Andorra’s new data protection law comes into effect in May 2022

Andorra’s new data protection law, “Llei 29 2021, del 28 d’octubre, qualificada de protecció de dades personals” (LQPD), will enter into force this May to replace the law from 2003. The text and structure are based on the European General Data Protection Regulation (GDPR), which includes new obligations to which Andorran companies will have to adapt their processes. Among others, these requirements include: keeping a detailed record of data processing operations, creating an impact plan and appointing a Data Protection …

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Changes to the Spanish tax form 720 for declaration of assets and rights abroad    

On 27th January, 2022, the Court of Justice of the European Union ruled on the Spanish tax form 720, which obliges holders of accounts in financial institutions, securities, assets, property, virtual currencies or life assurance with a purchase value that exceeds 50,000 euros, and who are resident in Spain, to inform the Spanish Tax Agency about their property and other assets abroad. According to the CJEU, the terms of the form are contrary to EU law, so Spain will have …

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Is Andorra a sovereign country or does it belong to Spain or France?

In the heart of the Pyrenees, sharing borders with Spain and France, lies Andorra, one of the smallest countries in the world. Its area is only 468 km2, but it has managed to preserve its autonomy. One of the recurring questions when talking about Andorra is whether it belongs to Spain or France. Let’s quickly find out: Andorra is an independent country, often described as “a little jewel in the mountains”. Contents: 1.- Andorra, the only co-principality in the world …

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Social Security Agreement between Andorra and Spain, France and Portugal

If you’re considering changing your country of habitual residence and coming to live in Andorra, you’ve most likely already considered the range of advantages such as the language, the quality of life, the lower tax burden, the high standard of state schools, the quality of the healthcare system, the safety, and more besides. An aspect that is of particular interest to those planning to permanently or temporarily relocate to Andorra is the agreement that currently exists between Andorran Social Security …

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Andorra is second in Europe in terms of its employment rate

A study on the main indicators of the Europe 2020 strategy was presented by Andorra’s statistics department at the end of March. Andorra has the second highest employment rate of any European country This report shows that in 2019 the employment rate of the workforce aged 20-64 was 84.9%. This was almost the highest in Europe, second only to Iceland with 85.8%. Moreover, this percentage is almost 10 points higher than the European indicator, which sits at 75%. This study, …

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Andorra receives positive assessments from the rating agencies

Despite the crisis caused by the pandemic, thanks to the economic measures implemented by the Andorran government, international agencies have given a positive assessment of the country’s credit rating. According to Standard & Poor’s and Fitch Ratings, the country’s credit rating is BBB/A-2 and BBB+, respectively, with a stable outlook, and it is also believed that the principality can weather the negative effects of the pandemic.   Fitch Ratings emphasised that the increase in unemployment has been modest despite the …

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Andorra is to extend the list of countries it has a double taxation agreement with

In 2021, Andorra plans to extend the list of countries it has signed a double taxation agreement (DTA) with. These treaties are essential to avoiding double taxation on the same basis in the company’s country of origin and the country where the economic activity takes place. New treaties to avoid double taxation Several EU states, such as the Netherlands, Belgium and Hungary, are interested in signing a double taxation agreement with Andorra. At present, it has signed agreements with 8 …

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Andorra becomes the 190th member of the IMF

[vc_row][vc_column][vc_column_text]Andorra is now an official member of the International Monetary Fund. Last September, the Consell General (the Andorran parliament) approved the submission of its application to become a member of the IMF. Although negotiations began in January of this year, Andorra’s relationship with this institution is not new. Last Friday, October 16th, the process culminated with the accession of the Principality to the Fund. Andorra’s accession to the International Monetary Fund Becoming part of the IMF is important to Andorra …

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Horitzó 23: Andorra’s economic plan for meeting the challenge of COVID-19 recovery

Andorra is preparing to deal with the consequences of the crisis caused by the COVID-19 pandemic. As a result, the Andorran government has unveiled a new action plan entitled “Horitzó 23 (H23)”, which outlines a series of measures for reactivating the country’s economy. What does “Horitzó 23” include? This strategic plan comprises 77 actions, spread across 20 initiatives, which are based on three main pillars: social welfare, the economy and innovation, and other measures focused on digital transformation and internationalisation. …

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Living in Andorra: a country that’s safe from COVID-19

Living and settling in Andorra has always been a great option due to its many attractions and the quality of life it provides its inhabitants. And now it’s a safe country that has proven its ability to fight the coronavirus pandemic and emerged with an enhanced international image. All this is thanks to the safety and prevention measures that were implemented over the last few months, and the new ones that continue to be applied to contain the spread of …

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