In its latest rating, Fitch Ratings gives Andorra an A-

Despite the global geopolitical context, Fitch Ratings has maintained Andorra’s A- rating with a stable outlook – the same rating and outlook that the Principality received in July 2022. In its latest assessment (at the end of April), the agency positively assessed factors such as last year’s growth in GDP, efficient debt management and the resilience of Andorra’s banking sector, among others. And in some cases, Andorra outperforms other countries rated at the same level, as we show below. Table …

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How Andorra’s banking system works: the keys to understanding Andorran banking

One of the most interesting aspects of our country is the way in which the Andorran banking and financial system works. For this reason, in this article we are going to explain the most important characteristics of that system. You will certainly find it useful to know about them if you are thinking of moving here. Table of contents: Information about banking in Andorra Activities and services offered by banks in Andorra Andorra is part of the SEPA zone Bodies …

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New law governing digital assets and blockchain in Andorra                                                    

Andorra has approved the digital assets law that regulates cryptocurrencies and blockchain technology. More specifically, it is Law 24/2022, of 30th June, governing the digital representation of assets by means of cryptography, distributed ledger technology and blockchain. The purpose of this law is to position the country as a reference in new technology and as an attractive place for foreign companies and investors who want to establish themselves with projects connected with this area. To that end, the Government has …

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Draft law to modify the law governing foreign investment in Andorra                            

The draft to modify the 2012 law governing foreign investment in Andorra has been presented. The main aims of this reform are to conform to other countries’ standards in this field and to streamline the procedure for certain investments. Apart from this major change, the new regulatory framework also provides for a system of subsequent control and for a penalty system, neither of which existed previously. It is worth noting that foreign investment currently represents 18.7% of Andorra’s GDP, and …

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Policies to improve purchasing power                       

The Andorran government has submitted a draft law with a series of measures aimed at improving the purchasing power of its citizens. Price increases due to inflation, combined with the negative economic consequences of the COVID-19 pandemic, have caused families to experience a considerable reduction in their purchasing power. The package of economic and social proposals first appeared at the end of April, followed by the draft law to give them emergency status on 7 June, although some of these …

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Fintech innovations and trends for 2022                                     

Just like all other business sectors, 2022 will bring new innovations and trends for fintech. The last two years have been shaped by huge social changes as we adapt to the circumstances caused by the pandemic, and some of these changes are here to stay. Of particular note are the growth of e-commerce and the rise of online payments; social distancing and the increased use of contactless payment methods in place of cash; and security, or rather cybersecurity, which is …

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Andorra to cap interchange fees for card-based payment transactions

The Government of Andorra is passing a bill to cap the maximum percentage that can be charged for interchange fees on card-based payment transactions. The Law on interchange fees for card-based payment transactions will standardise bank commissions for operations carried out in Andorra and reduce costs for online and offline businesses. Table of Contents: Law on interchange fees for card-based payment transactions Capping the fees applied to card payments What are interchange fees? A measure that will help commerce E-commerce …

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Andorra rated BBB/A-2 by Standard & Poor’s

The most recent rating from the international agency Standard & Poor’s maintains Andorra’s rating at BBB/A-2 with the outlook assessment remaining stable. The principality received the same score from Standard & Poor’s in 2017, and has maintained it since then in the subsequent half-yearly results published each year in January and July.   Fitch Ratings, another leading credit and risk rating agency, kept Andorra at BBB+ and also concurred with S&P about its stable outlook. In the post-pandemic context in …

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Securely send bank payments from Andorra

Making payments from Andorra to other European countries has become easier since our small country joined the Single Euro Payments Area (SEPA). Andorra is now able to enjoy the same benefits as the other states which comprise this zone.   What is SEPA? The Single Euro Payment Area, or SEPA, was launched in 2008. It enables individuals, companies and institutions to make and receive cashless international bank payments in a fast, safe and efficient way, just like national payments. The …

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