Policy | San Marino. FATCA, Valentini meets Lazzari and Pedini Amati: ‘It’ s not a tax shelter ‘. The Serenissima

The Serenissima : Foreign Secretary replied to the interpellation submitted by Lazzari and Pedini Amati / FATCA, Valentini: “It is not to be considered as a tax shelter” / Agreement “virtually in place since July 2014”, the signature will come after the ok from Use

“FATCA is not an instrument to be considered as a tax shelter and at the moment, there are no elements to envisage scenarios of devastating setbacks financial entities, nor to provide any migration of capital to the United States. FATCA requires no obligations to citizens but only to financial institutions that have assumed the obligation to post data on the current accounts held by US citizens having certain characteristics. ”

So Pasquale Valentini, Secretary of State for Foreign Affairs, responds to ‘ interpellation , filed by the directors Federico Pedini Amati and Luca Lazzari on 23 April to the Secretariat institutional, on FATCA, an agreement required by the American banks that directly concerns 10% of the population of San Marino. “The Government of San Marino responded positively – Valentini explains in a letter – a note dated June 26, 2014, the offer of the US government to negotiate an intergovernmental agreement FATCA. Negotiations began in summer 2014 and is in its final phase, that of sharing the two texts between the parties “. (…)