Andorra Expat

Highly Capitalised (S&P T&C AAA) Financial Hub – Remains Secret for Many..

Unlike Switzerland, Monaco, Malta and Jersey, Andorra has not signed any TEA (Tax Information exchange Agreements) with the UK, US, Canada, Italy and many other European states. This means Andorra has retained financial secrecy for many EU citizens. How quickly this changes is a constant monitoring process. Andorra signed agreements with Spain and France in 2009/10.

For nearly a millenia Andorra has remained fierously independent. Despite EU attempts to encourage Andorra to join the EU throughout the 1990s Andorra repeatedly declined membership. She remains outside of the EU (and its regulatory frameworks) but retains (reciprocal) travel rights across most EU states for her residents.

There are currently only 7 banks in Andorra. Foreign banks are prohibited from opening branches and this is unlikely to change. Banking in Andorra is very efficient and Andorran banks have ties to Swiss banks. The banking entities established in the Principality basically offer traditional universal banking services. Over the last few years, some of the entities have started to progressively integrate new technology into the service they render to customers. At present, all entities in the country offer the possibility of customers carrying out certain banking transactions on the internet. The Andorran banking system is made up of the following entities:

• Andorra Banc Agrícol Reig, SA
• Banc Internacional, SA
• Banca Mora, SA
• Banca Privada d’Andorra, SA
• Crèdit Andorrà, SA
• CaixaBank, SA – is subsidiary of Credit Andorra, SA
• BancSabadell d’Andorra, SA


Banks in Andorra also offer more sophisticated services for the high net worth individuals including trust formation, anonymous bearer share corporations and numbered accounts offshore Andorra as well as South American numbered accounts. Most of the Andorran banks above operate South American offshore subsidiary banks. Many South American territorries have not yet signed TEA agreements with Spain and France, for reference. Additionally, they will also offer mortgages for property purchase in Andorra. There are no withholding taxes at the present although agreements with France are scheduled to be enforced by Q4 2012. Please contact us directly if you require more specific information or consult a specialist tax wealth and tax advisor directly.


As of March 2012, on the latest Standard and Poor’s “World Wide Credit Rating Review”, Andorra stood on a parr with the UK, France and Germany in terms of her T&C credit ratings. All three credit ratings for Andorra were well ahead of Malta, Spain, Portugal, Ireland, Italy, etc. Andorra has a long history of financial stability and independence. She importantly remains outside of EU regulations and taxes. Her residents would theoretically avoid all future EU capital controls (inc Tobin transaction taxes, etc)  imposed by Brussels. This is a crucial advantage for high net worth individual residents of Andorra. This uniquely places Andorra ahead of her European rival havens such a Monaco, Jersey, UK, Malta, Ireland, Luxemborg, etc. It is very important to understand fully the implications of this key haven differentiator.
Here The European/Reuters reporting on Andorran financial stability
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