Andorra is a small independent country situated between France and Spain in the Pyrenees mountains. The country has no capital gains, inheritance, or sales taxes and the Andorran government does not impose any tariffs on imports and exports. So there are many opportunities for HNI ( high net worth individuals ) expats and businesses and for a person who likes to diversify their investment in Andorra. If you are planning to stay for long term in Andorra, it is advisable to open a bank account in Andorra for your financial transactions and utility payments.
The official currency in Andorra is Euro. Andorra has a duty free status, literally millions of tourist flock every year to do shopping. And all major credit cards are accepted in the shopping centers.
Banks in Andorra offers a higher rate of interest on your savings. Andorra banks allows both resident and non resident to open a bank account.
People looking to setup a off-shore account for their wealth management, Andorra offers private banking facility with minimum deposit .
There are only 5 local banks available in the country with a solid banking system and heavy deposit accounts. Depending on your needs you can choose the below banks to open a bank account.
There are no international banking presence in Andorra.
Andorra is a small country, so finding a ATM would be tough task. But you can find a ATM located at banks and parish. Banking hours are from 9 AM to 5 PM with a lunch break at 1 to 3 PM . Kindly make sure the workings of the bank before you visit.
Spanish and English are the languages used for the banks communication.
These are some of the basic documents required required for the bank, additionally you can contact the bank and ask for any other documentation required to open a bank account. Kindly submit all the original documents and notarized copy documents.
The banking system is streamlined in Andorra for non residents, since half of the population is of Expats.
Take a banking appointment in advance if you do not speak Spanish.
Opening a bank account in Andorra is not as simple as opening a bank account in your home country. There are banking charges for each service you take from the bank, so it is always better to visit the bank website and be informed about the charges.
Since it offers private banking service , they have very strict compliance procedures.
Andorra banking policy requires the bank employees to identify the person opening the bank account. Andorran banking system adhere to Organisation for Co-operation and Economic Development (OECD) guidance on sustainability, transparency, responsibility and the prevention of money laundering. So opening an anonymous bank account is not possible in Andorra.
Banks in Andorra understand the importance of the offshore financial structure and offers a safe operating environment for legitimate wealthy individuals and companies. Banks here are very strict on identifying where the funds are moving from their bank. So your money is safe in Andorra banks.
Andorra banking system is robust and safe,opening an account will take considerable amount of time due to the required due diligence and compliance.
