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Andorran Banking

It is no secret that one of the attractions of Andorra is the Private Banking service for Andorran residents, and the extremely low personal tax regime. The banking system is one of the most developed international services within Andorra, with excellent infrastructure and multilingual professionals to assist international clients with Private Banking, Investment Portfolios and Mortgages etc.

There are currently 5 licensed banks working from Andorra, Credit Andorra, Mora Bank, Banc Sabadell, Andbank and Vall Banc, and most of these banks have branches in the major villages of Andorra, and Parishes with a large expat population normally staff their banks with English and German speaking Bankers.

It is very important to understand that Andorran Banking in not as simple as it once was. Since the Banca Privada d’Andorra debacle, where the American financial watchdog Fincen discovered irregularities in B.P.A. and threatened the prohibition of the use of America Dollar for the Bank and possibly the country (The Andorran Government reacted extremely rapidly in closing the bank and sanitizing the foreign accounts held by the bank), Andorra has clamped down very heavily on their fiscal security. This is great news for individuals who have nothing to hide, and can clearly demonstrate the source of their wealth, as once their account is open, they can feel assured that the security of the bank is up with some of the most influential banks in the world. However the account opening process can be arduous, and unfortunately some Banks take the attitude of “Guilty until proven Innocent”.

It is also important to recognise that Andorra walks on a fine line, being completely surrounded by European Union Member Countries who often openly debate about the existence of fiscally friendly micro nations especially when under a “left wing” political mandate. Andorra must tread carefully and ensure not to upset their neighbours, and follow the guidelines imposed upon them by the E.U. and the O.E.C.D. to allow their existence to continue.

Once clients (incoming residents) are aware that it is probably more difficult to open a Bank Account in Andorra, than what it is anywhere else in the world, it is 100% necessary that Andorran Residents have a bank account in Andorra. This goes beyond the fact of actually proving fiscal residency, it is also essential for direct debits from Andorra Telecom and the Electricity Utility Companies, and facilitates the connection of local documentation for the residency renewal process.

INVICO S.L. Andorra works very closely with 4 of the 5 banks in Andorra, and we work very closely with professionals of diverse backgrounds within the bank to ensure that our clients are able to be introduced directly to Private Bankers of their natural idiom, which accelerates the opening of bank accounts, and encourages the formation of excellent 1 to1 relationships with professionals within the Andorran Banking System.

Main benefits:

  • Private Banking for Andorran Residents.
  • Multiple Currency Accounts.
  • Multilingual Private Bankers.
  • 1 to 1 Wealth Management.
  • Facilitate Andorran Passive Residency Process.
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