The Principality of Andorra is a small country in southwest Europe with an area of 468 km2 located in the Pyrenees between Spain and France. It is a Parliamentary Co-principality and has as Heads of State the French President and the Spanish Bishop of Urgell; however, they don’t interfere in the country’s politics and the country has been consolidated as a Parliamentary Democracy. Tourism is its main industry, because it represents 80% of the economy. Unemployment continues to be low there, while inflation tends to be very similar to that of France and Spain. Andorra accepted the Euro in January of 2002, and signed the monetary Treaty with the European Union in June 2011.
There were no taxes on resident companies or Andorran citizens until 2011. It was only necessary to pay a few small fees for the yearly registration, local taxes, and property transaction taxes, among others. New legislation was introduced beginning in April 2011 that set a 10% tax on corporate income, first on non-resident companies that, from that date, have to pay a tax on income obtained from local sources, while resident companies and people involved in commercial activities have to pay a 5% tax since January 2012; this latter will increase to 10% in 2013.
The Andorran bank accounts are very secret and there is very strong legislation against money laundering; without a doubt, these laws do not allude to tax evasion, which is not considered a crime in this country. Nevertheless, Andorra has signed more than 20 agreements for the exchange of fiscal information with other European countries.
Financial commissioners for Andorra banks:
Institut Nacional Andorra de Finances
Av. Príncep Benlloch, 30
3r (Andorra la Vella)
Teléfono: +376 808 898
Fax: +376 865 977
Association of Andorran Banks (ABA)
Crèdit Andorrà Group is Andorra’s leading financial group. Since this Andorran financial institution began in 1949, we have been striving to provide a wide range of financial products and services for our clients in the world of Private Banking, Banking f ...
BancSabadell d’Andorra established in Andorra in the year 2000 as a venture between Banc Sabadell Group and a consortium of Andorran entrepreneurs. During the last decade, BSA has gained market share by building on its values: solvency, trust and service ...
We are private bankers with more than 80 years' experience. Andbank is the product of the 2001 merger between Banc Agrícol (owned by the Cerqueda family) and Banca Reig (owned by the Reig family) , making us a global family bank. With a presence on three ...
When you decide to entrust your capital to a private banking firm what you seek is profitability but, above all, you want a fully reliable and strictly confidential relationship. Privacy, expert and professional advice, transparency, quality and focus on ...
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