Requests from foreigners to invest in Andorra have increased
Andorra has piqued the interest of foreign investors who want to establish themselves in the country during this very unusual year. So far in 2020, around 400 applications for foreign investment have been registered.
Remote working triggers requests
The new situation caused by the coronavirus pandemic has resulted in the need to adopt new ways of working due to social distancing. A consequence of this is that remote working is becoming increasingly common, which, along with a more competitive taxation system, are just two of the reasons for the increase in applications to live in Andorra compared to last year.
To be precise, we are talking about approximately 80% more requests for foreign investment.
Types of foreign investors
Most of the requests are coming from neighbouring countries. Spain accounts for almost 70%, while France is responsible for just over 15%. The remainder are coming from Latin America and other countries.
People are expressing interest not only in opening a business, but also in living in Andorra. They are typically self-employed professionals in the field of new technologies, such as YouTubers, e-commerce specialists and system programmers, among others. For them, working remotely is already a normal part of their lives. The common denominator: benefiting from lower taxation on their incomes.
The most valued reasons for living in Andorra
The quality of life offered by the principality and, of course, the aforementioned taxation, are two of the motivations that foreign investors value most. Andorra la Vella, in the centre, as well as Ordino and La Massana, in the upper parishes, are the preferred locations due to their charm and closeness to nature.
To these reasons we can add the uncertainty surrounding the new tax proposals announced by the Spanish government, another determining factor for seeking new, more competitive destinations.
Don’t hesitate to contact us if you’re also interested in living in Andorra to work on your own and enjoy better taxation on your income.