San Marino has published Law No. 207 of 22 December 2021, which contains the budget measures for 2022, including various tax measures. One of the main measures is the introduction of a new tax on foreign financial assets held by individuals (imposta per il riequilibrio delle attività finanziarie estere - IRAFE). The IRAFE is levied at a rate of 0.2% on qualifying foreign financial assets held directly or indirectly by an individual resident in San Marino, provided the individual has been resident for more than 5 continuous years and is not subject to a special tax regime on foreign income....