40 years of experience guarantee our professional career 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:
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.
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)
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.
We take care of carrying out all the necessary procedures related to its implementation in Andorra:
We carry out all the necessary work for the set-up of your company or business, taking care of all the procedures.
Both for self-employed or for workers on behalf of third parties, we help throughout the process of obtaining your residency permit.
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.
We offer global advice in your decision of changing your tax residence to Andorra, accompanying you throughout the process to obtain your residence authorization.
Our clients always find us. We are not only qualified and experienced professionals, we are also close, accessible and sensitive with the desire of giving the best solution. We are honest and upright.
The client, his interests and satisfaction are always at the core of our activity.
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.