Yes, it can be difficult to find homes for rent in San Marino, which is precisely why we want to explain how the real estate market in a nation of just 23 square miles works and why it’s important to start the atypical retiree application process well in advance.
Introduction
The San Marino government has issued a law in favor of foreign retirees and investors (real estate and entrepreneurs) who choose to establish tax residency in San Marino, offering many attractive tax incentives and thus, predictably, attracting many applicants.
Despite putting a cap on the number of people accepted, the situation is the same as it is in all countries offering similar residency programs: that is, there is a considerable increase in demand when it comes to rentals.
San Marino citizens are concerned about rising rental prices and the real estate market in general, a fact that has inspired reflection domestically. More specifically, the San Marino government is thinking about tightening the constraints related to atypical retiree applications or those for other types of residency in San Marino.
Residency in San Marino
Atypical residency for retirees in San Marino
Atypical residency for retirees in San Marino isn’t open to everyone: in fact, it is necessary to meet certain requirements in order to apply and finally obtain tax residence, resulting in a 6 percent tax on gross retirement payments.
The most stringent requirement is:
- a gross pension of at least €50,000 per year or movable assets of at least €300,000.
Atypical retiree applications are reviewed by an internal committee, which reserves the right to accept or reject applications based on economic and other criteria.
The number of available slots varies from year to year and cannot be predicted in advance.
Lease agreements in San Marino
A lease agreement is essential for those applying for atypical residency in San Marino, and the reality is that long-term rentals in San Marino are a rarity.
Our advice is to sign a preliminary lease agreement as soon as possible and not to waste weeks or months searching for your dream home: you will have plenty of time for that once your application has been accepted and you are officially a resident of San Marino.
The instrumental value of a preliminary lease agreement
In order to obtain tax residency in San Marino as an atypical retiree, it’s necessary to submit a file complete with all the required documentation.
The documents to be submitted must include a copy of what is known as a “preliminary long-term lease agreement” (minimum 12 months) for a property located within the borders of the Republic of San Marino.
This means that the preliminary lease agreement is indispensable and is a precursor to the application itself. In other words, the application cannot be submitted to the Commission without it.
Rental prices in San Marino
The price for renting a well-located and furnished one-bedroom apartment in San Marino starts at €800-900 per month.
This is an estimate of course, as some variables can drastically change that number, such as the location of the property: the old town for those who like to move around on foot and fully experience the social life of the place, or the areas closer to the borders—especially the Dogana area, which is in high demand.
Rentals of three-bedroom apartments or side-by-side or free-standing homes are harder to find, and the price can be as high as €2,000 per month or more.
Buying a house in San Marino
The San Marino real estate sales market is definitely more attractive than the long-term rental option: there is a wider range of choices and there is no shortage of interesting bargains for properties requiring renovation.
Prices generally range from €1,800-2,000 per square meter (approx 11 square feet) for previously owned houses and around €3,800 per square meter for new builds.
Buying property in San Marino is also an attractive investment opportunity as it is a tourist location and makes it possible to apply for elective Residence in San Marino.
Prima di un espatrio in uno dei molti Stati da noi proposti, organizziamo un appuntamento individuale.
L'appuntamento consiste nelle seguenti attività:
- analizzare le tue aspettative;
- valutare la tua situazione pre-espatrio ed eventuali criticità/ostacoli;
- stabilire la fattibilità del tuo trasferimento all'estero;
- individuare i pro e i contro della destinazione (una o più) in merito alle tematiche più varie: tassazione, affitti, costo della vita, clima, sicurezza, assistenza sanitaria, etc;
- programmare il percorso di trasferimento: tempistiche, modalità, costi.