San Marino (SM)
A compact, high-income microstate entirely surrounded by Italy, known for low taxes, strong public administration, hilltop heritage, cross-border dependence on Italy and a small but rules-heavy residence system.
Retirement & Pension in San Marino
State pension, contribution refunds, private pension vehicles, and international agreements.
San Marino's pension system is administered by the Istituto per la Sicurezza Sociale (ISS) and supplemented by Fondiss, the mandatory complementary pension fund established by Law No. 191 of 6 December 2011. San Marino is an independent microstate — not an EU member — but has a special relationship with Italy, a customs union, and a bilateral social security agreement with Italy that is the most operationally significant for most expat workers. The ISS provides a contribution-based public pension. Fondiss provides a supplementary occupational pension, mandatory for workers who were under 50 when the law came into force (December 2011). Total social contribution rates are among the highest in the region: employees contribute approximately 8.3% and employers approximately 27.4% of gross wages across all ISS heads. The pension-specific components within those rates are: employee pension fund 5.4%, employer pension fund 16.1%. Standard retirement ages are 65 for men and 62 for women, with partial pension options from age 60 with sufficient service years.
State Pension
The ISS public pension is a defined-benefit, earnings-related pension based on contribution years (anzianità contributiva) and average salary. Employee contributions: 5.4% of gross salary to the pension fund (part of total 8.3% social contribution). Employer contributions: 16.1% of gross salary to the pension fund (part of total 27.4%). Pensions are calculated using a formula based on total insured service years, average contributory salary, and accrual rates. The minimum pension is set annually by government decree and is modest. Workers who complete a full career of 30–35+ years receive a pension broadly equivalent to a majority of their working salary. Pension amounts are paid in euros and indexed to inflation adjustments.
Standard retirement age: 65 for men, 62 for women (as of 2026). Partial (early) pension: available at age 60 with 35–39 years of contribution service, or at 57 with 40+ years. Full pension without age requirement: after 40 years of contribution service at any age (subject to reaching minimum age thresholds). Workers may continue employment beyond standard retirement age by agreement with their employer.
Minimum qualifying period: typically 15 years of ISS contributions for any pension entitlement. Full pension: generally requires 30–40 years of contribution service depending on the benefit formula applicable. Workers with fewer than 15 contribution years may be eligible for a social pension (pensione sociale) at the standard retirement age if income is below the relevant threshold.
Request a pension projection and contribution history statement (estratto conto contributivo) directly from ISS (Via Scialoja, San Marino). The ISS does not currently offer an online self-service pension calculator comparable to major national systems. Consult a San Marino-based accountant (commercialista) or the ISS Affari Previdenziali department for a personalised projection. Keep all payslips and annual contribution statements from Fondiss.
San Marino ISS pensions can be paid to a foreign bank account for pensioners living abroad. For Italian nationals and workers covered by the Italy-San Marino bilateral agreement: coordination with INPS (Italian pension authority) is possible for combined benefit calculation. For all other nationalities: contact ISS Affari Internazionali for the payment abroad procedure. San Marino has no EU obligation to pay pensions to all EU/EEA country residents via EU Regulation 883/2004 (as it is not an EU member state), though in practice administrative cooperation with Italy functions well.
Pension Contribution Refund on Leaving San Marino
Workers who leave San Marino permanently before reaching retirement age and who have accumulated ISS contributions may in some circumstances request a refund of their employee contributions. Eligibility depends on: nationality, existence of a bilateral agreement with the worker's home country, and contribution duration. Workers from countries with no bilateral agreement with San Marino and with fewer than 15 qualifying years may be eligible for a partial employee contribution refund on departure.
Italian nationals and workers from countries with bilateral social security agreements with San Marino: contributions are credited and coordinated under the agreement rather than refunded. Workers who have reached retirement age and are entitled to an ISS pension cannot seek a contribution refund instead. Employer contributions (16.1%) are not refunded to the departing worker in any case.
No standard waiting period after departure, but the ISS processes applications over several weeks to months depending on the case. Contact ISS Affari Internazionali before departing for guidance on your specific situation.
Employee ISS pension contribution portion (5.4% of gross salary over the contribution period). No interest is added to refunded contributions. Employer contributions (16.1%) remain within the ISS system and are not refunded. Fondiss voluntary savings accounts are treated separately — contact Fondiss for your personal account balance and withdrawal options.
Apply in person or by written request to ISS — Istituto per la Sicurezza Sociale, Strada della Croce, 47890 San Marino. Required documents: passport or identity document, SNUR (San Marino tax code), employment history, payslips, and proof of residence abroad. Processing: contact ISS Affari Internazionali for precise timelines. Also contact Fondiss (Fondo Pensione Complementare) regarding your complementary pension account balance.
Resolve your ISS and Fondiss account status before departure — it is much harder to process claims from abroad. Keep copies of all annual contribution statements. For the Fondiss account, understand the withdrawal and portability rules for your specific situation (whether you have a Fondiss "individualistic" or "collectivistic" account type).
International Totalization Agreements
San Marino's bilateral social security agreements are limited compared with major EU states. The most significant agreement is with Italy — the Italy-San Marino bilateral social security convention allows full coordination of contribution periods between ISS and INPS, making it particularly relevant for Italian nationals working in San Marino and for San Marino nationals who have also worked in Italy. San Marino also has agreements with a small number of other countries — verify the current list directly with the ISS Affari Internazionali office, as the agreement network is not as wide as major EU countries. San Marino is NOT a party to EU Regulation 883/2004 (it is not an EU member state) — EU coordination rules do not automatically apply.
Private Pension Vehicles
Fondiss — Mandatory Complementary Pension
Fondiss — Fondo Pensione Complementare di San MarinoMandatory for all private sector employees in San Marino who were under age 50 when Law No. 191 came into force (December 2011). Workers employed after December 2011 automatically enrol in Fondiss. This is a second-pillar defined-contribution pension fund — essential to understand when planning retirement in San Marino.
No direct state subsidy; Fondiss is a mandatory complementary fund co-financed by employer and employee contributions, separate from the ISS state pension.
Contributions to Fondiss receive favourable tax treatment under San Marino tax law — confirm current deductibility rules with a San Marino commercialista.
Contribution rates and caps are set by Fondiss regulations — obtain your personal account statement from Fondiss annually.
On departure from San Marino: Fondiss account balances are subject to fund rules for early exit, transfer, or deferred withdrawal at retirement age. Contact Fondiss directly before leaving for your options. The Italy-San Marino bilateral agreement may allow coordination of Fondiss rights with Italian supplementary pension vehicles for Italian nationals.
Keep all Fondiss annual statements. Monitor your personal Fondiss account balance each year. The fund is relatively young (established 2011) but growing in importance as it matures.
Home-Country Pension Continuation
Foreign pension / pensione esteraAll non-Italian foreign expats — the most important retirement planning action for most non-Italian expats is to maintain home-country pension contributions during the San Marino posting.
Depends on home country.
Home-country tax treatment applies — check with your home-country tax authority whether voluntary contributions from San Marino qualify for home-country tax relief.
Depends on home-country scheme.
Full portability — home-country pension rights are separate from San Marino.
UK nationals: voluntary National Insurance Class 2/3 contributions protect UK State Pension entitlement during a San Marino posting. US nationals: San Marino has no US totalization agreement — Social Security credits do not accumulate for years spent in San Marino without a US employer arrangement.
Private Investment Portfolio
Portafoglio di investimenti privatiExpats wanting portable, currency-agnostic retirement savings beyond what ISS and Fondiss provide.
None.
Investment income is subject to San Marino tax rules on capital income — consult a San Marino commercialista for current treatment. San Marino has tax treaties with Italy and a limited number of other countries.
No statutory limit on private investment.
Fully portable if held through an international broker (Interactive Brokers, Saxo, Degiro, etc.) accessible from San Marino.
For most foreign expats, holding a portable international ETF portfolio in your home currency through an international broker is more suitable than local San Marino investment products. Check CRS/FATCA reporting requirements and home-country reporting obligations for foreign accounts.
Early Retirement Options
San Marino allows partial pension from age 60 with 35–39 years of contributions, and full pension at any age (subject to minimum age thresholds) after 40 years of contributions. Early pension is available in certain hard physical/hazardous work categories — check with ISS for the specific occupation classifications. For foreign expats who spend only part of their career in San Marino, early retirement from the ISS pension is rarely applicable — most will not accumulate sufficient San Marino service years for a standalone ISS pension. Focus on building combined pension rights across all countries worked using applicable bilateral agreements.
Pension Gap Warning
Foreign nationals who spend a short to medium career period in San Marino may not accumulate the minimum 15 contribution years required for an ISS pension — in that case, only the employee contribution refund route is available. Even long-term San Marino workers should ensure their home-country pension is maintained, as the ISS pension alone may not provide adequate retirement income especially if home-country rights have been allowed to lapse. Keep Fondiss statements for any future claim at retirement age. San Marino's pension system does not have the same portability infrastructure as major EU states — plan carefully if you work across multiple countries.
Useful Links
Retirement & Pension
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