San Marino (SM)

Jurisdiction Overview

IDQuestionAnswer
206 *Is any formal registration required at all? BOTH: Domestic law trusts have to register and foreign law trusts domestically managed have to register.
 Data Date: 2018

Notes

 
The Global Forum reported: "As noted by the 2013 Report, an Office of the Trust Register of the Republic of San Marino to register trusts was set up under Law no. 42 of 1 March 2010. Registration in the Trust Register certifies the existence of documents which, under the aforementioned Law, must be recorded and retained in such Register" (GF 2018: 44). Regarding foreign trusts, the Global Forum mentions: "Trusts administered in San Marino can be governed by other laws (so called “foreign trusts”) which also need to be registered in the Trust Register" (Ibid.: 43). Moreover, "The Parliament of the Republic of San Marino [...] has introduced amendments to its AML Law (92/2008) with effect from 11 December 2017. The amendments bring the definition and determination of Beneficial Ownership in San Marino in line with the international standards: 'In case the customer is a trust, the beneficial owners shall be: a) the settlor; b) the trustee(s), c) the protector, if any; d) the beneficiaries, or where the individuals benefiting from the trust have yet to be determined, the class of persons in whose main interest the trust is set up or operates, e) any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means'. In addition, the amendments mandate all trusts (even in the case of trusts with non-resident or non-professional trustees) to maintain the beneficial ownership information with them as well as report to the register maintained by the Trust Register by 31 December 2018" (GF 2018: 45).
 
In 2013, the Global Forum mentioned: "A trust is required to be registered in a Trust Register, which is maintained by the Office of the Trust Register, part of CBSM [Central Bank of San Marino]. Art 7 of the Trust Act obliges the trustee to draw up a certificate of trust to be authenticated by a notary public. This certificate should contain information on the trustee, protector, settlor and beneficiaries. The notary public must file this certificate with the Office of the Trust Register, where it is transcribed into the Register" (GF 2013: 37; [TJN-Note]). Regarding foreign law trusts, "The administration of a trust by a San Marino resident trustee makes the trust fiscally resident in San Marino and taxable in San Marino. As in the case of domestic trusts, the resident trustee of a foreign trust must draw up a certificate of trust to be authenticated by a notary public containing, among others, the details of the trustee, protector, settlor and beneficiaries (Articles 7 and 56 of the Trust Act). The notary public must file this certificate with the Office of the Trust Register, where it is transcribed into the Register" (ibid.: 40-41).

Sources

GF 2013: 37, 40-41
 
GF 2018: 42-45
 
http://www.bcsm.sm/site/en/home/functions/other-functions/trust/trust-register.html