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Banks in Andorra
The financial and banking sectors are essential elements when deciding to invest in a country and move to live there. In the case of Andorra, the financial sector is one of the main pillars of Andorran economic activity and is made up of five banking groups with more than 85 years of experience.
Its main business areas are commercial banking, private banking and asset management and insurance. It also has a specialized credit institution, eight financial entities for the management of investment agencies, four financial entities for wealth management, and thirty-four insurance companies, eighteen of which are branches of foreign insurance companies authorized to operate in the Principality. All the activities carried out are regulated and supervised by the Andorran Financial Authority.
Traditionally, offshore banking had been of great importance for Andorran banking entities, but since the economic opening and the various information exchange treaties came into force, Andorra is no longer considered a tax haven and there is no banking secrecy. Andorran banking regulations have evolved steadily towards transparency.
Andorra currently has 5 banking entities:
- Andbank – Result of the merger, in August 2001, between Banc Agrícol i Comercial d’Andorra, SA and Banca Reig, SA.
- Banc Sabadell d’Andorra – Entity established in June 2000 and a subsidiary of the Spanish Banc Sabadell.
- Credit Andorrà – Established in 1949, it acquired 100% of CaixaBank, SA on July 31, 2005.
- Morabanc – Established in 1958 under the name of Banca Coma, in 1970 it was renamed to Banc Internacional d’Andorra, SA. In November 2011 it adopted its current name.
- Vallbanc (anteriormente BPA) – Established in 2015 and acquired by J. C. Flowers in 2016, it specializes in holistic wealth management for its clients.
The five entities have agencies and ATMs distributed throughout the territory. In general, these agencies are open to the public from Monday to Friday, from 9 a.m. to 5 p.m., without interruptions, remaining closed during the weekends.
A resident or non-resident individual or company can open an account in Andorra. The regulations and legislation to be complied with Andorran banks has increased substantially in recent years. It is necessary to comply with the regulations for the prevention of money laundering, as well as with the FATCA protocol and determine the origin of the funds contributed.
Websites of interest in Andorra:
- Government of Andorra: https://www.govern.ad/
- Taxes in Andorra: https://www.impostos.ad/
- Social Security Andorra: https://www.cass.ad/
- Inmigration Andorra: https://www.immigracio.ad/
- Statistics: https://www.estadistica.ad/
FAQs about banks in Andorra:
How to open a bank account for non-residents?
Andorran banks allow to open bank accounts to non-residents. The requested documents may vary a bit from one bank to another, but as a general rule you will be required to have your identity document and/or passport and a proof of residence (legal document that includes your full name and address)
Which are the main banks in Andorra?
Andorra currently has 5 banking entities: Andbank, Banc Sabadell d’Andorra, Credit Andorrà, Morabanc, Vallbanc (formerly BPA). However, MoraBanc has reached an agreement with Banco Sabadell to purchase the entire stake of Banco Sabadell in Banc Sabadell d’Andorra, S.A. The formalization of the transaction is subject to the prior authorization of the Andorran Financial Authority (AFA) and, once obtained, foreseeably in autumn, MoraBanc will extend the purchase offer to the rest of the shareholders under the same economic terms agreed with Banco Sabadell.
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We take care of carrying out all the necessary procedures related to its implementation in Andorra:
Company set-up
We carry out all the necessary work for the set-up of your company or business, taking care of all the procedures.
Obtaining active residency
Both for self-employed or for workers on behalf of third parties, we help throughout the process of obtaining your residency permit.
Obtaining passive residency
We take care of carrying out all the necessary procedures to obtain your passive residency. A great opportunity to settle and live in Andorra for all those people that manage their own investments and wealth, are professionals with international exposure or for scientific, cultural and sport reasons.
Advice for obtaining tax residence
We offer global advice in your decision of changing your tax residence to Andorra, accompanying you throughout the process to obtain your residence authorization.
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If you are thinking of investing in Andorra and have any questions, do not hesitate to contact us and we will advise you on whatever you need.