Whether you are considering coming to live in Andorra, opening a business or diversifying your investments, one of the first steps you need to take is opening a bank account in the country.
Advantages of opening a bank account in Andorra
The first thing to remember is that Andorra is not part of the European Union, as a result it is not subject to the guidelines governing the European Central Bank or bound by restrictive European interests. Another advantage is that taxes are lower than in EU countries. Also, generally speaking, banks in Andorra offer a higher return on your savings.
Individuals with or without residence in the country as well as companies can open a bank account in Andorra.
Documentation required to open a bank account in Andorra
Below is a general list of the information banks require when opening an account. However, you should bear in mind that each bank may request any information that it deems appropriate. You can initiate the process online, but a physical signature is required to complete the procedure.
Although there are different types of accounts, if you are not a resident you will be opening an interest-bearing account.
– Identity document: your passport or a valid ID document from your country of origin. If you are opening an account on behalf of a company, you will be required to provide the instruments of incorporation and a tax identification number, along with the certified powers of attorney of the people opening the account and documents proving their professional roles within the company.
– Tax and banking documentation from the country of origin, such as a letter of reference from a bank and the most recent tax return.
– Proof of the source of the funds, such as payslips, invoices or bank statements.
Once the account has been opened in Andorra, you will probably need to notify the central bank or relevant authority in your country.
Operating with Andorran banks is safe
Your money is safe in Andorra as the Andorran banking system has one of the highest solvency ratios in Europe. In addition, the banks operate in compliance with the rules of the AFA (Andorran Financial Authority), which monitors and verifies that banks comply with solvency and liquidity ratios.
At Advantia Assessors, we can inform and guide you through all the steps required to open a savings account for non-residents or to create your own company.