San Marino’s economy is dependent on banking and tourism as its manufacturing and agricultural sectors are in their foundation stage. Italy is the country’s main trading partner, as it is responsible for 80% of their exports. In 2020, San Marino recorded a GDP of USD 1.54 billion and a GDP growth rate of -6.6%.
San Marino City, Domagnano, Faetano
Teaching, Organic farming, Tour guide, Entrepreneur
Top local university in San Marino is:
Some common jobs with average monthly salary in San Marino are:
|Job Title||Average Monthly Salary (in EUR)||Average Monthly Salary (in USD)|
|Financial Manager||8,350 EUR||8,959.70 USD|
|General Manager||7,730 EUR||8,294.43 USD|
|Business Development Manager||6,900 EUR||7,403.82 USD|
|Financial Analyst||5,560 EUR||5,965.98 USD|
|Business Analyst||5,440 EUR||5,837.22 USD|
|Project Manager||5,580 EUR||5,987.44 USD|
San Marino follows a monthly payroll cycle.
The minimum wage in San Marino is EUR 9.24 per hour and EUR 1,501.48 per month.
The standard working hours in San Marino are 8 hours a day and 48 hours a week. If employers want their staff to commit additional hours for work, they must pay overtime pay of 135% for night work and 126.3% for regular timing. In any case, the overtime hours must not exceed 2 hours per day and 72 hours per week.
San Marino does not mandate 13th-month pay.
|Income brackets (in Euros)||Tax rate|
|Up to 10,000||9%|
|10,001 – 18,000||13%|
|18,001 – 28,000||17%|
|28,001 – 38,000||21%|
|38,001 – 50,000||25%|
|50,001 – 65,000||28%|
|65,001 – 80,000||31%|
|More than 80,000||35%|
San Marino has no standard rate for Value-Added Tax. Instead, the country charges 17% for “import tax” or “single-stage tax”.
Employees under fixed-term contracts are terminated when their contract expires. Staff on indefinite contracts must be given a written notice and all standing dues shall be cleared before terminating in case of a just cause (theft, violation of contract, misconduct, or redundancy)
The notice period of employees specified on their employment contract or collective agreement is considered legal and mandatory.
The severance pay in San Marino is usually the total of wages during the notice period, all bonuses, and other withstanding payments.
San Marino is not a member of the European Union. Since the country is only accessible via Italy, it follows a Schengen Area visa policy like the former. Working professionals require a visa to visit business events and work in the country. The professional must submit a host of paperwork and await processing to get the relevant permission.