The EU and San Marino have signed a tax transparency agreement aimed at ending bank secrecy between San Marino and the EU. As of 2017, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents.

According to the Commission, under this deal, Member States will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in San Marino, as well as other financial and account balance information. The same will be valid for San Marino in relation to the accounts held by its residents within any of the EU Member States. This procedure is in line with the new OECD/G20 global standard for the automatic exchange of information.