FATCA, bilateral meeting Pasquale Valentini – John R. Phillips

The Ambassador of the United States of America, John R. Phillips, today in the Republic for the signing of the intergovernmental FATCA, met this morning at Palazzo Begni, the Secretary of State for Foreign Affairs, Pasquale Valentini.
A bilateral especially focused on the issues – all current – which has been increasing technical meetings between delegations and led to the signing of the Entente. It is an inter-governmental agreement for cooperation which aims to facilitate the application of the FATCA legislation, commonly referred to FATCA. An important agreement, called the American ambassador – on the path towards greater fiscal transparency and combating tax evasion and avoidance. It – said Phillips – does not imply an increase of the tax obligations on the part of citizens of San Marino who also own a US citizen, or the introduction of additional tax laws; It is confined to a more effective exchange of tax information, in light of international standards endorsed by both States. The introduction of this new system, which uses a different mode of communication and transmission of information between states, will undoubtedly benefit to both countries.
The Head of the foreign policy has secured the commitment and the priority of the Government to accompany double citizens in this sensitive period of change and transition. Are mostly retirees – said Valentini – the same ones that with their return to homeland after the migration experience have contributed to the revival of the economy of San Marino in the 60s and 70s of last century. San Marino and America have a long tradition of friendship; our country – he continued – is strongly linked to the US, which in the past has provided many opportunities for redemption and social well-being for our citizens; a report that also feeds the pride of these San Marino to be both American citizens. That is why the Secretary of State stressed the need for the FATCA legislation is flanked by the signing of those agreements that protect our citizens by the inequities that may arise in relation to double taxation or social security.
From the US side was ensured maximum understanding in the regularization of the positions they see the citizens of San Marino with an American passport to being subject to the obligations of the American administration. Press release