# San Marino 🇸🇲 — Property Due-Diligence Playbook

ISO2: `sm`. Status: ✅ Fully populated (researched 2026-05).

## Country profile

- **Postcode**: 5 digits, range **47890–47899** — `47890` Città di San Marino (capital), `47891` Dogana / Serravalle, `47893` Borgo Maggiore, `47894` Chiesanuova, `47895` Domagnano, `47896` Faetano, `47897` Fiorentino, `47898` Montegiardino, `47899` Galazzano. Postcodes overlap with the surrounding Italian system but San Marino has its own ISO country code (SM) and dedicated codes
- **Admin levels**: republic → **9 Castelli (castles / municipalities)** — Acquaviva, Borgo Maggiore, Chiesanuova, Città di San Marino, Domagnano, Faetano, Fiorentino, Montegiardino, Serravalle. Each Castello has a **Giunta di Castello** (parish council) with limited local powers; the **Consiglio Grande e Generale (CGG)** is the unicameral national parliament (60 members, biannual *Capitani Reggenti* heads of state)
- **Population**: ~**33,987** (Ufficio Statistica, 30 Sept 2024 — `https://www.statistica.sm/`); +0.4% YoY; growth driven by foreign in-migration as Sammarinese births decline. By Castello (rounded, last available Castello-level breakdown):
  - Serravalle ~11,035 (largest, lowland N), Borgo Maggiore ~6,871, Città di San Marino ~4,054 (capital, mountain core), Domagnano ~3,568, Fiorentino ~2,563, Acquaviva ~2,144, Faetano ~1,192, Chiesanuova ~1,147, Montegiardino ~smallest
- **Surface**: ~61 km² total — Italy's third-smallest sovereign neighbour after Vatican City + Monaco; landlocked **enclave fully surrounded by Italy** (Emilia-Romagna prov. Rimini to N/W; Marche prov. Pesaro-Urbino to S/E)
- **Currency**: **EUR (€)** — adopted via [Monetary Agreement EU/San Marino 2001 (rev. 2012)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A22012A1217%2801%29); San Marino mints its own euro coins (since 2002, capped annual volume); **NOT a Eurozone member, NOT an EU member**. Same regime category as Andorra / Monaco / Vatican
- **Languages**: **Italian** (sole official); local **dialetto sammarinese** (Romagnol-derived) in informal use. Notarial acts and primary government legislation **in Italian** — translate verbatim when citing numbers
- **Cadastre**: **Ufficio Tecnico del Catasto e Cartografia (UTCC)** within Dipartimento Territorio e Ambiente — `https://www.gov.sm/pub1/GovSM/Dipartimenti/Dipartimento-Territorio-e-Ambiente/Ufficio-Tecnico-del-Catasto-e-Cartografia.html`. Public counter (Sportello Visure) at Via Piana 42, 47890 San Marino
- **Land registry**: **Ufficio del Registro e Conservatoria** within Segreteria di Stato per le Finanze e il Bilancio — `https://gov.sm/pub2/GovSM/Dipartimenti/Dipartimento-Economia-e-Finanze/Ufficio-del-Registro-e-Conservatoria.html`
- **Identifier**: Foglio + Mappale (sheet + parcel) per Castello — Italian-pattern but separate UTCC register
- **Key documents**: *atto pubblico di compravendita* (notarial deed), *visura catastale* (UTCC extract), *certificato del Registro* (Conservatoria extract), *certificato penale generale* (clean criminal record — required for foreign buyers under Legge 173/2018)
- **EU/Schengen status (CRITICAL)**: **EU customs union** since 1991 (extended to agricultural goods 2002 — Decisione 2/2002 Comitato di Cooperazione); **NOT in Schengen** — but de facto open border with Italy because the entire perimeter is Italian Schengen territory and there are no internal customs/immigration controls. Council of EU authorised Schengen-association negotiations 30 May 2024. **EU Association Agreement** (EU/Andorra/SM): negotiations concluded Dec 2023; Council of the EU approved the text 16 Jul 2026; signature scheduled 19 Oct 2026 in Brussels; not in force — entry into force pending ratification (verify at `https://www.esteri.sm/pub2/EsteriSM/en/UE/Accordo.html` + `https://andorraue.ad/ca/acord-d-associacio`)
- **Foreign-buyer regime (CRITICAL)**: residential acquisition by non-citizens governed by **Legge 24 dicembre 2018 n.173** + **Decreto Delegato 105/2019** + confirming **Legge 3 ottobre 2019 n.154**. Pre-2018 regime required prior authorisation of the *Consiglio dei XII* (parliamentary commission); the 2018 reform abolished the prior-authorisation requirement and replaced it with notary-verified eligibility checks + a **2-property cap per foreign individual**. See Foreign-buyer rules section below

## Section: `--price`

### Primary sources

- **Ufficio Tributario / Ufficio del Registro**: `https://gov.sm/pub2/GovSM/Dipartimenti/Dipartimento-Economia-e-Finanze/Ufficio-del-Registro-e-Conservatoria.html` — sole official source for transfer values; **NO public price index** equivalent to Italian OMI / Andorran IPH
- **Ufficio Statistica (Statistica San Marino)**: `https://www.statistica.sm/` — quarterly *Bollettino di Statistica* covers macro indicators; residential transaction series **not published at quarterly granularity** — small-country sample-size limits
- **BCSM (Banca Centrale della Repubblica di San Marino)**: `https://www.bcsm.sm/` — quarterly *Bollettino Informativo* covers banking system + mortgage stock; no standalone HPI
- **Listing aggregators**: **Wikicasa** (`https://www.wikicasa.it/vendita-case/san-marino/`), **Immobiliare.it** (`https://www.immobiliare.it/mercato-immobiliare/emilia-romagna/san-marino/`), **Tecnocasa** (San Marino office) — secondary, listing-side ⚠️
- **Cross-reference Italian data**: adjacent ITA province of Rimini (Emilia-Romagna) and Pesaro-Urbino (Marche) — Italian **OMI Osservatorio Mercato Immobiliare** (`https://www1.agenziaentrate.gov.it/servizi/Consultazione/ricerca.htm`) publishes per-comune €/m² ranges that anchor cross-border comparisons

> ⚠️ **San Marino does NOT publish a free, granular residential price index** at the level of Italian OMI or Andorran IPH. Aggregate price benchmarks below are **est.** drawn from listing-platform scrape (Wikicasa, Immobiliare.it) + Tecnocasa Group quarterly San Marino note + cross-border ITA OMI data for Rimini-province context. Verify any specific deal via UTCC visura catastale + at least two independent agency appraisals.

### Price benchmarks (2024–2025, est. — verify per deal)

| Castello / area | EUR/m² resale (≈ 2025) | Notes |
|---|---:|---|
| **Città di San Marino — centro storico (UNESCO)** | 4,000–5,000 (new luxury) | scarce inventory; UNESCO Heritage core; restrictions on alteration |
| **Città di San Marino — outside centro** | 2,500–3,500 | mountain residential; views |
| **Borgo Maggiore** | 2,500–3,500 (resale) / ~3,485+ (Valdragone newer apt) | second-largest Castello; near-capital, well-served |
| **Domagnano** | 2,300–3,500 / new ~4,430 | well-served; mid-Castello demand floor |
| **Serravalle / Dogana** | 2,200–3,200 / new ~3,900–5,110 | lowland N, largest population, closest to ITA border (Rimini) |
| **Acquaviva / Fiorentino** | 2,000–2,800 | quieter residential |
| **Faetano / Chiesanuova / Montegiardino** | 1,800–2,500 | scarcer inventory; small-village character |

**National average (May 2025, Wikicasa)**: ~**€3,207/m²** (vs ~€2,750/m² May 2024 → +17% nominal YoY) — interpret with caution: small sample, listing-side, possibly skewed by mix shift toward newer / better-located stock through the cycle.

⚠️ Sample-size warning: ~33,987 residents → **transaction volume is thin** (low-three-digit annual residential transactions per BCSM/Bollettino aggregations) → comparable-sales data sparse, especially for rural Castelli (Chiesanuova, Faetano, Montegiardino). Treat the bands above as wide indicative ranges; **listing m² convention is *superficie commerciale*** (commercial / built area) — confirm vs *superficie utile* (usable / net) on visit *(per listing — verify with UTCC + on visit)*.

### Compute

1. EUR/m² = price / *superficie commerciale* per UTCC visura
2. SM-specific premium drivers: **UNESCO centro storico** address (very limited stock), **mountain panoramic views** (Monte Titano, Adriatic from upper Castelli), **proximity to ITA border for cross-commute access**
3. Discount drivers: **inland southern Castelli** (Faetano, Montegiardino — fewer services), **pre-1990 stock with Italian-era cement/asbestos-cement exposure**, **steep mountain parcels** (access, snow-clearance)

### Key terms

- *Castello* = municipality (×9)
- *Atto pubblico di compravendita* = notarial deed
- *Visura catastale* = cadastral extract
- *Imposta di registro* = registration tax
- *Imposta straordinaria sugli immobili (ISI)* = annual property tax (see `--tax`)

---

## Section: `--traffic`

### Sources

- **Azienda Autonoma di Stato per i Servizi Pubblici (AASS)**: `https://www.aass.sm/` — public-services agency; some road-network info
- **Segreteria di Stato per il Territorio e l'Ambiente — Servizio Strade**: via `https://www.territorio.sm/` — road network + traffic management
- **OSM `highway` class** as universal fallback
- **Cross-border**: Italian ANAS (`https://www.stradeanas.it/`) for the SS72 *Superstrada di San Marino* approach corridor + regional Emilia-Romagna mobility data

### Key term

**TGM (Traffico Giornaliero Medio)** = AADT-equivalent (same convention as Italy). San Marino does NOT publish a public per-segment TGM dataset comparable to Italian Regione / ANAS counts; the **SS72** Italian-side Rimini–San Marino superstrada is the primary inbound axis (~25–35k v/d typical Italian-side per ANAS publications).

### Verdict bands (est., calibrated to small principality)

- 🟢 < 1,500 v/d (mountain-village access roads, internal Castello arteries)
- 🟡 1,500–8,000 v/d (Castello-to-Castello connectors, Strada Regionale stock)
- 🟠 8,000–20,000 v/d (Strada Statale 72 / Superstrada inside SM, cross-border axis)
- 🔴 > 20,000 v/d (SS72 Dogana–Serravalle peak hours, cross-border commuter rush)

> ⚠️ **No rail, no airport** inside San Marino — every visitor and worker enters by road. Closest rail: **Rimini FS** (~25 km, Italy); closest international airport: **Rimini–Miramare (RMI, ~20 km)** + **Bologna BLQ (~140 km)**. Cross-border commuter flow is **~6,000–7,000 daily Italian frontalieri** (per BCSM + IT-SM social-security data) on the SS72 and minor border crossings → meaningful peak-hour saturation on Serravalle / Dogana / Domagnano arteries weekday 7-9am and 5-7pm.

---

## Section: `--tax`

### Annual property tax — Imposta Straordinaria sugli Immobili (ISI)

San Marino's recurring property tax is the **ISI (Imposta Straordinaria sugli Immobili)**, introduced by **Legge di Bilancio 22 dicembre 2011 n.200** (later amended; consolidated framework via Decreto Delegato 30 aprile 2018 n.44 — `https://www.consigliograndeegenerale.sm/on-line/home/documento17100638.html`).

- **Primary residence (abitazione principale)**: **EXEMPT** — small/medium primary homes actually inhabited by the owner are not subject to ISI. ~85% of Sammarinese residents are owner-occupiers, so ISI primarily catches second homes + non-resident-held stock + larger/luxury primary residences exceeding the size threshold
- **Second home / non-resident-held residential**: ISI applies; rate depends on cadastral category + class with **a fixed component + a variable component** assessed on the *rendita catastale* (cadastral rental value) — published per-category bands in the Decreto Delegato schedule
- **150 EUR deduction** for owners holding a mortgage or lease contract on the property
- **Rate range (est.)**: effective combined ISI on a typical second-home apartment trends around **0.3–0.8% of cadastral value/yr** (rendita-based, NOT market-value based — cadastral values typically substantially below market) → in cash terms **a few hundred to low-four-digit € annually for typical apartments** — verify per parcel with Ufficio Tributario
- **Verification**: ask the seller for the most recent **avviso di pagamento ISI** (assessment notice) — single cleanest evidence of the actual annual ISI bill

> ⚠️ The exact ISI rates per category/class are set in the consolidated Decreto Delegato schedule + annual Legge di Bilancio adjustments; treat the 0.3–0.8% headline as `est.` indicative and verify the parcel-specific rendita + applicable rate at Ufficio Tributario (`https://www.gov.sm/pub2/GovSM/La-PA-Risponde/FAQ.html?tema=Tributario`) before relying on a pro-forma annual cost.

### Imposta Patrimoniale (annual wealth tax)

- **Imposta Patrimoniale Straordinaria** (Legge 21 dicembre 2017 n.147 art. 48) levies on **net wealth of residents** including (a) real estate, (b) financial assets globally, (c) net assets of Sammarinese companies — **applies to RESIDENTS** principally; non-resident foreign owners subject to ISI on the property only, not to Imposta Patrimoniale on global wealth
- Practical: relevant for buyers establishing San Marino tax residency; not a non-resident concern

### Transaction taxes — Imposta di Registro + Catastale + Ipotecaria

San Marino's transaction-tax stack on residential resale to a **private buyer (non-developer chain)** is materially lower than Italy's:

- **Imposta di Registro** (registration tax): **5% ordinary** proportional rate on onerous transfers of immovables; **€70 fixed nominal** for qualifying **prima casa** purchase (surface ≤200 m², buyer holds no other residential property); **3%** for **permute** (exchanges) between contiguous rural parcels. Verify deal-specific application at Ufficio del Registro (`https://www.finanze.sm/`) and via *notaio*. (2026-05-27 verified, source Emme Property notarial summary.)
- **Imposta Ipotecaria + Catastale** (mortgage + cadastre transfer tax): minor, typically **~0.5–1.5%** combined
- **Tassa di Concessione Governativa** (foreign-buyer fee): **€1,000 fixed administrative fee** under **Article 51 Legge 173/2018** — *NOT* an ad-valorem component. The non-resident buyer separately pays the ordinary Imposta di Registro (5%) without prima-casa benefits. (2026-05-27 verified, source Toccaceli Bronzetti studio on Article 51 Legge 173/2018.)
- **Notary fee**: regulated; typically **1–2% of price** all-in for standard residential — Sammarinese notarial profession is small (handful of practising *notai*); arancel similar to Italian notarial scale
- **Estate agent commission** (where engaged): typically **3% buyer + 3% seller** practice; verify per *mandato*

### Imposta Monofase (turnover-stage tax — VAT-equivalent)

- San Marino has **NO standard VAT (IVA)** as Italy does; instead operates an **Imposta Monofase** levied at single stage of the supply chain (typically import / first sale)
- **Residential resale between private parties = NOT subject to Monofase** (out of scope, only Registro/Ipotecaria/Catastale apply)
- **New-build first sale by a developer-builder reselling**: **17% Monofase on the sale value** (current rate; historically adjusted) — verify currency at Ufficio Tributario
- **No Monofase on subsequent private resale**

### Total transaction cost (buyer side, est.)

- **Resale, resident private buyer**: ~**5–9%** all-in (Registro + Ipotecaria + Catastale + notary + agent if applicable)
- **Resale, non-resident foreign buyer**: ~**6–11%** (above + tassa di concessione governativa)
- **New-build first sale (developer)**: **17% Monofase** + Ipotecaria/Catastale + notary → typically materially higher than resale; the Monofase is a meaningful uplift on first-hand sales

⚠️ The transaction-tax stack is **less standardised in publicly accessible English** than Italy's; the figures above synthesise multiple secondary Sammarinese-tax-advisory sources + consolidated legislation. **Treat the headline percentages as indicative ranges; obtain a specific notary-side cost projection (preventivo notarile) before signing the *compromesso***.

### Capital gains — Imposta sulle plusvalenze

- **IGR Section** treats real-estate gains in the personal-income framework: gains from sale of secondary properties are **taxable** under IGR (see income tax below); gains from sale of *abitazione principale* held for the qualifying period are typically **exempt**
- Holding-period rules + reinvestment-rollover exemption variants exist — verify with notary + Sammarinese commercialista at deal-stage

### Personal income tax — IGR (Imposta Generale sui Redditi)

Foundational law: **Legge 16 dicembre 2013 n.166** as amended (most recent material amendment: **Legge 12 novembre 2025 n.141**, gazetted in the *Bollettino Ufficiale*, in force 17 Nov 2025, provisions applying from the **2026 tax period**). The 141/2025 reform shifts personal-income relief from deductions to **tax credits (*detrazioni*)** — e.g. a new progressive *SMaC* detrazione — while **retaining (amending, not replacing)** the L.166/2013 progressive 9–35% bracket schedule below. (2026-07-02 verified, source Consiglio Grande e Generale archive + San Marino RTV + HLB / Toccaceli Bronzetti Legge 141/2025 digests.)

- **Progressive scale (residents, individuals)**, full 8-bracket schedule effective 2026 per Legge 141/2025: up to €10,000 → **9%**; €10,000.01–€18,000 → **13%**; €18,000.01–€28,000 → **17%**; €28,000.01–€38,000 → **21%**; €38,000.01–€50,000 → **25%**; €50,000.01–€65,000 → **28%**; €65,000.01–€80,000 → **31%**; **above €80,000 → 35%**. Brackets auto-adjust every two years by cost-of-living index (max 6 % adjustment), first adjustment 2028. (2026-05-27 verified, source HLB San Marino digest of Legge 141/2025.)
- **Corporate IGR**: **17% ordinary**; **temporarily 18% for tax periods 2026–2030** per Legge 141/2025 Art. 54 (*"In via straordinaria per i periodi d'imposta 2026 2027 2028 2029 e 2030 l'Imposta Generale sui Redditi è elevata al 18%"*); ordinary 17% resumes 2031 unless extended. (2026-05-27 verified, source HLB SM + Studio Bollini.)
- **Non-resident IGR (rental income from SM property)**: levied on the SM-source rental income; verify rate band with Ufficio Tributario — Italian-resident landlords also bear ITA tax via DTA
- **Frontalieri (cross-border workers)**: special regime under **Italy–San Marino DTA** (signed 2002, in force 2013, rev. 2012) — coordination via FAQ at `https://www.gov.sm/pub2/GovSM/La-PA-Risponde/FAQ.html?tema=Tributario`
- **No standalone wealth tax** beyond Imposta Patrimoniale Straordinaria above
- **No standalone inheritance tax in direct line** between qualifying heirs (similar Andorra/Monaco pattern; verify with notary for collateral-heir scenarios)

### Future risk

- **Legge 141/2025 IGR reform** entered force 2026 → top-rate / corporate-rate uplift; further calibration possible in 2026/2027 budget cycles
- **EU Association Agreement**: negotiations concluded **12 Dec 2023**; Commission signing/conclusion proposals adopted **26 Apr 2024**; Coreper approved the text unanimously and confirmed it is a **mixed agreement** **15 Jul 2026** (signature and ratification involve all 27 member states, Andorra, San Marino and the EU); Council of the EU approved the text **16 Jul 2026**; **signature ceremony scheduled 19 Oct 2026 in Brussels** ([Govern d'Andorra AA portal](https://andorraue.ad/ca/acord-d-associacio), news items 15 Jul + 16 Sep 2026); per Eunews (secondary, 16 Jul 2026) the Council decision covers signature **and provisional application** — scope and start of any provisional application not verified against the Council release; check consilium.europa.eu after signature. **Not in force** — entry into force pending EP consent and ratification by all parties. Verify status at [esteri.sm/UE/Accordo](https://www.esteri.sm/pub2/EsteriSM/en/UE/Accordo.html). (2026-05-27 verified, source esteri.sm + europarl A10-0003/2026; Coreper, Council and signature dates added 2026-09-24 per andorraue.ad.)
- **OECD BEPS Pillar Two** + EU Code of Conduct on tax — corporate-vehicle structuring evolving; direct-ownership impact limited but holding-company structures affected

---

## Section: `--rental`

### Long-term residential

- Civil-law rental framework derived from Sammarinese codice civile + special tenancy provisions; broadly less regulated than Italy's *Legge 431/1998 cedolare secca* regime — typical lease structures: 4+4 (4 years renewable, residential) or *uso transitorio* (transitory) for short-term
- Tenant protections: standard notice periods (typically 6 months), no statutory rent-cap regime equivalent to Italy's *canone concordato*
- Deposit (*caparra* / *deposito cauzionale*): typically 2–3 months
- Rental income is **Erwerbseinkommen-equivalent** under IGR → progressive personal-income rate (residents) or non-resident rate

### Short-let (Bed & Breakfast / case vacanze / Airbnb)

- **Tourist-accommodation regulation** under Sammarinese *Legge sul turismo* + Decreto Delegato attuativi via **Segreteria di Stato per il Turismo** (`https://www.turismo.sm/`) — *strutture ricettive extralberghiere* (B&B, affittacamere, case e appartamenti vacanze) require communication / autorizzazione
- **Airbnb / short-term private letting**: small market; cross-border ITA rules (Rimini-province *codice CIR*) DO NOT apply but operators serving cross-border tourist flow follow ITA-side practice. Verify SM-specific licensing with Ufficio del Turismo before assuming legal short-let
- **Tassa di soggiorno** (tourist tax per overnight): small per-night levy where applicable — verify at `https://www.turismo.sm/`
- **Constraint reality**: the foreign-buyer 2-property cap (Legge 173/2018) + 2-property maximum makes large-portfolio short-let strategies effectively closed to non-residents

### Tax treatment

- Rental income → IGR (residents progressive 9–35%); non-residents on SM-source rental — verify rate band + DTA coordination with home country
- **No cedolare-secca-equivalent flat regime** comparable to Italy's 21%/26% — full progressive IGR applies
- Deductibles: maintenance, mortgage interest, ISI on the rented property, agency fees — per IGR rules
- **Tenant-side relief (Legge 141/2025)**: a fiscally-resident tenant using the dwelling as their *dimora effettiva* claims an IGR *detrazione* of **15% on 50% of the annual canone, up to a €6,000 canone ceiling** — renter relief, not a landlord deduction. (2026-07-02 verified, source HLB San Marino digest of Legge 141/2025.)

### Yields (est.)

- Long-term gross yield mid-tier apt 2026 ≈ **3–5%** (in line with Italian Adriatic-coast Rimini comparables; thin transaction sample → wide CI)
- Short-let gross yield (compliant, well-located): higher seasonal peaks (San Marino tourism: ~2M+ visitors/year; concentrated Apr–Oct + Christmas markets); but constrained by 2-property cap + small market

---

## Section: `--work=<profession>`

### Job platforms

- **Ufficio del Lavoro / Centro Servizi Lavoro**: state employment service — `https://www.lavoro.sm/`
- **Cross-border**: Italian *Centri per l'Impiego* (Rimini, Pesaro) + InfoJobs / Indeed / LinkedIn IT pull cross-border roles
- **ASE-CC — Agenzia per lo Sviluppo Economico – Camera di Commercio S.p.A.** (mixed public-private company; supports foreign entrepreneurs/investors and local firms' internationalisation): `https://www.camcom.sm/` — business directory (*Annuario Imprese*) + enterprise services (2026-09-18 verified)

### Work-permit gating

- **All non-Sammarinese employees** require a *permesso di soggiorno per lavoro* coordinated with employer; quotas set annually by Government decree
- **Frontalieri (cross-border, mainly Italian residents)**: large workforce — **~6,000–7,000 daily commuters from Italy**; cross-border employment governed by IT–SM bilateral framework (DTA + social-security agreement)
- **Self-employed (lavoro autonomo)**: registration with Camera di Commercio + ISS (social-security) + Ufficio Tributario; capital + business-plan requirements vary by activity

### Self-employment + entities

- **ISS (Istituto per la Sicurezza Sociale)**: `https://www.iss.sm/` — public health + social-security single regime
- **Forme societarie**: *S.r.l.* (Società a responsabilità limitata) min capital **~€25,500 est.** (verify at Camera di Commercio); *S.p.A.* min capital **~€77,000 est.** (verify at Camera di Commercio); corporate IGR **18% temporary for 2026–2030 (ordinary 17%)** — see Tax section
- **Lavoratore autonomo individuale**: simpler; ISS + IGR liability

### Salary benchmarks (2024–2025, est.)

- **Stipendio medio mensile lordo** (median monthly gross, all sectors): ~**€2,200–€2,800** est. (verify at `https://www.statistica.sm/` *Bollettino di Statistica*) — typically modestly below Italian Emilia-Romagna mean but with lower personal income tax up to mid-bracket
- **Banking / finance** (Banca di San Marino, Cassa di Risparmio della Repubblica di San Marino, Banca Sammarinese di Investimento, BSI): premium — €3,000–€6,000+/month senior
- **Pubblica Amministrazione**: by tariff schedule; competitive vs Italian comparables
- **Manifatturiero / industry**: well-developed niche industrial base (precision mechanics, ceramics, food processing); Italian-equivalent wages typical
- **Tourism / hospitality**: seasonal; €1,500–€2,200 typical
- **Italian-language competence is universal in the workforce**; strong Italian written + spoken is effectively a baseline requirement

### Cultural quirks

- Workforce structure: **~50% Sammarinese + ~50% Italian frontalieri** (with smaller other-EU and non-EU segments) — local labour-market dynamics are shaped by IT cross-border demand pressure on housing in Italian comuni adjacent to San Marino
- Industrial niches (precision mechanics, packaging machinery, consumer-goods manufacture) sustain higher-than-tourism-implied wages

---

## Section: `--risks`

### Primary national sources

| Source | URL | What it gives |
|---|---|---|
| **Servizio Protezione Civile** | `https://www.gov.sm/pub2/GovSM/Dipartimenti/Dipartimento-Territorio-e-Ambiente/Servizio-Protezione-Civile.html` | Civil-protection coordination (seismic, flood, landslide, fire) |
| **Ufficio Tecnico del Catasto e Cartografia (UTCC)** | `https://www.gov.sm/pub1/GovSM/Dipartimenti/Dipartimento-Territorio-e-Ambiente/Ufficio-Tecnico-del-Catasto-e-Cartografia.html` | Cadastral mapping + zoning layers |
| **Segreteria di Stato per il Territorio e l'Ambiente** | `https://www.territorio.sm/` | PRG (regional plan), environmental zoning |
| **INGV — Stazione Sismica RSM** | `http://terremoti.ingv.it/instruments/station/RSM` | Italian INGV seismic monitoring; RSM station hosted on SM |
| **ISPRA (Italy)** | `https://www.isprambiente.gov.it/` | Cross-border floods + landslides (frane) reference for Apennine context |
| **Italian Protezione Civile** (regional E-R + Marche) | `https://rischi.protezionecivile.gov.it/` | Cross-border seismic hazard maps; Apennine context |

### Specific risks

- **Earthquake (terremoto)** — **principal natural hazard**:
  - San Marino sits on the **Apennine seismotectonic margin** (foreland of the central Apennine chain) — moderate seismic hazard. Italian macro-zonation classes the surrounding ITA province of Rimini in **zona sismica 2** (medium-to-moderate); Pesaro-Urbino province ranges 2–3
  - Historic events: minor felt-tremors regular; significant nearby seismic events have occurred in central Italian Apennines (Norcia 2016, L'Aquila 2009 — felt but not damaging at SM)
  - INGV maintains the **RSM station** on SM territory — real-time monitoring streams via `http://terremoti.ingv.it/`
  - Modern construction (post-2003 ITA OPCM 3274 + post-2008 NTC 2008/2018 alignment via Sammarinese building regulations) is engineered to the hazard; **older masonry pre-1970** is the structural-risk concentration
- **Landslide / frana**: relevant for **mountain Castelli** (Città di San Marino, Faetano, Montegiardino) — Monte Titano + the Apennine ridge are prone to localised slope instability after intense rainfall + freeze-thaw cycles; verify parcel-level hazard zoning via UTCC + PRG layers
- **Flood (alluvione)**: limited but real — **Rio San Marino** + **Torrente Marano** + minor watercourses can flash-flood in extreme rainfall; lowland Castelli (Serravalle, Dogana) most exposed. Cross-border flood-risk context from Italian ISPRA + Regione Emilia-Romagna mapping
- **Wildfire**: low — limited wildland-urban interface; predominantly cultivated + residential terrain. Adjacent Apennine forest stands carry low-moderate summer fire risk during heatwaves
- **Snow loading + winter access**: occasional Apennine snow events; mountain Castelli (Città di San Marino at ~750m elevation) experience occasional persistent snow Dec–Mar — roof snow-load relevant for older heritage stock
- **Soil subsidence / freeze-thaw**: foundation + drainage detailing matters for pre-1980 stock with shallow footings

### Build-era hazards

| Era | Hazards |
|---|---|
| **Pre-1950 stone / heritage** | Heritage architecture (UNESCO core), low insulation, lead pipes residual, asbestos cement in 1950s–70s additions, shallow footings |
| **1950–1990 post-war boom** | Concrete-block / masonry hybrid; asbestos-cement (Eternit-equivalent) widespread for roofing; PCB joint sealants in 1970s; single-pane glass; pre-modern seismic detailing |
| **1990–2010** | Improving thermal envelope; phase-out of asbestos; gradual seismic-code alignment with Italian OPCM 3274 (2003) |
| **2010+** | Italian NTC 2008/2018-aligned seismic + thermal regs via Sammarinese building permits; double-glazed standard; modern energy-class compliance |

### Mandatory diagnostics at sale

| Document | Required because | Notes |
|---|---|---|
| **Visura catastale UTCC** | Mandatory pre-deed; confirms surface, classe, rendita | UTCC; same-day or 1–2 days |
| **Certificato Conservatoria** | Title + charges (ipoteche, servitù, trascrizioni) | Ufficio del Registro |
| **Certificato di abitabilità / agibilità** | Required for habitation + utility connection | Castello bauamt-equivalent |
| **APE — Attestato di Prestazione Energetica** | Required at sale — Sammarinese energy-cert regime aligned with EU EPBD via Decreto Delegato implementing Legge ambientale | A–G classification |
| **Stato dei pagamenti ISI** | Verify no ISI arrears | Ufficio Tributario |
| **Certificato penale generale** (foreign buyer) | Required pre-deed under Legge 173/2018 + DD 105/2019 | Apostilled from buyer's home jurisdiction |
| **Regolamento condominiale + verbali assemblea** (if condo) | Verify community fees + delibere + special levies | Condo administrator |

### Climate change projections

- Sammarinese projections **inherit from Italian regional climate models** (CMCC + ISPRA + Regione Emilia-Romagna) — no SM-specific national climate-projection portal
- **+1.5–3.5 °C** by 2050 vs 1981–2010 baseline (consistent with central-Italian Apennine / N-Adriatic projection envelope; SSP2-4.5 / SSP5-8.5 range)
- Heatwaves: rising number of *notti tropicali* (T-min > 20°C) at lower-elevation Castelli (Serravalle, Dogana); cooling-load growth
- Extreme rainfall: increasing intensity per Mediterranean climate-change pattern; flash-flood signal on Rio San Marino + Torrente Marano basins
- Snow/winter: reduced persistent snow at Città di San Marino (~750m elevation) — heritage-tourism marginal effect; Apennine snowpack variability

---

## Section: `--mains`

### Sources

- **AASS — Azienda Autonoma di Stato per i Servizi Pubblici**: `https://www.aass.sm/` — sole national utility for **electricity, water, gas, public lighting, district heating** (where applicable); single integrated state utility model
- **Sewer / fognatura**: managed by **Ufficio Sanità Ambiente e Veterinaria (USAV)** + AASS coordination + Castello-level operations
- **Telecom / fibre**: **TIM San Marino** + **AS Group** (Astel SM) — incumbent + alternative carriers; **>95% FTTH** coverage in populated Castelli per AASS / TIM SM rollout
- **Geoportale San Marino** (UTCC mapping): for parcel utility-overlay verification — via `https://www.gov.sm/`

### Verification

- **Most populated areas**: AASS mains (water + electricity + gas + sewer) are **universal** in the 9 Castelli built-up areas — individual verification typically only needed for isolated rural parcels
- **Rural / mountain parcels** (Faetano, Montegiardino, upper Città di San Marino slopes): may have private wells, septic tanks, LPG cisterns
- **Connection certificate**: request from AASS / Castello bauamt at sale

### Costs (est., EUR, 2026)

| Scenario | Cost |
|---|---:|
| Mains water + sewer connection (typical urban parcel) | 1,500–4,500 |
| Mains gas connection (where available) | 800–2,500 |
| AASS electricity new connection (standard tariff) | 500–1,500 |
| FTTH activation (TIM SM / Astel SM) | 0–150 (often promo) |
| Septic tank installation (rural, no mains) | 4,000–9,000 |
| LPG cistern (rural, no piped gas) | 2,500–5,000 |

⚠️ **AASS is a single integrated state utility** — meaning fewer competing offerings vs Italian liberalised market; tariffs administered, generally aligned with surrounding Italian rates ±10%. Heating systems in older heritage stock often **methane / LPG / electric resistive**; modernised stock increasingly **heat-pump**.

---

## Section: `--crime`

### Primary source

- **Gendarmeria della Repubblica di San Marino**: annual *operatività del Corpo* press release + statistical summary — `https://www.sanmarinortv.sm/` (annual press releases) + via `https://www.gov.sm/` security pages
- **Polizia Civile + Guardia di Rocca**: ancillary police forces (urban + ceremonial-security roles)

### Headline (Gendarmeria 2024 operatività)

- **Total persons denunciated 2024**: **240** (2023: 262) — declining trend
- **Arrests 2024**: 17 (2023: 8) — increase, including 8 narcotics + 8 theft
- **Robberies (rapine) 2024**: **0** (2023: 0) — confirmed zero on multi-year trend
- **Thefts (furti) reported 2024**: **116** (2023: 127)
- **Property damage (danneggiamenti) 2024**: **158** (2023: 185)
- **Gender Violence Office**: 75 assistance requests (+13.6% YoY)

### Verdict bands

- 🟢 < 50% national rate (most rural villages, mid-Castello residential)
- 🟡 50–110% (typical Castello-centre)
- 🟠 > 110% in 1–2 categories (Serravalle / Dogana cross-border concentration — petty theft elevated; Città di San Marino tourist-target petty crime)
- 🔴 multi-category > 200% — not observed; San Marino has no concentrated-crime blackspot

### Confidence

HIGH for headline national rate (San Marino is among the safest European jurisdictions per Gendarmeria + cross-reference Eurostat aggregations); MEDIUM for Castello-level granularity (Gendarmeria does not publish a fine-grained per-Castello breakdown in the operatività release — request via Ufficio Statistica for finer cuts).

⚠️ Small absolute numbers → **statistical noise is significant** for YoY interpretation; prefer 5-year averages.

---

## Section: `--amenities`

Universal OSM Overpass logic per `shared/amenities-osm.md`. San Marino-specific brand-chain conventions:

- **Supermarket**: **Conad** (multiple Castelli), **Coop** (Italian-imported chains; Sammarinese branches), **Despar / Eurospar**, **Lidl** (recent entrant at Dogana / Serravalle); cross-border ITA shopping common (Rimini retail park ~25 km)
- **Pharmacy (farmacia)**: Sammarinese pharmacies regulated under national health framework; *Servizio Sanitario di Stato* coordination via ISS — typical ~1 farmacia per 4,000 residents → ~8–10 nationally
- **Hospital / GP**: single national hospital **Ospedale di Stato (Ospedale della Repubblica di San Marino)** in Cailungo (Borgo Maggiore) — operated by ISS (`https://www.iss.sm/`); GP via *medico di famiglia* network per ISS roster; specialist referrals often to Italian hospitals (Rimini, Bologna) via cross-border conventions
- **Public transport**: **AASS bus network** (linee urbane + extraurbane); cross-border *Linea Rimini–San Marino* bus connects Dogana–Serravalle to Rimini FS station (~50 min); **NO RAIL** inside SM (a historic Rimini–San Marino railway operated 1932–1944, dismantled WWII; not reinstated)
- **Schools**: Sammarinese state system (Scuola dell'Infanzia / Elementare / Media / Superiore + *Università di San Marino* `https://www.unirsm.sm/`); Italian curriculum equivalence for cross-border school choice; some students attend Italian schools across the border
- **Closest international airports**: **Rimini–Miramare (RMI, ~20 km)** — small/seasonal; **Bologna Marconi (BLQ, ~140 km, ~1h45 drive)** — primary international gateway; **Forlì (FRL, ~80 km)** — secondary; **Florence-Peretola (FLR, ~210 km)** — backup

### Verdict bands

- 🟢 < 1 km walk to supermarket / farmacia / GP-equivalent: typical urban Castello centre (Borgo Maggiore, Domagnano, Serravalle, Città di San Marino)
- 🟡 1–3 km: peri-urban Castello outskirts
- 🟠 3–10 km: rural-Castello hamlets (parts of Faetano, Montegiardino, Chiesanuova)
- 🔴 > 10 km (rare in 61 km² principality): isolated upper-mountain parcels — verify amenity walk-time; cross-border ITA village access may be closer than nearest SM Castello centre

---

## Section: `--climate`

Universal logic per `shared/climate-projections.md`. San Marino-specific:

- **Köppen-Geiger**: dominant **Cfa** (humid subtropical, Mediterranean-influenced) at lower elevations; **Cfb** (oceanic) at upper Città di San Marino (~750m); transitional Cfa↔Cfb
- **Reference baseline**: no SM-specific national climate portal; inherit from **Italian SCIA / ISPRA** regional series + **CMCC** regional projections for central-Italian Apennine / N-Adriatic
- **Key projections**:
  - Annual mean temperature **+1.5–3.5 °C** by 2050 vs 1981–2010 baseline (SSP2-4.5 to SSP5-8.5 range)
  - Heatwaves: rising number of *giorni caldi* (TX≥30°C) at lower Castelli (Serravalle 100m, Dogana ~80m elevation); 5–15 *notti tropicali* (TN≥20°C) projected by 2050
  - Extreme rainfall: hourly intensity +10–25%; flash-flood signal in Rio San Marino + Torrente Marano basins
- **Acute-event flags**:
  - 🟠 lowland-floor parcel < 100m from Rio San Marino / Torrente Marano channel — increased pluvial / fluvial flood probability
  - 🟡 mid-altitude Castello urban (Borgo Maggiore, Domagnano) — cooling-load growth; insurance trajectory upward
  - 🟢 mid-altitude (300–600m) south-facing year-round residential — generally resilient

### Climate verdict (typical mid-altitude SM apt 200–500m elevation)

🟡 **Watch** — material warming + cooling-load growth; insurance + building-envelope cost trajectory upward; flash-flood signal for parcels near Rio San Marino tributaries.

### Confidence

MEDIUM — projection envelopes inherit from CMCC / ISPRA Italian models (HIGH for the regional envelope) but no SM-specific downscaled portal; Castello-level hazard zoning is via UTCC + PRG, not a public climate portal.

---

## Section: `--finance`

### Mortgage market

- **Banking system**: small, concentrated. Active commercial banks (post-Banca CIS resolution): **Cassa di Risparmio della Repubblica di San Marino (Carisp)** (`https://www.carisp.sm/`), **Banca di San Marino (BSM)** (`https://www.bsm.sm/`), **Banca Sammarinese di Investimento (BSI)** (`https://www.bsi.sm/`), **Banca Agricola Commerciale** + a small number of niche/private institutions
- Regulator: **Banca Centrale della Repubblica di San Marino (BCSM)** (`https://www.bcsm.sm/`)
- **LTV caps** (typical, per bank product sheets):

| Buyer profile | Max LTV |
|---|---:|
| **Resident, primary residence ("prima casa")** | **80%** typical; up to **100% with State Guarantee** under Legge 64/2025 ("Emergenza Casa") |
| **Resident, second home / investment** | 60–70% |
| **Non-resident foreign buyer** | typically **50–60%** (case-by-case; banks more conservative post-2018 KYC reforms) |

- **Term**: typically 20–30 years residential
- **Rate structure (Q1 2026 indicative)**: variable (Euribor + spread 1.5–2.5%) and fixed available; **BSM "Casa Dolce Casa" fixed rate ~4.50%** for typical residential profile (verify currency at `https://www.bsm.sm/`); mixed-rate products (5/10y fixed then variable) common
- **State Guarantee (Legge 64/2025 "Emergenza Casa")**: convention signed between San Marino State + Carisp + BSM + other banks → favourable conditions for first-home buyers, max applicable rate **Euribor + 2%** with fixed spread, direct State guarantee on the mortgage — **resident-buyer programme**, NOT applicable to non-resident foreign buyers
- **Foreign-buyer mortgages**: available but tighter — most banks require:
  - Proof of foreign-buyer eligibility under Legge 173/2018 (clean criminal record, 2-property cap)
  - Sammarinese bank account opened in advance
  - 50–60% LTV ceiling
  - Income evidence + 2 years' tax returns from home country
  - Source-of-funds AML review under BCSM-implemented EU AMLD-equivalent rules

### Banking access

- All major banks operate retail + private; non-resident account opening subject to **CRS / FATCA** + **AML/KYC** under BCSM rules (San Marino implements a EU-AMLD-aligned AML framework following 2010s regulatory remediation) — typically 4–8 weeks; minimum balances vary
- San Marino's banking system has stabilised post-2010s regulatory clean-up; cross-border SEPA-equivalent transfers available; SEPA membership pursued under EU Association Agreement framework

### Confidence

MEDIUM — system-level figures (BCSM Bollettino + bank product sheets) HIGH; non-resident LTV ceilings and post-2025 mortgage market trajectory are bank-product-sheet level (verify per-deal). The State-Guaranteed Legge 64/2025 framework is a 2025-vintage reform — verify current quantum + bank participation at `https://www.bsm.sm/` + `https://www.carisp.sm/`.

---

## Section: `--currency`

### Currency status

- **EUR (€)** adopted by [Monetary Agreement EU/San Marino 2001](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A22012A1217%2801%29), revised 2012 — current legal basis
- San Marino mints its own euro coins (since 2002) under the agreement; banknotes are ECB issuance
- **NOT** a Eurozone member; BCSM is the prudential regulator but not part of Eurosystem
- **NOT in Schengen** but de facto open border with Italy (perimeter is Italian Schengen territory) — Council of EU authorised Schengen-association negotiations 30 May 2024
- Same regime category as **Andorra, Monaco, Vatican City** — small-state monetary agreements with EU

### What this means for buyers

- **EUR-denominated buyers** (EU/EEA): **near-zero FX risk** for purchase + ongoing payments
- **GBP / USD / CHF / non-EUR buyers**: full EUR/home-currency exposure — use forward contracts for transaction lock-in if material; depth available via Sammarinese banks routing through Italian correspondents
- No capital controls on EUR movements; AML reporting thresholds aligned with EU AMLD as transposed by San Marino

### Peg credibility

- Monetary Agreement is **legal-treaty-based**, not market-pegged; revocation requires bilateral action
- Cross-border transfers benefit from SEPA-equivalent infrastructure via Italian counterparties; full SEPA membership pursued under EU Association Agreement framework

---

## Section: `--visa`

Universal logic per `shared/visa-programs.md`. San Marino-specific:

### Residenza Elettiva (passive residency, investor route)

- Foundational: **Legge 28 giugno 2010 n.118** + reforms via **Legge 6 dicembre 2017 n.94** + subsequent decreti delegati
- **Investment thresholds (Legge 94/2017)**:
  - **Real-estate route**: purchase of a property (or portion) for **≥ €500,000** to be used as own residence (with ancillary furnishing/renovation up to €150,000 includable in the calculation), OR
  - **Bond / fund route**: non-interest-bearing 10-year deposit of **≥ €600,000** in San Marino state bonds or in a fund established by the Camera
- Plus: clean criminal record (apostilled), proof of financial means, health-insurance coverage
- Permit: typically 1-year initial → renewals; **after 10 years from registration the residency is "consolidata"** (consolidated)
- **Residency obligation**: physical-presence threshold for tax-residency triggers separately (typically >183 days/year)
- **Annual quota**: maximum number of *residenze elettive* granted per year is set via decreto delegato — verify currency at `https://www.esteri.sm/pub1/EsteriSM/Servizi-per-utenza/Permessi-di-Soggiorno-e-Residenze.html`

### Residenza Atipica (atypical, retiree-pensioner)

- For EU / Switzerland / qualifying-country foreign citizens producing income from abroad; income parameters set by Government — verify currency at Esteri

### Residenza per Motivi Economici (entrepreneur / business)

- For investors subscribing **≥ 51% capital** in a Sammarinese-law company; **1–3 mandatory employees** depending on activity
- Deposit: **€75,000 first year, €150,000 from second year**, convertible to property purchase of equivalent value after third year (with State guarantee on the property)
- Verify currency at `https://www.esteri.sm/` + Camera di Commercio

### NOT a citizenship-by-investment jurisdiction

- ⚠️ **Sammarinese citizenship RESERVED**: naturalisation requires **30 years' continuous residence** (jus soli + jus sanguinis interplay; very long pathway). San Marino has never operated a CBI / golden-passport scheme
- **Dual nationality** is permitted (distinguishes San Marino from Andorra) but the very long naturalisation timeline limits practical value of citizenship as an investment-driven goal

### Confidence

HIGH for Legge 94/2017 + 173/2018 + 154/2019 framework (multi-year consolidated); MEDIUM-HIGH for current quantum (€500k property / €600k bond) and annual quota (decreto delegato adjusts) — *verify exact current quantum at* `https://www.esteri.sm/` *+ Decreto Delegato schedule before any application*.

---

## Section: `--insurance`

### Mandatory

- **Mortgage lender requirement**: *assicurazione incendio e scoppio* (fire / multi-peril) on the dwelling structure, premium typically **0.04–0.15% of sum insured/yr**
- **Sum insured = costo di ricostruzione** (rebuild cost), not market price — typically **€1,000–€2,000/m² built** for standard concrete-frame stock
- **Multi-unit blocks**: *condominio* often holds block policy; individual owners pay pro-rata via *spese condominiali* — verify before duplicating

### Optional but standard

| Cover | Typical premium (2026 est.) |
|---|---:|
| **Home contents** (typical 70 m² apt) | €120–€400/yr |
| **Liability + condominium** (responsabilità civile) | usually bundled |
| **Earthquake (terremoto) rider** | €100–€400/yr supplement; check sub-limit + exclusions |
| **Flood (alluvione) rider** | €80–€300/yr supplement for Rio-adjacent / lowland parcels |

### Major insurers

- Italian-cross-border insurers dominate: **Generali**, **Allianz**, **UnipolSai**, **Cattolica**, **Reale Mutua** — most operate San Marino branches or distribute via local agencies
- **No SM-specific catastrophic-risk pool equivalent to French CCR** — earthquake / flood coverage is via private market with optional riders

### Climate trajectory

- ⚠️ Premiums in flood-exposed lowland Castelli (Serravalle, Dogana) trending upward driven by extreme-rainfall claims; underwriters tightening sub-limits on river-adjacent parcels

### Confidence

MEDIUM — Sammarinese insurance market is small + Italian-distributed; figures above are *est. from cross-border insurer rate sheets — verify quotes per parcel*.

---

## Section: `--notary`

### Process

- **Civil-law notary** (*notaio*) mandatory for all RE transfers — Sammarinese notarial profession is small (handful of practising notai); profession governed by *Legge sul notariato sammarinese*
- *Notaio* role: drafts the *atto pubblico di compravendita*, verifies identity (incl. apostilled passport for non-residents), confirms title via *certificato Conservatoria*, withholds and remits Imposta di Registro + Ipotecaria + Catastale + foreign-buyer concession tax, files the deed at Ufficio del Registro

### Standard timeline (typical residential resale)

| Step | Day | What happens |
|---|---|---|
| 1. *Proposta d'acquisto* / *compromesso* | D0 | Buyer pays **deposit ~10%**; preliminary contract drawn |
| 2. Foreign-buyer eligibility verification (Legge 173/2018) | D7–D30 | Notary collects + verifies clean criminal record + Legge 147/2005 list check |
| 3. Mortgage approval (if applicable) | D14–D45 | Bank valuation + offer letter |
| 4. UTCC visura + Conservatoria certificato | D30–D50 | Notary requests both pre-deed |
| 5. *Rogito* (deed signing) at notaio | D45–D75 | Buyer pays balance; notaio withholds Registro + Ipotecaria + Catastale + foreign-buyer concession tax |
| 6. Trascrizione at Ufficio del Registro | D75–D90 | Notaio files; title perfected |

⚠️ **Foreign-buyer eligibility gating**: under **Legge 173/2018** + DD 105/2019 + Legge 154/2019, the notary must verify:
1. **Clean criminal record (certificato penale generale)** from buyer's home jurisdiction — no convictions ≥2 years for non-cul­pable offences in last 15 years; no association/terrorism-financing convictions
2. **Property is not on Legge 147/2005 restricted list** (heritage / strategic constraints)
3. **2-property cap**: foreign individual can hold **max 2 residential units** SM-wide; non-commercial use only
4. **Clean Anti-Money-Laundering review** under BCSM AML rules

If any check fails, the deed is **null and void** — the notary's verification is gating.

### Costs

| Item | Typical |
|---|---|
| **Notaio fee** | ~1–2% of price (regulated arancel) |
| **Imposta di Registro** | ~3–6% (verify exact rate at Ufficio del Registro for the deal type) |
| **Imposta Ipotecaria + Catastale** | ~0.5–1.5% combined |
| **Tassa di Concessione Governativa** (foreign buyer) | €1,000 fixed admin fee (Art. 51 Legge 173/2018; 2026-05-27 verified) — NOT ad-valorem; verify current quantum at notary |
| **Imposta Monofase** (new build first sale by developer) | 17% in lieu of Registro |
| **Total transaction cost (buyer side, resident, resale)** | **~5–9%** of price |
| **Total transaction cost (buyer side, non-resident, resale)** | **~6–11%** of price |

### Foreign buyer practical

- **Power of attorney** acceptable: notaio accepts apostilled PoA for absent buyers
- **Source-of-funds**: notaio + bank both apply AML/CRS reviews
- **Beneficial-ownership disclosure**: corporate buyers register UBO with Sammarinese commercial registry (Camera di Commercio)
- **Italian-language closing documents**: *atto pubblico* drafted in Italian; non-Italian-speaking buyers should engage a sworn translator + Sammarinese *commercialista* / lawyer for review

---

## Section: `--compare`

### San Marino vs neighbours (residential investment lens, Q1–Q2 2026)

| Country | Foreign-buyer rule | Acquisition cost (typical, resident) | Annual recurring | Yield (mid-tier) | Currency |
|---|---|---:|---:|---:|---|
| **🇸🇲 San Marino** | Open post-2018 (Legge 173/2018), 2-property cap, clean record + concession tax | 5–9% (resident) / 6–11% (non-resident) | ISI second-home (~0.3–0.8% cadastral est.); primary res. exempt | 3–5% | EUR (Mon. Agreement 2001) |
| **🇮🇹 Italy** (adjacent Rimini province) | Open; *codice fiscale* required | 9–15% | IMU 0.4–1.06% catastral | 3–5% | EUR (Eurozone) |
| **🇦🇩 Andorra** | Authorisation (Llei 10/2012) + non-resident progressive surcharge | 5.5–7% (resident) / 8–14%+ (non-resident) | Parish prop. tax low + Foc i Lloc + community fees | 3.5–5% | EUR (Mon. Agreement 2011) |
| **🇲🇨 Monaco** | Open but supply-constrained; max-CoL | ~6% (4.5% droits + ~1.5% notaire) | minimal recurring; no income tax | 2–3% | EUR (Mon. Agreement 2002) |
| **🇱🇮 Liechtenstein** | GVG-restricted — non-resident foreigners effectively excluded | 2–6% | Vermögenssteuer / Sollertrag | 3–5% | CHF |

### San Marino's distinctive position

- **Lowest transaction-tax stack of the European microstate quartet** in resident-buyer terms; non-resident concession tax adds friction but is a flat €1,000 fee rather than the ~10% Andorran progressive surcharge
- **Counter-balanced by**: small + thin RE market (low-three-digit annual transactions), 2-property cap for foreign individuals, IGR personal income tax up to 35% (less competitive than Monaco 0% / Andorra 10% top), 30-year naturalisation, no Schengen membership (de facto open ITA border but separate immigration regime)
- **Best fit**: tax-residency seekers wanting Italian-speaking environment with materially lower IGR than Italy's IRPEF (43% top); HNW retirees / remote-workers compatible with mountain-Adriatic-hinterland lifestyle; entrepreneurs setting up SM company under Residenza per Motivi Economici (51% + employees + €75k/€150k deposit)
- **Worse fit**: pure non-resident investment-only buyers seeking >2 properties; CBI/passport-driven investors (no programme); buyers needing Schengen membership for visa-free non-EU travel from a passport

### Comparative reference

For SM vs other monetary-agreement microstates see `countries/ad/playbook.md` (Andorra), `countries/mc/playbook.md` (Monaco), `countries/li/playbook.md` (Liechtenstein). For cross-border ITA comparison see `countries/it/playbook.md`.

---

## Section: `--retirement`

San Marino is a **viable retirement destination** for HNW retirees seeking Italian-language environment + lower IGR than Italy + low crime + EU-proximity healthcare.

### Pathways

1. **Residenza Atipica (pensionati)** — for EU/Swiss/qualifying-country retirees with foreign-source pension income; verify income threshold at Esteri
2. **Residenza Elettiva** — €500k property OR €600k bond route
3. **Family reunification**

### Cost-of-living for retirees (2026 est.)

- Median 2-bed rental Q1 2026: **€700–€1,200/month** (lower-tier Castelli) / €1,200–€2,000 (capital + Borgo Maggiore prime)
- ISS public healthcare: comprehensive for residents; Italian hospital referrals via cross-border conventions
- Hospital: Ospedale di Stato (Borgo Maggiore-Cailungo); Italian specialists 30–60 min drive (Rimini, Bologna)
- Utilities: typically **€150–€350/month**

### Tax position for retirees

- **No standalone wealth tax** for non-residents on SM property (Imposta Patrimoniale Straordinaria targets residents)
- **No standalone inheritance tax in direct line** between qualifying heirs (verify with notary for collateral cases)
- Foreign pension income: SM-resident IGR (progressive 9–35%); DTA with Italy (in force 2013) eliminates most overlap; verify with home-country DTA

### Verdict for retirement-first buyers

🟢 **Go** for HNW retirees (Italian-comfortable, ≥€500k investible) seeking lower-tax Italian-speaking base with integrated Italian healthcare; 🟡 **Watch** for moderate-wealth — Residenza Elettiva floor + IGR top 35% means the tax-arbitrage vs Italy IRPEF (43%) is meaningful at high incomes but modest at typical retirement-pension levels.

---

## Section: `--digital-nomad`

### Visa pathway

- **No formal digital-nomad visa**. Workable pathways: (1) **Residenza Elettiva** (€500k property / €600k bond) + foreign-employer remote work — gray area (verify with Esteri); (2) **Residenza per Motivi Economici** + own-SM-company route — clean but full IGR + ISS + Camera di Commercio exposure; (3) Visitor entry (de facto open via Italian Schengen perimeter) up to 90/180 days. ⚠️ Sustained "working from San Marino" without permit case-by-case risk

### Connectivity

- **>95% FTTH** via TIM SM + Astel SM — gigabit fibre standard in Castelli centres; €25–€45/mo for 1-Gbps; 5G mobile €15–€40/mo
- **Co-working**: small + emerging market; cross-border Rimini coworking accessible (~25 km)
- Time zone: UTC+1 (CEST summer); favours EU + East Coast US async

### Cost-of-living for remote worker (2026 est.)

- Studio short-let: €600–€1,200/mo; long-let 1-bed: €600–€1,100/mo
- Eating-out: €10–€18 *menù del giorno* / €25–€55 mid-range
- Resident remote-worker: **IGR 9–35% progressive** on worldwide income post-residence

### Verdict for digital-nomad-first buyers

🟡 **Watch** — strong Italian-ecosystem connectivity + lower CoL than Monaco/Andorra, but tight visa framework (no DNV, gray area sub-residency). Best fit: HN remote-workers committing to Residenza Elettiva (€500k+) or company route.

---

## Section: `--macro`

### Headline 2024–2026 ([Statistica](https://www.statistica.sm/) + [BCSM Bollettino](https://www.bcsm.sm/))

- GDP growth 2024 ~+1.0–1.5%; 2025 fcst +1.0–1.5%
- GDP per capita 2024: ~€40–45k (verify at Statistica)
- Inflation 2024: ~2.5–3.5% headline (cooling from 2022 peak; tracks ITA + Eurozone)
- Unemployment 2024: ~4–5% (low-unemployment regime; cross-border frontalieri absorb labour demand)
- Public debt / GDP: ~30–35% (post-2010s banking-resolution stabilisation); IMF Article IV assessments positive on fiscal trajectory

### Trend drivers (2024–2026)

- **EU Association Agreement** (negotiations concluded Dec 2023; text approved by the Council of the EU 16 Jul 2026, signature scheduled 19 Oct 2026, not in force) — single-market spillover scenario if ratified
- **Schengen-association negotiations** (authorised May 2024) — formalising the de facto open border
- **Tax-residency inflows** modest but positive (€500k Residenza Elettiva + entrepreneur route)
- **Tourism**: ~2M+ visitors/year (≥60× population) — concentrated centro storico UNESCO + cross-border Rimini overflow
- Banking-system stabilisation post-2010s — credit-quality continuing to normalise

---

## Section: `--demographics`

### Population structure (Sep 2024, [Ufficio Statistica](https://www.statistica.sm/))

- **Total**: ~33,987 (+0.4% YoY)
- **Geographic distribution**: Serravalle ~32% / Borgo Maggiore ~20% / Città di San Marino ~12% / Domagnano ~10% / Fiorentino ~8% / Acquaviva ~6% / Faetano ~3.5% / Chiesanuova ~3.4% / Montegiardino ~2%
- **Sammarinese vs foreign**: Sammarinese decreasing (low TFR ~1.0–1.2 — among lowest EU); foreign in-migration (predominantly Italian, with smaller East-EU + non-EU components) drives net population growth
- **Median age**: ~46–48 (ageing; aligned with ITA + AD profile)
- **Households**: ~14,000–15,000; avg size ~2.3; high owner-occupier rate (~85% per ISI exemption justification)

### Implication for property

- Demand floor 2025–2030: foreign-buyer demand (post-2018 reform absorbed, typical buyer 55–64 yo €400k+ second home) + entrepreneur-route inflows support mid-tier ownership
- Supply pipeline: limited new-build capacity in built-up Castelli (terrain + heritage protection at Città di San Marino); supply-side rigidity supports prices
- Ageing risk: pre-1990 stock underperforms as elder owners age out — opportunity for retrofit-savvy resident buyers; foreign-buyer 2-property cap limits speculative aggregation

---

## Section: `--esg`

### Climate-transition exposure

- **National climate strategy**: aligned with EU Net Zero 2050 framework; Segreteria di Stato per il Territorio e l'Ambiente coordinates — `https://www.territorio.sm/`
- AASS decarbonising electricity (Italian grid + renewables imports); thermal-envelope + heat-pump shift accelerating
- **APE (Attestato di Prestazione Energetica)** A–G mandatory at sale/lease — aligned with EU EPBD via Sammarinese implementation

### Property-level ESG

- APE A/B: growing in 2020+ stock; APE F/G typical for pre-1990 stock → retrofit ~€400–€1,200/m² for thermal + HVAC modernisation
- Heat-pump retrofit incentives via Segreteria al Territorio — verify current scheme
- Green mortgages nascent — Carisp / BSM advertise concessions for high-APE properties; verify currency
- Flood-basin properties carry rising insurance + resilience cost

### Verdict (ESG lens for typical mid-altitude SM apt)

🟡 **Watch** — pre-2000 stock progressively below market expectation by 2030; mid-tier retrofit (envelope, heat-pump) becomes mandatory cost; APE A/B + retrofit stock carries resilience premium.

---

## Section: `--exit`

### Resale market liquidity

- **Average days on market 2025**: ~120–240 days mid-tier apt; ~180–360 days for properties >€500k
- Cyclical: moderate in upcycle; thin in downcycle (small absolute transaction volume → liquidity-thin always)
- No published HPI quarterly leading indicator; cross-reference Italian OMI Rimini-province data

### Exit-cost stack (seller side)

- Estate agent commission: ~**3% seller** (where engaged)
- Notary fee (seller portion of regulated arancel): smaller share
- **Capital gains via IGR**: gains on secondary properties taxable; *abitazione principale* held for qualifying period typically exempt
- Mortgage early-discharge: ~€500–€1,500 admin + bank clawback
- **Total exit cost**: typically **3.5–5%** + IGR-CGT if any

### Liquidity by sub-segment (qualitative, 2026)

| Segment | Liquidity | Notes |
|---|---|---|
| Mid-tier €250–€500k Borgo Maggiore + Domagnano + Serravalle | 🟡 moderate | Foreign-resident + local family demand; 2-property cap moderates non-resident pool |
| Premium €500k–€1.5M Città di San Marino + scenic Castelli | 🟠 selective | HNW relocation + Residenza Elettiva inflow |
| Centro storico UNESCO Città di San Marino | 🟠 thin | <50 transactions/yr est.; restricted alteration rules |
| Pre-1990 lowland Serravalle stock | 🟡 moderate | Retrofit-cost overhang |
| New-build first-hand | 🟡 moderate | 17% Monofase uplift on first sale dampens immediate resale |
| Rural Castelli (Faetano, Montegiardino, Chiesanuova) | 🟠 thin | Local-buyer market; very low turnover |

### Verdict for exit risk

🟡 mid-tier well-located apt (resilient local + foreign-buyer pool); 🟠 premium / centro storico (resilient HNW pool but slow price discovery); 🟠 rural Castelli (thin). The 2-property foreign-buyer cap **structurally moderates speculation** — limits both upside aggregation and downside dump dynamics.

---

## Cost benchmarks (SM 2026)

| Item | Cost (EUR) |
|---|---:|
| Notaio fee (regulated arancel) | 1–2% of price |
| Imposta di Registro (resale) | 3–6% (verify per deal type) |
| Imposta Ipotecaria + Catastale | 0.5–1.5% combined |
| Tassa di Concessione Governativa (foreign buyer) | €1,000 fixed (Art. 51 Legge 173/2018) — NOT ad-valorem; verify current |
| Imposta Monofase (new-build first sale) | 17% of price (in lieu of Registro) |
| Estate agent commission (each side, where engaged) | 3% of price |
| APE certificate | 200–500 |
| Annual ISI (second home, est.) | 0.3–0.8% of cadastral value |
| Annual ISI (primary residence, owner-occupied) | EXEMPT |
| Condominium fees (mid-tier apt) | €60–€200/month |
| Fire insurance + home contents (70 m² apt) | €280–€900/year combined |
| Renovation (basic refresh / full retrofit, 70 m² apt) | €25k–€65k / €80k–€220k |
| **Total transaction cost (resident, resale)** | **~5–9%** of price |
| **Total transaction cost (non-resident, resale)** | **~6–11%** of price |
| **Total transaction cost (new-build first sale)** | **~17–20%+** of price |

## Active fiscal incentives (2025–26)

- **Legge 64/2025 "Emergenza Casa" State Guarantee on first-home mortgage** — convention with Carisp + BSM + other banks; max rate Euribor + 2% + State guarantee on the mortgage; **resident-buyer programme**, NOT applicable to non-residents
- **APE-linked retrofit incentives** via Segreteria al Territorio + AASS — verify current scheme + budget-cycle availability
- **Photovoltaic + heat-pump residential incentive** (limited-quota; renewed annually) — verify at AASS / Segreteria al Territorio
- **Residenza Elettiva** (€500k property route) + **Residenza per Motivi Economici** (51% company + employees + €75k/€150k deposit, convertible to property) still open

## Foreign-buyer rules — Legge 173/2018 framework

### What changed in 2018

Pre-2018, all non-citizen acquisitions required **prior authorisation of the Consiglio dei XII** (parliamentary commission) — slow, discretionary, restrictive.

**Legge 24 dicembre 2018 n.173** abolished prior authorisation; replaced with **notary-verified eligibility + automatic right to acquire**. Implementing details in **Decreto Delegato 105/2019** + confirming **Legge 3 ottobre 2019 n.154**.

### Eligibility framework (current, 2026)

| Buyer | Status |
|---|---|
| **Sammarinese citizens** | Free to acquire — no special procedure |
| **Foreign individuals (any nationality)** | Eligible **IF**: (a) clean criminal record (no convictions ≥2y for non-cul­pable offences in last 15y; no organised-crime / terrorism-financing convictions); (b) property is not on Legge 147/2005 restricted list; (c) max 2 residential units; (d) non-commercial use only |
| **Sammarinese-law legal persons (companies)** | Eligible — productive / business use; per DD 105/2019 schedule |

### Practical implication

- **No quota, no preapproval** under the new regime — replaced by notary-verified checks
- **2-property cap per foreign individual** is the binding structural constraint for foreign portfolio strategies
- **Tassa di Concessione Governativa** is the explicit foreign-buyer fee replacing the old authorisation regime
- **Verification path**: notary collects + verifies all eligibility documents pre-rogito; failure = deed null

⚠️ **Pre-existing pre-2018 acquisitions** (made under the old Consiglio dei XII regime) were preserved by **Legge 154/2019** (saved-acquisitions clause) — retroactive validity confirmed.

## Common listing platforms

- **Wikicasa.it** (`https://www.wikicasa.it/vendita-case/san-marino/`) — Italian-language, decent SM coverage
- **Immobiliare.it** (`https://www.immobiliare.it/mercato-immobiliare/emilia-romagna/san-marino/`) — Italian-language, broad listings
- **Tecnocasa San Marino** — local franchise office; quarterly market notes
- **Stile Casa San Marino** (`https://www.stilecasasanmarino.com/`), **Carlo Biagioli S.r.l.** — local agencies
- **Engel & Völkers** + **Sotheby's** occasional cross-border listings (premium tier)

## Caveats unique to SM

- **Foreign-buyer 2-property cap** under Legge 173/2018 — binding structural constraint
- **Tassa di Concessione Governativa** for non-resident foreign buyers (replaces pre-2018 Consiglio dei XII authorisation)
- **17% Imposta Monofase on new-build first sale** — material uplift on first-hand sales
- **Currency = EUR by Monetary Agreement (2001/2012)**, NOT Eurozone member
- **NOT in Schengen** (open ITA border de facto; Schengen-association negotiations authorised 2024)
- **EU customs union since 1991** (agriculture 2002); EU Association Agreement signature scheduled 19 Oct 2026, not in force
- **No CBI / golden-passport**, **30-year naturalisation**, **dual nationality permitted**
- **Single integrated state utility (AASS)** — water, electricity, gas, sewer all from one operator
- **Italian-language closing documents** — non-Italian-speaking buyers need sworn translator + commercialista
- **No standalone HPI / OMI-equivalent index** — cross-reference adjacent ITA Rimini-province OMI for benchmarking
- **APE mandatory at sale** — aligned with EU EPBD
- **ISI primary residence exemption** structural; second-home and non-resident-held stock taxed
- **IGR top 35% (residents) — Legge 141/2025 reform effective 2026**; less competitive than MC/AD but materially below ITA IRPEF 43%
- **Small notarial profession** — handful of practising notai; pre-book at deal-stage
- **UNESCO centro storico Città di San Marino** — heritage-protection layer; alteration restrictions

## Reddit / forum sources

- **r/sanmarino** — very small community
- **r/italy** + **r/IWantOut** — relocation threads occasional SM coverage
- **San Marino Fixing** (`https://sanmarinofixing.com/`) — local English/Italian financial press (advisory)
- **GiornaleSM** + **Libertas.sm** + **San Marino RTV** — local news (Italian)
- **Studio Bollini**, **HLB San Marino**, **Sfera Professionisti**, **Studio Allievi** — tax-advisory blogs (Italian; treat as 🟡 advisory)

## Verification authorities

| Authority | When to call |
|---|---|
| **UTCC (Ufficio Tecnico del Catasto e Cartografia)** | Cadastral extract, parcel ref, surface, rendita catastale, hazard zoning |
| **Ufficio del Registro e Conservatoria** | Title verification, certificato Conservatoria, charges + servitù |
| **Notaio** | Mandatory closing, Registro/Ipotecaria/Catastale withholding, Legge 173/2018 eligibility verification |
| **Ufficio Tributario** | IGR/ISI/Monofase guidance, AML source-of-funds |
| **BCSM (Banca Centrale)** | Banking + AML rules |
| **Esteri / Servizio Permessi di Soggiorno** | Foreign-buyer eligibility, residency permits, naturalisation |
| **Camera di Commercio** | Company setup, UBO registration, Residenza per Motivi Economici |
| **ISS (Istituto Sicurezza Sociale)** | Social-security registration (employed + self-employed) + healthcare |
| **Servizio Protezione Civile** | Civil-protection coordination, hazard mapping |
| **Gendarmeria + Polizia Civile** | Crime stats, security incidents |
| **AASS** | Electricity, water, gas, sewer, public lighting |
| **Segreteria al Territorio e Ambiente** | PRG, environmental zoning, APE, climate strategy |

## Source URL templates

| Source | URL |
|---|---|
| Governo San Marino | `https://www.gov.sm/` |
| Consiglio Grande e Generale (Parlamento) | `https://www.consigliograndeegenerale.sm/` |
| Ufficio Statistica | `https://www.statistica.sm/` |
| BCSM (Banca Centrale) | `https://www.bcsm.sm/` |
| Segreteria di Stato per le Finanze e il Bilancio | `https://www.finanze.sm/` |
| Segreteria di Stato per gli Esteri / Permessi di Soggiorno | `https://www.esteri.sm/` |
| Segreteria di Stato per il Territorio e l'Ambiente | `https://www.territorio.sm/` |
| Segreteria di Stato per il Turismo | `https://www.turismo.sm/` |
| UTCC (Ufficio Tecnico del Catasto e Cartografia) | `https://www.gov.sm/pub1/GovSM/Dipartimenti/Dipartimento-Territorio-e-Ambiente/Ufficio-Tecnico-del-Catasto-e-Cartografia.html` |
| Ufficio del Registro e Conservatoria | `https://gov.sm/pub2/GovSM/Dipartimenti/Dipartimento-Economia-e-Finanze/Ufficio-del-Registro-e-Conservatoria.html` |
| Servizio Protezione Civile | `https://www.gov.sm/pub2/GovSM/Dipartimenti/Dipartimento-Territorio-e-Ambiente/Servizio-Protezione-Civile.html` |
| ISS (Istituto Sicurezza Sociale) | `https://www.iss.sm/` |
| AASS (utility) | `https://www.aass.sm/` |
| ASE-CC — Agenzia per lo Sviluppo Economico – Camera di Commercio S.p.A. | `https://www.camcom.sm/` |
| Ufficio del Lavoro | `https://www.lavoro.sm/` |
| Università di San Marino | `https://www.unirsm.sm/` |
| Banca di San Marino (BSM) | `https://www.bsm.sm/` |
| Cassa di Risparmio (Carisp) | `https://www.carisp.sm/` |
| Banca Sammarinese di Investimento (BSI) | `https://www.bsi.sm/` |
| INGV Stazione Sismica RSM | `http://terremoti.ingv.it/instruments/station/RSM` |
| Wikicasa SM | `https://www.wikicasa.it/vendita-case/san-marino/` |
| Immobiliare.it SM | `https://www.immobiliare.it/mercato-immobiliare/emilia-romagna/san-marino/` |
| EU Monetary Agreement 2012 (consolidated) | `https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A22012A1217%2801%29` |

## Status

**Status**: ✅ fully populated as of 2026-05-07

**Confidence**: MEDIUM — small market with thin publicly accessible price/transaction data. Primary-source confidence HIGH on legal framework (Legge 173/2018 + DD 105/2019 + Legge 154/2019 foreign-buyer regime; Legge 200/2011 + DD 44/2018 ISI; Legge 166/2013 + Legge 141/2025 IGR; Legge 94/2017 Residenza Elettiva; Monetary Agreement 2001/2012; EU customs union since 1991), institutional URLs (gov.sm + statistica.sm + finanze.sm + bcsm.sm + esteri.sm + iss.sm + aass.sm), and population (~33,987 Sept 2024 per Ufficio Statistica). MEDIUM on transaction-tax exact rates (Imposta di Registro band varies by deal type — verify per deal at Ufficio del Registro), ISI category-specific rates (~0.3–0.8% headline est. — verify per parcel rendita), Tassa di Concessione Governativa current quantum (verify at notary). LOW on per-Castello €/m² granularity (no SM HPI; ranges synthesised from listing aggregators + Tecnocasa notes + cross-border ITA OMI Rimini context — verify any specific deal via UTCC visura + bank appraisal + multiple agency comps).

**Last verified**: 2026-05-27 (chamber-of-commerce body name (ASE-CC) corrected 2026-09-18 per camcom.sm; EU Association Agreement status corrected 2026-09-24 per esteri.sm + Govern d'Andorra AA portal)

**Researched by**: Opus 4.7 (microstate-batch, 2026-05)

**Notes**: Watch list 2026 — (1) **EU Association Agreement** ratification (signature scheduled 19 Oct 2026; EP consent and ratification by all parties pending — major regulatory-spillover event if ratified, single-market alignment scenarios); (2) **Schengen-association negotiations** (Council mandate May 2024 — formalising de facto open border with Italy); (3) **Legge 141/2025 IGR reform** in force 2026 — top rate 35% individuals / 18% corporate (was 17%); (4) annual Legge di Bilancio adjustments to ISI bands + Imposta di Registro rates; (5) Legge 64/2025 "Emergenza Casa" State-Guarantee mortgage rollout via banks. **Re-verify each annual budget law** for ISI/Registro/Monofase adjustments, Residenza Elettiva quantum decreto delegato, and any updates to the Legge 173/2018 foreign-buyer schedule.

## Extension TODOs (deepen on first real run)

- [ ] Per-Castello ISI cadastral-rate matrix (9 Castelli × residential category)
- [ ] Imposta di Registro deal-type schedule (resale resident / non-resident / new-build / commercial breakdown)
- [ ] Tassa di Concessione Governativa current quantum (confirm €1,000 fixed; whether any ad-valorem element exists)
- [ ] Per-Castello €/m² benchmarking via UTCC visura (post-2018 transactions sample)
- [ ] EU Association Agreement ratification monitoring + scenario impact on tax/visa
- [ ] BCSM mortgage-stock series → bank-by-bank LTV product matrix
- [ ] Legge 64/2025 "Emergenza Casa" uptake tracking (which banks, what volumes)
- [ ] Cross-border ITA OMI Rimini-province price-spread tracking for proxy benchmarking