services, FinTech, HealthTech, and GreenTech
    • San Marino plans to build a new, stateoftheart medical care facility and hospital featuring personalized medical therapies in oncology, radiotherapy and robotic surgery. This is a potential opportunity for U.S. health care and related services companies.

U.S. Companies interested in getting in touch with our Commercial Team to do business or invest in the Republic of San Marino: 

Our Commercial Specialist performs match-making services, conducts due diligence checks, and advises U.S. companies on specific considerations related to individual business cases.  U.S. companies should email Michele Comelli at

The State Department’s Office of Commercial and Business Affairs understands that U.S. companies are busy and cannot always join us live for our webinars.  To connect more U.S. companies with business opportunities overseas, we are offering readouts from our calls, including:  pared down video excerpts from the live Direct Line presentations, and the most compelling statistics presented in the webinar, as well as direct contact with our Embassy officials liaising on these in-country opportunities.  If you have feedback on this new feature of the Direct Line program, questions regarding this specific opportunity, or ideas for future Direct Lines, please reach out to our Direct Line staff at 

U.S. Department of State

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