Bank account in Andorra

Open bank account in Andorra

For a past few years Andorra has maintained high ratings for its banking services. Economic and tax reforms resulted in positive forecast of stable economics and optimistic financial future for banking sector. Due to transparency requirements, each bank applies rather complicated risk assessment regulations of clients and tightened due diligence and compliance rules. Nevertheless, banks of Andorra are highly valued by high-net individuals and global corporations as they are most solvent banks in Europe offering competitive banking products and attractive return on equity. Automatic information exchange in Andorra is not allowed. All applications for information exchange should be reasoned and should have a legal confirmation of the fact that an applicant has got an account in a specific Andorran bank. This makes Andorra as a favorable jurisdiction for clients looking for maintaining their banking secrecy.

What type of accounts is it possible to open in Andorra?

There are 5 major banks in Andorra offering a variety of banking services for both residents and non-residents. Accounts are divided into personal, digital personal (without name for internal usage), corporate and saving accounts. Andorran banks work with more than 30 world currencies. Most of the banks do not require any minimum deposit. However, depending on the deposit amount, banking fees vary. So, it is recommended to have more than 100,000 Euro in the deposit. Clients of Andorran banks manage their accounts with e-banking. Major banks offer their services in English, Spanish, Catalan and French. Andorran banks are primarily focused on private banking for high-net individuals.

What are the requirements for opening a bank account in Andorra?

Recently, the banking law of Andorra has changed and introduced new tightened measures on due diligence procedure that applies to resident and non-resident applicants. Andorran banks usually require that an individual or one of the company’s director is personally present for opening a bank account. The documents for the due diligence procedure are: a copy of passport, proof of residence, confirmation of money origin source, tax statement on the absence of debts, bank references. Legal entities also provide a bank with corporate documents, accounting statements. An applicant may also be required to present a portfolio of clients and give details about the company, estimated annual turnover, number of employees, details and nature of its business. Non-residents need to translate and certify documents with the notary public.

Due to strict anti-money laundering requirements, it may take a few months before a bank account is open.

Can a non-resident open and operate an account in Andorra?

Both non-resident legal entities and individuals may open an account in Andorra subject to their compliance with due diligence of Andorran banks. As per the recent changes, Andorran banks require a proof of fiscal residency and proof of payment of tax in a country of residency, that an applicant shall submit. Otherwise, a bank will immediately refuse to open a bank account. Andorran banks are favorable among foreign clients due to its banking secrecy law, stable economics and reputable banking sector with their various financial products. In overall, Andorran banks allow diversification of assets with its wide range of services and multicurrency accounts.

It is highly recommended to seek for assistance with compliance and legal requirements in Andorra. In particular, it might be necessary to be introduced to a bank which may facilitate the bank account opening process.

What are the major banks in Andorra?

There are five major banks in Andorra that are:

1. Andbank
   Andbank is a reputable bank, primarily working with private individuals offering asset management services. The bank is well-favored for its comprehensive investment advice and solutions tailored for particular needs. Andbank also offers business accounts.
2.  Morabank
   Morabank is a full service bank. The bank’s products include accounts and cards, savings, investment, loans, mortgages, insurances and other products.
3. Banc Sabadell d’Andorra
   BSA is a perfect bank both for companies and individuals. Corporate clients use services of bank for opening their business accounts, managing business assets, taking loans. It has branches and ATMs across the country as well as other European countries, the USA, etc.
4.  Credit Andorra
   Credit Andorra is the financial group in Andorra having an international presence in Spain, Switzerland, USA, Mexica and other countries. The minimum deposit in this bank is 500,000 Euro.
5.  Vallbanc
   Vallbanc is a newly established bank which already gained reputation for its successful digital and other banking services. It is one of the best-capitalised banks in Europe.

How can I close an account in Andorra?

In order to initiate a closure of your bank account, you need to send a termination notice to your bank manager. After clearance, you can withdraw remaining assets from your account. Finally, your account is closed.