Andorra To Announce Major Residency Reforms
The government of Andorra is set to put in place the most significant reforms in it’s immigration legislation for the last decade. The changes will reaffirm Andorra’s position as one of Europe’s most desirable tax havens and have sparked much interest in financial circles and amongst international expats looking for tax residency within Europe.
In meetings last week, a government spokesperson from the Ministry of Interior outlined the main amendments currently passing through the Andorran legislative process. The parcel of reforms include a 90 day only minimum residency period (down from 180 days previously), a doubling in the quota of a annual passive resident visa’s available, and a range of other changes, including the allowing wholly owned and managed foreign businesses to operate within the principality for the first time, thereby entitling them to receive the associated tax benefits.
The reforms in legislation, together with the construction of Andorra’s new heliport in the capital and the opening of the international airport at nearby la Seu d’Urgell, are part of a broad range of measures set to enhance Andorra’s position as one of the key European destinations for high net worth individuals seeking tax efficient residency solutions.
With Barcelona around two hours away by car, or a twenty minute flight via the new helicopter link, together with the expansion and upgrade of the marina facilities around the Port of Barcelona city, Andorra has become a legitimate alternative to her more prominent tax haven rivals such as Monaco, which itself has become more regulated, overcrowded and extremely expensive.
Local real estate companies and banks have reported sharp increases in business over the last few months and Andorra is experiencing a surge in international interest from within the EU, and countries as far away as the Middle East and Australia. The changes in legislation are set to be enshrined into law within the coming months.