San Marino (SM)

Jurisdiction Overview

388 *Can a senior manager ever be registered as a beneficial owner (because no individual passed the threshold to be considered a beneficial owner)? Yes, a senior manager may be registered as a beneficial owner, making it impossible to distinguish him/her from a real beneficial owner.
 Data Date: 2018


According to the Global Forum: "[...] the following shall be considered as beneficial owner: a) the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares, units or instruments granting voting rights or through control via other means, b) if, after having exhausted all possible means no person under letter (a) is identified as beneficial owner, or if there is any doubt that the person identified is the beneficial owner, the natural person(s) who hold the position of administrative or managing official(s) of the legal entity. ii. The shareholding referred to in paragraph 1, letter a), shall be considered significant when its percentage is higher than 25%" (GF 2018: 37).


GF 2018: 37-39