Offshore Bank Account

 
Banks are solid, and there are no capital or exchange controls. Numbered accounts are said to be known about only to you, your banker and God. Strict anti-money laundering legislation stops criminal activity, but excludes tax avoidance which is no crime in Andorra.

List of Andorra Banks
Offshore Bank in Andorra. 

 

Banc Agricoli Comercial D`Andorra, S.A.

Andorra la Vella
Andorra
Tel.: 376 821 333
Fax: 376 861 361

Banca Privada D`Andorra

Av. Carlemany, 119
Escaldes-Engordany
Les Escaldes
AD 700
Tel.: 376 873 501
Fax: 376 873 515

Banc Internacional D'Andorra

Av. Meritxell, 96
Andorra la Vella
Andorra
AD 500
Tel.: 376 884 705
Fax: 376 884 499

Credit Andorra S.A.

Av. Meritxell, 80
Andorra la Vella
Andorra
Tel.: 376 888 888
Fax:

 

In June, 2004, however, Andorra was obliged to accept the EU's Savings Tax Directive, and as from July, 2005, is imposing a withholding tax of 15% on returns on savings paid to citizens of Member States of the EU, of which 75% is remitted onwards to the States concerned. In March 2009, Andorra’s government announced that it would cooperate with OECD principles by reaching tax information exchange agreements by November 2009, when it will pass legislation to ease its banking secrecy controls.

There are no taxes in Andorra for companies or individuals other than modest annual registration fees, municipal rates, property transaction taxes, and a sliding scale capital gains tax introduced in 2007. The problem for offshore enterprises is that Andorra insists on two-thirds majority ownership of all types of business entity by Andorran nationals or long-stay residents. Although nominee arrangements can bypass this problem in day-to-day terms, the legal reality remains. There are no special regimes for 'offshore' entities and no trusts (Andorra is a civil law jurisdiction).  This has tended to limit Andorra's offshore business to wealthy individuals.

Immigration Controlled by Residence and Work Permits

To encourage immigration by high-net-worth individuals (often retired) the Government offers Passive Residence Permits, which are not cheap. Otherwise, long term residence is only possible to those with work permits, which are controlled by quotas.

 

Andorra financial offshore bussines bank investment services

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