Landlocked by Italy, San Marino is a small country located in Europe. While it isn’t an EU member, foreign residents receive a Schengen visa. The nation has a high living standard and a small population, making it a suitable residence for many high net worth individuals.
It also comes with odd travel privileges. Residents are allowed Italian Schengen visas to travel through its borders.
With those privileges, San Marino has decided to capitalize on the demand for its location. In 2017, two residency-by-investment programs were launched, being simplified modes of its 2013 program. They can be considered alternatives to the Italy Investor Visa.
The programs offer residency permits lasting 10 years. They allow family members too, with children under 25 years of age being applicable.
There are also 3 different paths for the program. They are:
- Elective Residence
- Residence for Economic Reasons
- Residence for Economic Reasons (simplified procedures)
San Marino Elective Residence
This is defined as the applicant’s ability to support themselves in San Marino without needing to work.
This path comes with a short processing time (60 days). For qualification, applicants must start and maintain an investment in their own name. The investment must belong to the following categories:
1 – Non Interest Deposits.
The deposit should have a 10 year duration. The amount must be greater than EUR 600,000.
Also, the amount must be invested in San Marino-issued securities, and in a fund specifically designed for this program.
2 – Real Estate Purchases.
Applicants must purchase property with the intention of using it as residence for themselves and any accompanying family members.
The minimum amount required is EUR 500,000. The amount spent can include a building, or a series of units combined together.
The EUR 500,000 can include costs to make a real estate lot habitable. However, the property itself must cost EUR 350,000 minimum.
Also, San Marino has certain requirements on what the other EUR 150,000 can be spent on. They are:
- Demolition costs to reconstruct the property
- Cost to restructure the building unit
- Cost to finish the unit
San Marino Residence for Economic Reasons
Normally, San Marino requires that entrepreneurs starting businesses in its territory be “high tech startups.”
This program is an alternative route. To qualify, an applicant must have a majority share in their business. They are also required to employ up to 3 residents.
Next, the applicant needs to place a EUR 75,000 secured bank deposit.
Within 2 years of being a resident, the value should be raised to EUR 150,000. That extra investment value can include property purchases, with liens in the state’s favor.
Alternatively, the deposits can be replaced with an insurance or bank guarantee – issued through a supervising San Marino entity.
The 3rd path is identical to the 2nd. Launched in 2017, this program targets applicants aiming to place greater investments in San Marino.
The applicant’s investment must provide 5 jobs (full-time). Also, applicants must buy a property of over EUR 300,000 in value. The property transaction must be finished upon the permit’s approval.
Alternatively, the applicant can invest the value in an insurance or bank guarantee provided by a supervising San Marino authority.